The American Express Cash Magnet Card has a simple 1.5% cash back program, several welcome offers for new cardmembers, low interest, and high credit limit potential. Coupled with no annual fee, no overlimit fee, a low foreign transaction fee, and interest-free spending plans, this is a credit card nearly anyone would benefit from.
In addition, this is one of the few Amex products that combines the best of their charge card products with the peace of mind you can find with a credit card. Stated spending limits and reported credit limits can help you better plan your purchases and calculate the impact this card will have on your credit score.
What is the amex.us/magnetrsvp Magnet Card Demographic?
The American Express Cash Magnet Card is best for anyone that values simplicity in a credit card. From the rewards program to the help desk, Amex has made everything about this card easy and effective.
Beyond that, the American Express Cash Magnet Card is best for anyone with a credit score of 700 or more, the ideal range for great approval odds. Alternatively, the American Express Cash Magnet Card is a good card for anyone that needs another card with a high credit limit to improve their available credit or credit utilization scores.
Interest rates for amex.us/magnetrsvp Recipients
The APR for the American Express Cash Magnet Card is low, starting at around 12.99% and going up to about 23.99% for purchases and balance transfers. It is possible to negotiate down to a lower rate, if you start closer to the higher end, as your credit score improves or you spend more time with this card.
The APR for cash advances is 25.24% and will vary with the prime rate. There is no lower rate for those with a higher creditworthiness score.
There is also a penalty APR that comes with the American Express Cash Magnet Card. This triggers if you make any late payments or have any payments returned. The current penalty rate is 29.24% as of this writing and will vary with the prime rate. Penalty APR lasts for 6 months. If no further late or returned payments happen for 6 months, then the penalty rate will be dropped.
The credit limit for the American Express Cash Magnet Card typically starts fairly high, with offers of $10,000 or more being fairly common. The highest limits are in excess of $40,000. However, additional financial information may be required to get an increase of more than double your initial limit after going through the amex.us/magnetrsvp process. There are no stated minimum or maximum credit limits for the American Express Cash Magnet Card.
American Express "Plan It" Fixed-Fee Program
The "Plan It" program can be a beneficial option, but it can also end up being a more expensive payment option depending on your APR and how long it takes to pay off the entire plan amount. "Plan It" allows you to select from 1 to 10 qualifying purchases and create a plan to pay off the total of these purchases. The total must be at least $100 to create a plan.
All plans incur a fixed fee, have a fixed duration, and have fixed payments. They may not incur additional interest, fees, or APR. How much your payments will be will depend on your creditworthiness at the time, the overall state of your Amex account, and the purchases and duration you have selected.
Each account can have up to 10 active "Plan It" payment plans open at one time. These payments are separate from any minimum payments drawn on your account. However, these payment plans are considered when spending and credit limits are extended. Authorized users cannot create
"Plan It" plans and purchases made by authorized users may not be enrolled in a plan created by the primary cardholder.
- Annual Fee – There is no annual fee for the American Express Cash Magnet Card.
- Cash Advance Fee – The cash advance fee for the American Express Cash Magnet Card is the greater of $10 or 5%.
- Foreign Transaction Fee – The foreign transaction fee for the American Express Cash Magnet Card is 2.7% of the full transaction after the transaction has been converted to USD.
- Late Payment Fee – The late payment fee for the American Express Cash Magnet Card is $40.
- Return Payment Fee - The returned payment fee for the American Express Cash Magnet Card is $40.
- Authorized User Fees – The authorized user fee for the American Express Cash Magnet Card is $0, the same applies to additional cards.
- Overlimit Fee – There is no overlimit fee for the American Express Cash Magnet Card.
- Balance Transfer Fee – The balance transfer fee for the American Express Cash Magnet Card is the greater of $5 or 3% of the total amount transferred.
The American Express Cash Magnet Card has an overall cash rewards rate of 1.5% of all qualifying purchases. Nearly everything, except cash equivalents, will qualify. Beyond this, there are the standard American Express benefits like excellent customer service and hotel and travel rebate programs. Travel benefits may rotate throughout the year. All cash rewards can be redeemed as a statement credit.
Pros – Advantages of the American Express Cash Magnet Card
There are three standout advantages of choosing this American Express credit card.
- Easy Rewards Program – With a flat cash reward rate of 1.5% with a single redemption option, rewards don't get much simpler than what the American Express Cash Magnet Card offers.
- Low Fees and Interest – Nearly every fee that comes with the American Express Cash Magnet Card is lower than you would find on a comparable card. The interest is the same.
- High Credit Limits – The American Express Cash Magnet Card often offers generous credit line increases, from 2x to even 4x in the first year.
Cons – Disadvantages of the American Express Cash Magnet Card
There are a few things that any new applicant should be aware of.
- No Additional Rewards Categories – Many cards with a simple rewards program also offer a rotating category or offers, not so with the American Express Cash Magnet Card.
- Complex Payment Plans – The “Plan It” option is unnecessarily complex and may end up costing some people more than simply paying off their balance over time would.
- High Credit Score Required – For good approval odds, your score will need to be at least 700.
Introductory and amex.us/magnetrsvp Welcome Offers
The American Express Cash Magnet Card has two primary introductory offers, though. The first is a statement credit, most often in the amount of $200. To earn this credit, new cardmembers will need to spend $1,000 in the first three months of having their new American Express Cash Magnet Card.
The second offer is a 0% intro APR offer. This offer applies to both new purchases and balance transfers. The typical duration is 15 months or billing cycles from the date of the account opening.
The American Express Cash Magnet Card is a great card for those with great credit. This is a card that offers low interest and a high spending limit. It has simple rewards and flexible spending plans that don't draw APR, too. These things combine to make the American Express Cash Magnet Card a great card for large purchases or fine-tuning your credit score.