Amex Cash Magnet Card

welcome offer

Earn $150 after $1,000 spent within the first 3 months (terms apply). Expires 04/16/2021. Intro 0 % APR for 15 months on purchases and balance transfers.

Bonus Cash Value

Approximately $150*

Annual Fee

$0

Card Rewards

Earn unlimited 1.5% cash back on all purchases

Help Me Build Credit has partnered with CardRatings for our coverage of credit card products. Help Me Build Credit and CardRatings may receive a commission from card issuers. The editorial content on this page is not provided by any of the companies mentioned, and have not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone.

Card Overview

The American Express Cash Magnet card is a great choice for every day spent as it earns 1.5% cashback on every dollar spent. You get 0% APR on purchases and balance transfers for the first 15 months. Plus, enjoy the standard Amex benefits like worldwide car rental collision insurance, and purchase protection

Offer Details

Great News: Due to Covid-19, Amex has extended the period to complete the minimum spent for an additional 3 months for all credit cards that are approved between 12/01/19- 5/31/20

Card-Smart Tips & Advice
  • Fair credit is ok
  • You can only get approved for 2 Amex cards in 90 days. A customer can have up to 4 Amex credit cards (excluding charge cards) If you already have 4 open Amex credit cards you may be declined (this is not always enforced)
  • You can only receive 1 welcome bonus per lifetime on each Amex credit card
  • Amex will usually pull your Experian credit report
  • You can check your application status  here  or call 1 800 567 1083
  • If declined you can call 1 800 567 1083 to be reconsidered
Balance Transfer Terms
  • Balance transfer fee: 3% or $5, whichever is greater
  • You cannot transfer balances from other credit cards issued by American Express
  • To receive the Intro APR offer, transfers must be completed within the first 60 days after account opening
  • Amex balance transfers are capped to $5,000 or 75% of your credit limit, whichever is lower
  • Beware: If you make a late payment or a payment is returned then a penalty APR may apply and you may lose the Intro APR offer
Card Details And Benefits
  • Global Assist Hotline
  • Auto Rental Collision Insurance
  • Purchase Protection

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*The estimate is based on our research on what approximate value consumers get when booking travel with points or transferring the points to partner airlines/hotels and booking award travel. You might need to be reward savvy to achieve the proper value. You can find out more on how we value points here

Please note: Although, I put a lot of effort to give my readers unbiased information. I’m legally required to notify you that I may be receiving compensation from credit card companies mentioned on this page. Please see our Advertisement Disclosure for more details.
The editorial content on this page is not provided by any of the companies mentioned, and have not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone.
Help Me Build Credit has partnered with CardRatings for our coverage of credit card products. Help Me Build Credit and CardRatings may receive a commission from card issuers.