American Express Cash Magnet

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American Express Cash Magnet

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  • No annual fees
  • Generous intro offer
  • Purchase protection


 

  • 0% on Balance Transfers + Purchases for first 15 months
  • Fixed reward rate


American Express Cash Magnet Card Summary

The American Express Cash Magnet Card offers both Balance Transfer and general purchase transactions. The card can be used at retailers that accept American Express cards as a payment option. A reward system comes with the issue of the card, allowing the cardholder to earn cashback on the purchases that they make using the card. Balance Transfer transactions do not yield reward points but are included in the introductory offer.

Customers who obtain the American Express Cash Magnet Card are provided a 15-month introductory period. During this time, there is a 0% APR applied to transactions that are made using the card. Once this period has expired, a variable APR will be applied to any transactions that the customer makes with their American Express Cash Magnet credit card.


PROS:
  • No annual fees
  • Generous intro offer
  • Purchase protection

CONS:
  • Extra fees charged on foreign transactions
  • Reward redemption options are limited
  • No bonus reward categories


Best Features

The introductory offer that comes with the approval of the American Express Cash Magnet card is most likely to top feature that the product is able to offer the customer. For the first 15 months following the date at which the card was issued, there are no APR charges added to purchases made with the card. This same offer applies to Balance Transfer transactions that the customer makes with the credit card.

Apart from the 0% intro APR offer, customers can also enjoy a reward system with a fixed rate. There is an unlimited earning potential of 1.5% rewards on all the purchase transactions that the customer makes with the card. This does make it somewhat easier for the cardholder to determine the number of rewards that they will earn on the transactions made in a specific time period.

A number of customer benefits are also provided with the American Express Cash Magnet credit card. This includes purchase protection, as well as return protection and extended warranties. It is important to consider the terms and conditions related to these features, however.


Drawbacks

While the fixed reward system is seen as beneficial by many, it does limit the number of rewards that can be earned. There are no bonus categories that can provide the cardholder with additional rewards that they can earn when spending on certain items. The redemption options on the reward system are also somewhat limited. A minimum of $25 needs to be earned before the customer can redeem any reward. Reward Dollars can also not be used as a repayment on the amount that is due on the card.

Another important drawback to consider is the fact that American Express cards are not accepted as widely as some of the other card options, such as a MasterCard or Visa. This is especially important when one considers international traveling. Furthermore, when it comes to traveling abroad, an additional foreign transaction fee will be charged every time the American Express Cash Magnet card is used.


Overall Summary

For people who want a card that offers an intro offer on both Balance Transfers and purchases, as well as a fixed reward system, the American Express Cash Magnet seems to be a good fit. The card does offer an intro period of 15 months, but following this time, a variable APR will be applied to transactions. There is a foreign transaction fee, but the customer is offered access to certain travel perks.


Who this card is best for

The American Express Cash Magnet Credit Card is a good option for people who are looking for a fixed reward system. The cardholder can earn unlimited rewards, but no bonus categories are available. The credit card also comes with a convenient intro offer, making it ideal for those who will have large spending on the card within the first 15 months. For international travelers, however, this may not be the most ideal option. Even though certain travel benefits are provided, there is an extra fee charged on transactions that are done out of the United States.


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