American Express Cash Magnet - Find Me a Card

American Express Cash Magnet

A decent cash back card with no annual fee, 1.5% cash back on all purchases, and a welcome bonus of $200 if you spend $1,000 in the first 3 months.

Your total savings: $1,650 over the next 5 years

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Credit Score Required:
Average (670-739)
American Express
American Express

Rewards & Perks

Reward Highlights

  • 1.5% cash back on all purchases.

Other Rewards & Perks

  • Global Assist Hotline: When you travel more than 100 miles from home, you have 24/7 access to medical, legal, financial or other select emergency coordination and assistance services, including medical and legal referrals, assistance with cash wires, passport replacement, missing luggage and more.
  • Amex Offers: Access to the Amex Offers portal, which has special offers for shopping, dining, travel, and more.
  • American Express Experiences: Get access to concert, theater, and special event tickets before they go on sale to the public.
  • Pay It or Plan It: Two different options to pay down your balance. Take advantage of the "Pay It" option to pay small purchase amounts (under $100), or you can "Plan It" to split up large purchases ($100 or more) with a fixed fee.
  • Other perks include: Fraud protection and car rental loss and damage insurance.

Special Signup (Promo) Rewards & Perks

  • Earn $200 back after you spend $1,000 or more in the first 3 months.
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Rates & Fees

Summary of Rates & Fees

  • No annual fee
  • APR on purchases: 13.99-23.99% (but 0% for the first 15 months)
  • Foriegn transaction fee: 2.7%

Annual Fee: $0

Interest Rate (“Purchase APR”): 13.99-23.99% (0% for the first 15 months)

Cash Advance Fee: 5%

Cash Advance APR: 25.24%

Foreign Transaction Fee: 2.7%

Penalty APR: 29.24%

User Ratings & Reviews

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Other Info

Date Introduced: 2018-06-14

Date Last Updated: 2021-01-13

Notes & Fine Print

Plan Fee (Fixed Finance Charge): 0% introductory plan fee on each purchase moved into a plan during the first 15 months. After that, your plan fee will be up to 1.33% of each purchase moved into a plan based on the plan duration, the APR that would otherwise apply to the purchase and other factors.

Summary of Penalty Conditions

This APR will vary with the market based on the Prime Rate. This APR may be applied to new transactions on your account if: 1) you make one or more late payments; or 2) your payment is returned by your bank We may also consider your creditworthiness in determining whether or not to apply the penalty APR to your Account. How Long Will the Penalty APR Apply? If the Penalty APR is applied, it will apply for at least 6 months. We review your Account every 6 months after the Penalty APR is applied. The Penalty APR will continue to apply until after you have made timely payments, with no returned payments during the 6 months being reviewed.

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