The American Express Cash Magnet® Card is a credit card that offers customers a wide range of rewards and incentives. This review will analyze the features, benefits, drawbacks, and costs associated with this card to help consumers make an informed decision about whether or not it fits their needs.
First, the features offered by the American Express Cash Magnet® Card are detailed. These include no annual fee, cash back rewards on eligible purchases, bonus points for referrals, access to exclusive events and experiences, travel protection services, fraud protection coverage and more. Additionally, there is an introductory offer of 0% APR for 15 months on both balance transfers and purchases.
Second, the benefits provided by using the American Express Cash Magnet® Card are discussed. Customers can earn three percent cashback at U.S. supermarkets up to $6,000 annually; two percent cashback at U.S gas stations; one percent cashback on all other eligible purchases; as well as receive statement credits when they use their card at select merchants such as Grubhub®, Seamless®, Boxed®, and participating Shake Shack locations in the United States.. Furthermore, customers have access to Amex Offers which allows them to save even more money when shopping online or in-store at designated retailers or restaurants around the country. Finally, customers also enjoy various perks like roadside assistance hotlines; auto rental collision damage waiver insurance; lost luggage reimbursement; purchase protection plans; extended warranties and many others.
Overview
The American Express Cash Magnet® Card is a rewards credit card that offers cash back on everyday purchases, with no annual fee. This review examines the features and benefits of the card to determine whether it is worth considering for potential users.
Cardholders can earn an introductory bonus rate of 1.5 percent cash back for six months on all eligible purchases made within their first three months after account opening. After this period, they continue to receive a flat rate of 1.5 percent cash back on all purchases, with no cap or limit. The Cash Magnet also provides access to exclusive discounts and deals through the Amex Offers program, which adds value for frequent shoppers. Additionally, customers have access to additional travel perks such as car rental insurance, extended warranty protection and purchase protection coverage.
Benefits And Rewards
The American Express Cash Magnet® Card offers a range of attractive benefits and rewards. Firstly, cardholders can earn an impressive 1.5% cash back on all eligible purchases made with the card. Additionally, they receive access to an expansive selection of online shopping discounts, including select merchants where cash back is doubled when you use your Cash Magnet® Card. Finally, customers can also take advantage of exclusive customer service offerings such as 24/7 fraud protection and travel accident insurance coverage.
In terms of rewards, this card provides points for every dollar spent:
- 3x Points at US Supermarkets (up to $6K per year)
- 2x Points at US Gas Stations
- 1x Points on all other purchases
Furthermore, Rewards Dollars earned never expire as long as account remains open. Moreover, there are no point limits or redemption tiers – meaning that users get more value from their spending than ever before!
Rewards Dollars can be used towards statement credits toward any purchase charged to the card account in increments of 25 cents ($0.25). This makes it easy for cardholders to redeem their rewards dollars anytime without having to wait until accumulating enough points first.
Fees And Charges
The American Express Cash Magnet® Card offers a range of fees and charges. The annual fee associated with the card is $0, making it an attractive option for those who wish to avoid such costs. There is also no minimum spending requirement or balance transfer charge when using this card. Additionally, there is no foreign transaction fee on purchases made in U.S. dollars outside of the United States; however, purchases made in other currencies are subject to a 2% foreign exchange rate markup that applies to all transactions regardless of currency type or country of purchase.
Cash advances incur a fee of either $10 or 5% of the advance amount, whichever is greater. Late payment fees can be as high as $39 depending on account balance at time of delinquency and whether or not the late payment was due to insufficient funds. A returned item fee may also apply if payments are attempted but declined by a financial institution due to insufficient funds or incorrect information given upon request for payment authorization.
Eligibility Requirements
The American Express Cash Magnet® Card is a great choice for those seeking to earn rewards on everyday purchases. To be eligible to apply, applicants must meet certain criteria.
Applicants must have a valid Social Security Number or Tax Identification Number and must also be at least 18 years of age. Additionally, they must possess a valid US residential address in order to receive their card benefits and statements. There are no specific income requirements; however, applicants will need an approved credit score from either TransUnion or Equifax in order to qualify for the card. The minimum credit score required varies depending on the applicant’s individual circumstances.
Furthermore, applicants should note that foreign citizens may not apply for this particular card due to restrictions imposed by the issuing bank. In addition, only individuals can open accounts with American Express- business entities such as corporations or partnerships are not permitted to do so.
These eligibility requirements ensure that customers who obtain an American Express Cash Magnet® Card have adequate financial stability and creditworthiness needed in order to maintain a responsible account balance while maximizing the value of their rewards program experience.
How To Apply
Applying for an American Express Cash Magnet® Card is relatively straightforward. Eligibility requirements must be fulfilled and customers should review terms and conditions to ensure the card meets their needs before submitting a formal application. To apply, potential applicants can visit the official website of American Express or contact customer service via phone.
Applicants will need to provide personal information such as name, address, date of birth, Social Security Number (SSN), email address, annual income and source of income when applying online or over the phone. Additional documents may be necessary depending on individual circumstances. After completing the application process, it usually takes 7-10 business days for the card delivery. Upon receipt of the card, account activation instructions will be provided in order to start using it right away.
Alternatives
When considering alternatives to the American Express Cash Magnet® Card, it is important to consider factors such as interest rates and rewards programs. Many cash back cards have higher flat rate percentages than the Cash Magnet®, but they may not offer any additional benefits or bonuses that make them stand out from other cards. Other travel cards may offer more generous rewards for spending in certain categories, such as airfare or hotel stays, but may not be suitable for everyday use.
It is also important to look at annual fees when comparing alternative credit cards. The Cash Magnet® does not charge an annual fee, which makes it a good option for those who want a simple card without having to pay an extra cost each year. Additionally, many other cards come with sign-up bonuses that can help offset their costs over time if used strategically. Ultimately, what is best will depend on individual needs and usage patterns.
Conclusion
Paragraph 1: American Express Cash Magnet® Card is a great option for those looking to earn rewards on everyday spending. With no annual fee and the ability to earn cash back on purchases, it’s an attractive choice for many cardholders. The wide range of benefits and rewards are also appealing, allowing users to maximize their savings potential with each purchase they make.
Paragraph 2: While there may be fees associated with using this card, most of them will only come into play if you don’t pay off your balance in full each month. Eligibility requirements can vary depending on credit score and other factors, so making sure you meet these criteria before applying is important. For those who do qualify, however, the application process is straightforward and easy to complete online or by mail.
Paragraph 3: All things considered, the American Express Cash Magnet® Card offers plenty of advantages that could potentially outweigh any drawbacks for those searching for a reliable rewards card. If it doesn’t suit your needs, there are certainly several alternatives available that might better align with what you’re looking for. Ultimately, taking the time to compare different options will help ensure that you select a card best suited to meeting your financial goals and lifestyle.