Cash Magnet Card
Basic Information
Program ID: cash-magnet
Issuer: American Express
Card Type: Credit
Network: American Express
Card Tier: Standard
Data Complete: Yes
Created: 01/07/2026 07:49
Last Scraped: 01/15/2026 05:46
Fee Structure
| Annual Fee: | $0.00 |
| Year 1 Waived: | No |
| Effective Annual Fee: | $0.00 |
| Authorized User Fee: | $0.00 |
| Penalty APR: | 30.00% |
Additional Fees
| Late Fee: | $40.00 |
| Returned Payment: | $40.00 |
| Balance Transfer: | Either $5 or 3% of the amount of each transfer, whichever is greater. |
| Cash Advance: | Either $10 or 5% of the amount of each cash advance, whichever is greater. |
| Foreign Transaction: | 0.00% |
Interest Rates
Purchase APR Range: 2,124.00% - 2,924.00%
Intro Purchase APR: 0.00%
Intro APR Duration: 15 months
Balance Transfer APR: 0.00%
Intro BT APR: 0.00%
Intro BT Duration: 0 months
Cash Advance APR: 2,999.00%
Sign-Up Bonus
Bonus Amount: $250.00
Spending Requirement: $2,000.00
Time Period: 180 days
Bonus Timing: Typically within 8-12 weeks after requirement is met, but often within 48-72 hours.
Rewards Program
Reward Type: Cash Back (redeemable as Membership Rewards points at 1 cent per point)
Base Reward Rate: 1.50%
Bonus Reward Rate: 1.50%
Bonus Categories: All purchases
Point Value Estimate: 0.0100 cents/point
Expiration Policy: Points do not expire as long as account is active.
Transfer Partners: None
Card Benefits
Protection Benefits
- Extended Warranty
- Purchase Protection
- Cell Phone Protection
- Price Protection
Travel Benefits
- Travel Insurance
- Primary Rental Protection
- Trip Delay Coverage
- Lost Luggage Coverage
- No Foreign Transaction Fees
Premium Benefits
- Airport Lounge Access
- Concierge Service
Approval Criteria
Recommended FICO Range: 670 - 850
Approval Odds Category: Good
Pre-qualification Available
Soft Pull Supported
Hard Pull Bureau: Experian, TransUnion, Equifax
Issuer Rules
Rules: American Express enforces a 'one welcome bonus per card per lifetime' rule, meaning you can only receive the welcome offer for the Cash Magnet card once. Additionally, there's a '2/90 rule' limiting credit card applications to a maximum of two within any 90-day period. Eligibility typically requires a good to excellent credit score, a stable income, and not having had this specific card product before to qualify for the welcome bonus.
Maximum Cards Per Issuer: 5
Minimum Spend Interval: 3 months
Shutdown Risk Triggers: Manufactured spending (MS), rapid accumulation of high credit limits relative to income, frequent balance transfers without organic spend, abuse of return/credit policies, suspicious spending patterns inconsistent with declared income, and late payments.
International Friendly
User Analytics & Insights
User Ratings
Average Rating: 3.9 / 5.0
Top Positive Feedback:
Users appreciate the straightforward 1.5% unlimited cash back on all purchases, the absence of an annual fee, and the valuable Amex benefits like purchase protection and extended warranty. The introductory APR offer is also a common positive.
Top Negative Feedback:
Common complaints include the 2.7% foreign transaction fee, the fact that 1.5% cash back isn't the highest available rate compared to some competitors, and occasional issues with Amex acceptance at smaller merchants.
Approval Experience Score: 80.0 / 100
Recommended Alternatives
- Citi Double Cash Card
- Chase Freedom Unlimited
- Blue Cash Everyday Card from American Express
Card Value Score: 70.0 / 100
Est. Annual Rewards: $300.00
User Portfolio Metrics
Avg Portfolio Size: 3 cards
Avg Portfolio Age: 72 months
Store vs Co-brand: 60% General / 40% Co-brand
Risk Assessment
Default Risk Group: Low
Predicted Approval Probability: 85.0%
Terms Version Control
Version ID: v2024-01