- 1 American Express Cash Magnet Credit Card
- 2 American Express Cash Magnet Credit Card review
- 3 Advantages of American Express
American Express Cash Magnet Credit Card
The 1.5 prize rate on the American Express Cash Magnet Credit card is nothing special, but the promotion offer is generous if you manage to meet the spending threshold.
Earn up to $ 250. Here’s how: in the first 3 months of your Card Membership, you get $ 150 or more in an extra $ 150 with your new Card. In addition, after the additional $ 6,500 in the first 12 months, earn an additional $ 100 extra credit.
Unlimited 1.5% Cash Back Buy.
- Make $ 250. Here’s how: in the first 3 months of your Card Membership, you get $ 150 or more in an extra $ 150 with your new Card.
- In addition, after the additional $ 6,500 in the first 12 months, earn an additional $ 100 extra credit.
- No annual fees.
- Unlimited 1.5% Cash Back Buy.
- Reimbursement is taken in the form of Rewards Dollars, which can be used easily for phrase loans, gift cards and merchandise.
- APR with low input: A variable rate of 0% for 15 months in purchases and balance transfers, then 14.99% to 25.99%.
- With Plan Itsiniz, you can create a monthly payment plan for large purchases that are not subject to a fixed monthly fee and interest rate, each with the same prizes and protections as you would expect from American Express.
- More than 1.5 million locations in the US began accepting American Express® Cards in 2017.
- Terms apply.
American Express Cash Magnet Credit Card review
1.5% cash rewards on every purchase
If you spend $ 1000 in the first 3 months, $ 150
If you spend an additional $ 6,500 in the first 12 months, $ 100
Yearly Rate $ 0
Average Annual Prize Value ($ 1,325 monthly spend) $ 321
14.99-25.99% APR (variable)
- Payments do not expire
- No returning categories or registration required
- Use rewards for account loans, merchandise or gift cards
- Unlimited 1.5 percent cash back
- A minimum threshold of US $ 25
Other Important Features
Plan, Pay, Car rental insurance, roadside assistance, travel accident insurance, extended warranty, return protection, purchase protection, ShopRunner, ticket sale, $ 0 responsibility, Destination Family, lowest hotel prices guarantee, vehicle purchase program, year-end summary
The new American Express Cash Magnet card is a little less than the name of the cash withdrawal. The card is a simple 1.5 cash back card in a market already filled with 1.5 percent cash back card. However, there is a remarkable feature: a $ 250 industry leader entry bonus at the end of the first year.
Another 1.5 percent cash back card
The Cash Magnet Credit card offers a 1.5% cash payout rate per shopping. At this point, unless you’re craving for an American Express card offering $ 1.5 in cash, this new card has a 1.5 percent cash back rate card, including a Chase Freedom Unlimited card that forces an eyebrow gum. back.
If you’re looking for a large flat rate list, you’re probably more likely to have a Chase Freedom Unlimited card and can transfer rewards to other Chase cards or, on the Citi Dual Cash card, providing up to 2 percent on each purchase – 1 percent when you buy and 1 percent when you pay your bill on time.
Industry-leading promotion offer
On the other hand, the introduction offer of the American Express Cash Magnet blows competition from water. If you meet all spending thresholds, you can earn up to $ 250 in the first year. However, the spending requirements are harsh.
In the first three months you’ll have to spend $ 1,000 to earn a $ 150 statement loan, and if you spend $ 6,500 in the first 12 months, you can earn an additional $ 100 credit.
For the average spender, this probably requires us to use the card for the majority of your spending for several months. This may be a problem if you are trying to juggle cards or try to earn bonuses on other cards.
Cash Magnet card doesn’t just keep things simple by offering the same price on every purchase, it also makes it easy to get your money back. Your cash will never end, and as soon as you get $ 25 cash back, you just log in to your account and use your rewards for your rewards credits.
As a disadvantage, the card has a fairly limited refund option, including cash back, merchandise and gift cards. As mentioned earlier, the Chase Freedom Unlimited card offers a lot more versatility, allowing you to use your rewards for a wide variety of options, including travel rewards, and allow you to transfer your scores to other cards.
Also, if you’re aiming for ultimate simplicity, the Capital One Quicksilver card allows you to get back any cash and get you to pay your account automatically when you reach a certain threshold (and at no other cost). processing fee).
Advantages of American Express
On the plus side, as an American Express card, the Cash Magnet card comes with a set of standard American Express benefits: it offers above-average benefits for the free cash card. You have a full range of protection, including car rental insurance, extended warranty, purchase protection and return protection. You also qualify for some unique services from American Express, such as free roadside assistance, ShopRunner membership, and the American Express vehicle purchase program.
Why get an American Express Cash Magnet card?
- You want a simple reimbursement card that does not require registration or does not follow bonus categories.
- You want to make money with an extremely large promotion bonus.
- You can quickly meet the $ 7,500 threshold for a full promotion bonus, or not use the Cash Magnet card with your primary card for 12 months to cover the threshold.
- American Express Blue Cash If you are looking for a good flat rate card to match your Everyday or Preferred card.
How to use American Express Cash Magnet card
- Use the card for each purchase to earn a high 1.5 percent cash back.
- Plan to use your go-to card as your first year to win the full initial bonus.
- For additional advice, check out our complete guide to transfer a balance to your American Express card.