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American Express Magnet Card Review
New cardholders can earn $ 150 after spending $ 1,000 or more on purchases within the first three months. Create unlimited 1.5 percent cash on purchases. A cash back prize is received in the form of a cash dollar, which you can redeem for a statement credit, gift card or dealer. The American Express Magnet Plan comes with an IT facility that allows you to pay a larger purchase with a larger monthly fee and interest charge.
Enjoy a zero-percent initial APR on shopping and balance transfer for 15 months.
|Cash Back Rating||2.9 / 5|
|Annual Percentage Rate||1.6|
|Balance Transfer Rating||4 / 5|
|0% Introductory Balance Transfer Period
||$5 or 3% (whichever is higher)|
|Introductory Purchase APR
||0% for 15 months|
Simple rewards scheme
Cash Magnet Card keeps things easy for you by offering at the same rate on each purchase, but it makes it easy to pay back your cash. Your cash never ends back, and as soon as you return the cash back to $ 25 credit, you redeem your reward simply login to your account and statement credit.
As a defect, the card has limited limits for compensation options, including cash redemption, goods and gift cards. As mentioned, Chase Freedom Unlimited Card provides more versatility, which you can have several types of travel rewards, including options, can redeem your rewards and transfer your points to another card.
Also, if you are aiming for ultimate ease, you do not have to take any foreign fees and cash in the Capital One Quixilver card (at certain point of arrival, it automatically allows you to set up your account in anticipation of capturing their awards) transaction fees).
American Express benefits
On the plus side, in the form of an American Express Card, the cash magnet card comes with a standard set of American Express benefits, which means: It provides the above average profit for fee fee cash card. You get a complete set of security, including car rental insurance, extended warranty, purchase protection and return security. You also deserve some unique services from American Express, such as Free Roadside Assistance, shopkeeper membership and American Express car purchase program.
Why get the American Express Cash Magnet card?
- You want a simple cash back card that doesn’t require enrollment or keeping track of bonus categories.
- You want to cash in on an introductory bonus with an achievable spend threshold.
- You are looking for a good flat-rate card to pair with your American Express Blue Cash Everyday or Preferred card.
How to use American Express Cash Magnet Card
- Use the card for every purchase to earn a high rate of 1.5 percent cash back.
- Spend at least $1,000 in the first three months to earn the introductory bonus.
- For additional advice, check out our complete guide to transferring a balance to your American Express card.
Video : American Express Cash Magnet Credit Card Review
Also Read : 6 Best Visa Credit Cards of 2019
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