The Cash Magnet Card, brought to you by American Express, emerges as an appealing choice for individuals seeking both convenience and rewards from a credit card. This card boasts a plethora of benefits, rendering it highly competitive within the financial sphere.

In this guide, we will meticulously explore the mechanics of this card, its merits and demerits, eligibility criteria, and the steps involved in initiating the application process.

Key information about the credit card

The Cash Magnet Card from American Express bestows upon its users a myriad of advantages, enhancing the gratification derived from financial transactions. A notable perk is the introductory offer of a low Annual Percentage Rate (APR) on purchases for the initial 15 months post-account opening.

This facilitates savings on interest, particularly during substantial purchases. Furthermore, cardholders can relish a generous $200 cash back bonus subsequent to spending $2,000 on purchases during the initial 6 months of card membership, thereby furnishing a noteworthy initial financial impetus.

Understanding the annual fee

The Cash Magnet Card from American Express provides cardholders with a much-needed financial breather with its attractive offer of a reprieve from APR for the initial 15 months following the opening of the account.

During these first 15 months, users can take advantage of the card’s various features, such as cashback rewards, travel benefits, and shopping protections, without the added worry of accumulating interest on their balances. This not only provides financial flexibility but also encourages individuals to make the most of their card’s offerings without hesitation.

However, it’s essential to note that after the initial 15-month period expires, a standard APR ranging from 19.24% to 29.99% will come into effect. This transition emphasizes the importance of responsible financial management and prompts cardholders to consider their spending habits and repayment capabilities carefully. 

How is the credit limit determined?

The process of ascertaining the credit limit for the Cash Magnet Card from American Express primarily hinges on the applicant’s income and credit history. American Express meticulously scrutinizes the financial profile to ensure that the allocated limit is commensurate and prudent, taking into account not only the cardholder’s repayment capacity but also other factors like payment history and credit track record.

Advantages of the credit card

• Unlimited 1.5% cash back: The Cash Magnet Card extends limitless 1.5% cash back on all transactions, offering a seamless avenue for accruing rewards on all financial dealings.

• Low APR for the initial 15 months: With a low APR proposition on purchases for the first 15 months, cardholders can realize substantial savings on interest, particularly during significant purchases or balance transfers.

• Generous cash back bonus: The $200 cash back bonus post spending $2,000 within the initial 6 months of card membership stands as a substantial advantage, furnishing an initial financial fillip to new cardholders.

• Access to exclusive American Express experiences: By availing themselves of exclusive American Express experiences, Cash Magnet Cardholders can indulge in virtual events, ticket presales, and exclusive entertainment content, thereby enjoying a premium experience transcending conventional financial transactions.

Standout benefit

The hallmark of the Cash Magnet Card from American Express lies in the amalgamation of bountiful rewards with financial flexibility. Armed with a competitive cash back rate and the option to split purchases into installments at transparent rates, this card caters to the dual needs of rewards and convenience among consumers.

Disadvantages

• Variable APR: Following the introductory period, the Cash Magnet Card from American Express harbors a variable APR ranging from 19.24% to 29.99%, signifying that financial outlays may escalate over time, particularly for individuals carrying a monthly balance.

• Fixed monthly fees for Plan It plans: Subsequent to the initial 15 months, fixed monthly fees are levied on Plan It plans, potentially amplifying the cost of splitting purchases into installments for cardholders.

Standout disadvantage

The primary drawback of the Cash Magnet Card from American Express manifests in the variable APR, which can inflate costs for cardholders maintaining a monthly balance. The variable APR entails that the interest rate may oscillate based on diverse market conditions, rendering future costs unpredictable.

Eligibility criteria

To be eligible for this card, applicants must fulfill certain criteria, encompassing a minimum age contingent on the province of residence, a stipulated minimum income, and a satisfactory credit history. Additionally, evidence of income and other requisite documents must be furnished to culminate the application process, inclusive of identification documents.

How to apply for the Cash Magnet Card from American Express

Via website

Commence the application process for the Cash Magnet Card from American Express by accessing the company’s official website. Subsequently, navigate to the dedicated page for the Cash Magnet Card. On the Cash Magnet Card page, a conspicuous option for “Apply Now” will be discernible. Clicking on this option will redirect you to the application form.

This form serves as the conduit for furnishing all requisite information for American Express to assess your application. This encompasses personal particulars like your full name, residential address, and contact details.

Furthermore, the form will solicit crucial financial information, encompassing your income and credit history. These details assume significance in evaluating your eligibility for the card and determining the prospective credit limit.

Upon completion of the form with all pertinent information, proceed to submit your application. This juncture is pivotal in officially expressing your interest in acquiring the Cash Magnet Card. Upon submission, your application will undergo scrutiny by American Express’s credit team.

The response time may vary, with some individuals receiving an instantaneous response, while others may necessitate waiting a few business days for a final verdict. Throughout this evaluation period, American Express will authenticate all furnished information and arrive at a decision pertaining to the approval of your application.

Hence, subsequent to submitting your application, it is imperative to evince patience while American Express conducts this evaluation. Irrespective of the outcome, you will be duly apprised as soon as a decision is reached. Furthermore, if your application garners approval, your Cash Magnet Card will shortly be dispatched to the address furnished during the form completion process.

Via mobile app

To initiate the application process for the Cash Magnet Card from American Express through the mobile app, commence by downloading the American Express’s app “Amex”  from the App Store or Google Play Store, contingent on your device.

Upon launching the app, you will be prompted to log into your extant American Express account or create a new account if you are yet to do so. This step assumes significance in ensuring access to the entire array of app features, encompassing the capability to apply for new credit cards.

Post logging into your account, navigate to the section dedicated to credit cards, wherein you will encounter an inventory of the diverse cards proffered by American Express. Thereupon, scout for the Cash Magnet Card in the inventory and opt for it to instigate the application process.

By electing the Cash Magnet Card, you will be seamlessly ushered to fill out an application form directly within the app. Ensure adherence to all on-screen directives and furnish all requisite information meticulously and comprehensively. This spans personal particulars, contact information, and pertinent financial data.

Preceding the submission of your application, meticulously review all furnished information to validate its accuracy, as any inaccuracies or omissions may impede the processing of your application or even culminate in its repudiation.

Subsequent to submitting your application via the app, await notification from the company pertaining to the status of your request, whether it is approved, under review, or declined. Ultimately, if your request attains approval, the card will be dispatched to your designated address.

Via agency

Alternatively, to initiate the application process for the Cash Magnet Card from American Express in person, you may opt to visit a nearby store or agency affiliated with American Express. Upon arrival, seek out a customer service representative to facilitate the application process.

Upon engaging with the customer service representative, articulate your interest in applying for the Cash Magnet Card and solicit assistance accordingly. The representative will be on hand to furnish guidance and provide an application form for completion, encompassing personal and financial information.

It is imperative to furnish all requested information accurately and comprehensively on the form, inclusive of your full name, address, contact information, and financial particulars like your income and credit history. These details are pivotal for American Express to adjudicate your application judiciously.

Post completion of the form, relinquish it to the customer service representative for submission to American Express. The modus operandi may entail receiving an immediate response regarding the approval of your Cash Magnet Card application or necessitate awaiting a few business days for a final decision.

Throughout this review phase, American Express will meticulously evaluate all furnished information and arrive at a decision regarding the approval of your Cash Magnet Card application. Upon completion of the review, you will be apprised of the status of your application by the customer service representative, and if approved, your new card will be dispatched to the address stipulated during the application process.

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