Cash Magnet Card from American Express is a no-annual-fee credit card that offers unlimited 1.5% Cash Back to cardholders. When you spend up to $1,000 in purchases on your new Card within the first 3 months, the card rewards you with $150 back. Cashback is received in the form of Reward Dollars that can be easily redeemed for statement credits, gift cards, and merchandise.
Cash Magnet Card also offers 0% intro APR on purchases and balance transfers for 15 months, then a variable APR, 15.24% to 26.24%. It gives users the option to carry a balance with interest or pay in full each month. So, whether you’re managing your monthly expenses or making a large purchase, you can have the payment flexibility you need while continuing to earn rewards with this card.
Cash Magnet Card Benefits
- Firstly, offers unlimited 1.5% Cash Back
- Secondly, cardholders earn $150 back after they spend $1,000 or more on purchases with their new card within the first 3 months of Card Membership
- Thirdly, earn an additional $100 back once you spend an additional $6,500 in purchases within your first 12 months
- Fourthly, cash backs are received in the forum of a statement credit
- Lastly, no annual fee charge.
Cash Magnet Card Fees /Rates
- Annual Fee – $0
- Balance Transfer Fee – $5 or 3%
- Cash Advance Fee – $5 or 3%
- Foreign Transaction Fee – 2.7%
- Late Payment Fee – Up to $38
- Returned Payment Fee – Up to $38
- Overlimit Fee – None
- Purchases APR Rate – 0% for the first 15 months
- Balance Transfers APR – 0% for the first 15 months
- Cash Advances APR Rate – 27.24% (Variable)
- Penalty APR Rate – 29.99.
How to Apply for Cash Magnet Card
- Firstly, open the American Express Application Page through a secure browser
- Secondly, on the webpage, in the fields provided, enter the following details; Email address, Legal business name, Business name on card, Business address line 1, Business address line 2, Zip code, Business phone number, Industry type, Company structure, Years in business, Number of employees, Annual business revenue, Estimated monthly spend, Federal tax ID, Role in company
- Thirdly, tap on the “Continue” link to complete the first phase of the application process.
How to Activate Cash Magnet Card
To activate your newly acquired Cash Magnet Card®, do the following;
- Firstly, scroll to the American Express activation page
- Secondly, key in your 4-digit Card ID, and 15-digit Card Number
- Thirdly, tap on the “Confirm” link
Cash Magnet Card Login Process
- Firstly, scroll to the American Express login page
- Key in your User ID and Password
- Tap on the “Log In” link.
How to Recover Cash Magnet Card User ID/Password
- On the American Express login page
- Tap on the “Forgot Password and User ID link
- On the new page you are redirected to, key in the following;
- 15-digit number on the front of your card
- 4-digit Card ID
- Tap on the “Continue” link to proceed further.
How to Make Cash Magnet Card Bill Payment
- Firstly, scroll to the American Express Web portal
- Secondly, locate the payment tab
- Thirdly, choose a convenient payment option and make your bill payment.