What are the American Express Cash Magnet benefits?

The American Express Cash Magnet® Card credit score requirement is 700 or better. That means people with good credit or better have a shot at getting approved for the Amex Cash Magnet Card Card.

You should note that while your credit score is an important factor, there are plenty of other things that will impact your chances of being approved for the Amex Cash Magnet Card Card, too. Some other key criteria include your income, existing debt load, number of open accounts, recent credit inquiries, employment status and housing status.… read full answer

If you excel in other areas, you might be able to get approved with a slightly lower credit score in some cases. But it’s best to wait to apply until you meet the Amex Cash Magnet Card credit score requirement. You can check your credit score for free on WalletHub.

The American Express Cash Magnet purchase protection benefit reimburses cardholders up to $1,000 per item and $50,000 per card for items purchased with the card that are damaged or stolen within 90 days. The coverage is only $500 per item for damages due to natural disasters.

Some purchased items do not qualify for Amex Cash Magnet purchase protection coverage. Those include animals or living plants, one-of-a-kind items, perishables, gift cards, motorized vehicles, downloaded services and more. Certain situations are also not covered, such as acts of war, confiscation by government authorities or the misplacing of an item. Be sure to read your benefits guide for the full details.… read full answer

To file an American Express Cash Magnet purchase protection claim, call 1-800-322-1277 within 30 days of the incident. The cardholder has until 60 days after the incident to submit proof of the loss, such as the original store receipt and damage estimates.

The Amex Cash Magnet Card annual fee is $0 per year. Amex Cash Magnet Card’s $0 annual fee is equal to the average annual fee among new credit card offers right now. It’s not the only fee you need to worry about with the American Express Cash Magnet® Card, though.

Amex Cash Magnet Card Fees:

• Annual Fee: $0
• Cash Advance Fee: 5% (min $10)
• Foreign Fee: 2.7%
• Max Late Fee: $40