What is the Amex Cash Magnet Card exchange rate? This question is about the American Express Cash Magnet® Card

What is the Amex Cash Magnet Card exchange rate?

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This question is about the American Express Cash Magnet® Card

Lisa Cahill, Credit Cards Moderator

@lisacahill • 10/28/21 This answer was first published on 10/28/21. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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The Amex Cash Magnet Card exchange rate is American Express's exchange rate on the date you make a purchase, plus any foreign transaction fees. While American Express exchange rates change daily, the Amex Cash Magnet Card foreign fee is always 2.7% of the transaction.

It's best to use a credit card with no foreign transaction fee when making purchases from international merchants. As long as you have such a card and avoid dynamic currency conversion, the exchange rates you'll pay on international spending with a credit card will be much lower than those you'd get from converting cash with banks, credit unions, or airport currency exchange services.

All information about the American Express Cash Magnet® Card has been collected independently by WalletHub. The American Express Cash Magnet® Card is no longer available to new applicants through WalletHub, but may be available on the American Express website.

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How much is the Amex Cash Magnet Card foreign transaction fee?

The American Express Cash Magnet® Card foreign transaction fee is 2.7%. This means American Express will add a 2.7% surcharge anytime you use the American Express Cash Magnet® Card outside of the United States. The 2.7% fee also applies to online purchases made through an internationally-based merchant.

Alternative Credit Card Option

If you’re looking for a $0 foreign transaction fee credit card, you should consider getting the Capital One Quicksilver Cash Rewards Credit Card, instead. This card offers 5% cash back on hotel and rental cars booked through Capital One Travel, as well as 1.5% cash back on all other purchases, plus an initial bonus of $200 for spending $500 in the first 3 months. The...

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What is the American Express Cash Magnet credit score requirement?

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

However, 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, right here on WalletHub.

Other...

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What's the easiest American Express card to get?

There are no American Express credit cards that are easy to get. They all require good credit or better. Compared to other American Express cards, the Amex Blue Cash Everyday card is easier to get if you have good credit or better and you meet all other criteria in order to qualify for it.

While American Express credit cards aren’t that easy to obtain, there are several other credit cards that are easy to get approved for.

Easiest credit...

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