The exact rate that you get within that range will depend primarily on your credit standing and income. The better your credit score is and the more money you make, the more likely you are to get an APR at the low end of the range.
It is also worth noting that, apart from its regular APR, the Amex Cash Magnet Card has different APRs, depending on the transaction.
Here’s what you need to know about the Amex Cash Magnet Card APRs:
Regular APR: This card’s regular APR is 13.99% - 23.99% (V), depending on your credit standing and income.
Intro APR for purchases: The Amex Cash Magnet Card also has an introductory APR of 0% for 15 months on purchases. After the intro offer expires, the regular APR kicks in.
Intro APR for balance transfers: There is no Amex Cash Magnet Card APR for balance transfers because balance transfers are not allowed on the card.
Cash advance APR: The APR for taking out a cash advance is 25.24% (V). There is also a 5% (min $10) fee.
So, to avoid the Amex Cash Magnet Card APR, pay off all purchases in full and on time every month, and don’t take out cash advances.
The American Express interest rate is 13.99% (V) to 24.74% (V), depending on creditworthiness and the specific American Express credit card. Some American Express cards also offer a 0% introductory interest rate, lasting for a specified number of months. The EveryDay, Blue Cash EveryDay, and Cash Magnet cards offer 0% interest for 15 months on purchases. With the Blue Cash Preferred and EveryDay Preferred cards, you can make purchases for 12 months at 0% interest.… read full answer
An American Express card with a 0% interest rate allows you to finance big-ticket purchases for several months without the costly interest charges.
Business owners have four American Express 0% interest rate credit cards at their disposal. The Blue Business Plus Credit Card from American Express is the best of the lot with a 0% interest rate for 12 months on Purchases. The Blue Business Cash card also gives you 0% interest for 12 months on purchases only.
You will need good to excellent credit to qualify for an American Express credit card with a 0% interest rate. That’s a credit score from 700 to 749 (good) and 750+ (excellent). American Express will also review your payment history, employment, income, your level of debt, and other factors. If you’re applying for a business credit card, your personal credit history will play a significant role in the evaluation process.
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.
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