Charlie Quinn, Member
There is no Amex Cash Magnet balance transfer limit because the Cash Magnet Card does not allow balance transfers as of August 2020. The card used to allow transfers, but Amex’s policy changed.
When the card did allow balance transfers, the Amex Cash Magnet balance transfer limit was the lesser of $7,500 or 75% of the card’s overall credit limit. A cardholder’s own balance transfer limit depended on the credit limit they are assigned after approval.
If you’re interested in a credit card that is good for both balance transfers and rewards, some options that are comparable to the Cash Magnet Card include Citi Double Cash, Bank of America Cash Rewards and PenFed Power Cash Rewards.
American Express Cash Magnet® Card
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