How much is the Amex Cash Magnet balance transfer limit? This question is about the American Express Cash Magnet® Card

How much is the Amex Cash Magnet balance transfer limit?

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This question is about the American Express Cash Magnet® Card

Charlie Quinn, Member

@charlie_quinn • 05/08/20 This answer was first published on 05/07/20 and it was last updated on 05/08/20.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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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.

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