Does Amex Cash Magnet Card have a 0% APR intro period for new purchases?

Your Amex Cash Magnet Card approval odds are best with a credit score of 700+. This means that you need at least good credit to get this card.

It is also worth noting that your credit score isn’t the only thing the issuer will take into account while considering your application. Your credit history, income and any debts you might have will also determine the outcome of your application.… read full answer

However, there’s no need to guess what your Amex Cash Magnet Card approval odds might be, as you can get them directly from Amex by using the company’s pre-qualification tool. Enter your name, your address, the last 4 digits of your Social Security number and your annual income, then press “View My Card Offers.” Amex will show you all the cards you are likely to be approved for.

If you see Amex Cash Magnet Card among them, that means your Amex Cash Magnet Card approval odds are high – around 90%. So, even if you are pre-qualified for a card, it’s still possible to be rejected.

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

You can get an American Express cash advance at participating ATMs, up to the card's available cash advance limit. To start, call American Express customer service at (800) 227-4669 to request a cash advance PIN. Once you have your PIN, simply insert the card into a participating ATM, type in your PIN, and select “Cash Advance.” Then enter the amount of cash you want to withdraw.… read full answer

There may be other ways to get a cash advance from your American Express card, as well. For instance, you could write out an American Express cash advance check and use it like a regular bank check.

It’s important to take fees and interest into account before you get an Amex cash advance. The American Express cash advance fee will likely be 5% (min $10) of the transaction, whichever is greater. In addition to that, interest on the cash advance will begin accruing immediately, and it’s usually at least a 25% APR. There may also be ATM-owner fees, depending on where you withdraw money from. So it's best to avoid cash advances.

Try looking into alternatives, such as borrowing money from friends and family or a personal loan. If you have good credit, getting a personal loan may be cheaper than taking out a cash advance.