How do I get the Amex Cash Magnet Card Welcome bonus?

Yes, the American Express Cash Magnet® Card is a cash back credit card, which gives 1.5% cash back on purchases and has an annual fee of $0. The Amex Cash Magnet Card also offers an initial bonus of $200 for spending $2,000 in the first 6 months after account opening. Once you earn cash back on your Amex Cash Magnet Card, you can redeem it for a statement credit.... read full answer

If you’re on the fence about whether or not to apply for the Amex Cash Magnet Card, you can always check out WalletHub’s picks for the best cash back credit cards from various issuers. It’s good to consider multiple cash back credit card options before submitting an application. 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.

The American Express Cash Magnet referral program offers existing cardholders a bonus per person approved for an Amex card using your referral link, up to a pre-determined maximum amount in referral bonuses per year. Referral bonus amounts vary, as there are reports in online forums of cardholders receiving referral bonus offers from $100 to $200, up to a $550 annual limit. Cardholders with an active Amex account can refer friends for any American Express card, including Amex Cash Magnet.... read full answer

You will need to log in to your online account from the Amex Refer a Friend page in order to view your Cash Magnet referral bonus offer. Select Cash Magnet from the referral menu and click “Refer Now.” From there, enter the person’s e-mail address and American Express will e-mail them a referral offer. If you prefer, you can customize the referral link and share it via e-mail, text or through social media.

To receive the American Express Cash Magnet referral bonus, the person you refer must apply for and be approved for an Amex card through your referral link. The referral bonus should post to your account in the form of a statement credit within 8 to 12 weeks after they’re approved.

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... read full answer, 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 card’s annual fee is also $0.

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.