How do I get the Amex Cash Magnet Card Welcome bonus? This question is about the American Express Cash Magnet® Card

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

Answer Question Report Abuse

This question is about the American Express Cash Magnet® Card

Maria Adams, Credit Cards Moderator

@m_adams • 11/11/21 This answer was first published on 11/11/21. 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.

Permalink Report Abuse

To earn the Amex Cash Magnet Card welcome bonus, new cardholders must spend $2,000 within the first 6 months of opening an account. The Amex Cash Magnet Card bonus is $200 as a statement credit.

Keep in mind, however, that you will not be eligible for this introductory bonus offer if you currently have the Amex Cash Magnet Card, regardless of whether you previously earned the bonus. You also may not be eligible if you recently earned the bonus.

In addition to the welcome bonus offer, the Amex Cash Magnet Card offers 1.5% cash back on purchases. Its annual fee is $0, and you need good credit to get approved for the card.

Answer Question

People also ask

Is American Express Cash Magnet a cash back credit card?

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.

show less

How does the American Express Cash Magnet referral program work?

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.

show less

How much is the Amex Cash Magnet Card foreign transaction fee?

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.

show less

WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.

WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. This question was posted by WalletHub. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.

Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.

Ask a Question

140

Ask Question

Ask Your Question

WalletHub Transparency

We are committed to being fully transparent with our readers. Opinions expressed here are the author’s and/or WalletHub editors'. WalletHub editorial content on this page is not provided, commissioned, reviewed, approved or otherwise endorsed by any company. In addition, it is not any company’s responsibility to ensure all questions are answered.