Thomas Antonsson, Member
@tomtom5
No, American Express Cash Magnet is not a charge card. It’s different from a charge card such as Amex Platinum, which typically requires you to pay off the balance in full every month. As a traditional credit card, Cash Magnet allows you make a minimum payment each month and carry the remaining balance over to the next billing period.
But unless you have a 0% introductory APR on new purchases, you should always try to pay the entire balance, or at least as much above the minimum payment as you can afford by the due date. Utilizing less than 30% of your total credit is good for your credit score. Plus, outstanding balances will accumulate interest daily at an APR of 13.99% - 23.99% (V) with no interest-free grace period.
American Express Cash Magnet® Card
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