Is the American Express Cash Magnet card a charge card? This question is about the American Express Cash Magnet® Card

Is the American Express Cash Magnet card a charge card?

Answer Question Report Abuse

This question is about the American Express Cash Magnet® Card

Thomas Antonsson, Member

@tomtom5 • 12/06/18 This answer was first published on 12/07/18 and it was last updated on 12/06/18.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

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.

Answer Question

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.