Yes, the American Express Cash Magnet® Card does have a late fee of up to $40, which applies when cardholders don't make the minimum payment by the due date. The late fee for the Amex Cash Magnet Card can never exceed the minimum payment amount, though, thanks to the CARD Act of 2009.
If you accidentally make less than the required minimum payment or you miss your Amex Cash Magnet Card due date entirely, you can always ask customer service to waive the late fee by calling 800-528-4800. This is much more likely to work if you have a great payment history with American Express, but even if not, there's no harm in asking.
To avoid getting hit with late fees in the future, make sure to pay at least your minimum required payment each month. The best way to ensure that you never miss a payment is by setting up autopay.
The American Express Cash Magnet® Card interest rate is 14.74% - 24.74% (V), with the actual rate depending on factors such as your income, credit history and existing debt. The Amex Cash Magnet Card card also offers new cardholders an introductory interest rate of 0% for 15 months on purchases. After the card’s intro rate expires, the regular interest rate applies to any remaining balance. The regular Amex Cash Magnet Card interest rate is variable, meaning it can change based on certain economic conditions.… read full answer
The Amex Cash Magnet Card gives you a 25 day grace period to avoid paying interest on your purchases. The grace period runs from the end of the billing period until the card’s payment due date. You won’t owe any interest as long as you pay your balance in full during that timeframe. Should you decide to carry a balance on your Amex Cash Magnet Card, it will accumulate interest daily at the card’s regular APR. Interest is compounded, meaning you will owe interest on both the principal balance and any interest already accumulated.
In addition to the regular interest rate, Amex Cash Magnet Card also charges a separate 25.99% (V) interest rate on cash advances and a penalty rate for late payments. All Amex Cash Magnet Card card interest rates will be listed on your statement and on your online account summary.
There are several major American Express Cash Magnet fees, but the annual fee is $0. The card has a fee of 2.7% on all purchases made from foreign merchants, both in-person and online, which makes it not ideal for travel. The Amex Cash Magnet cash advance fee is 5% (min $10), so it’s best to avoid cash advances except for emergency situations. And lastly, the card has a maximum fee of $40 for paying late (or for having a payment returned for insufficient funds).… read full answer
Amex Cash Magnet does not have a balance transfer fee, but only because the card does not allow balance transfers.
You can make an American Express Cash Magnet® Card payment online, by phone, through the American Express mobile app or by mail. To pay an Amex Cash Magnet Card bill online, log in to your online account and click on "Payments." Then, choose how much to pay, when to pay it, and where the payment is coming from. American Express does allow cardholders to set up automatic payments, too.… read full answer
Ways to Make an Amex Cash Magnet Card Payment
By phone: Call 1-800-472-9297 and enter your card information when prompted.
Online:Log in to your online account and click on “Payments.”
Through the mobile app: Log in to your account and select your card, then tap "Make a Payment."
By mail: Send a check or money order (but not cash) to American Express / P.O. Box 650448 / Dallas, TX 75265-0448. Make sure to send it early enough that it will arrive by the due date. Write your credit card number on the check, too.
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