The American Express Cash Magnet card is an excellent introductory credit card, a cost-effective solution that earns you 1.5% cashback on all purchases. The card earns points each time you use it and those points add up fast, but the best part of the card is the no-fee approval that comes with it. You can actually pay down your balance much faster than with many other cards because you don't have to pay interest, and once you do, you're done. You're just paying cash at the end of the month for expenses like gas or groceries and it eliminates your need for a credit card balance transfer.
With the American Express Cash Magnet you're not locked in to any one APR rate. You can choose to pay according to your cash flow instead of according to a fixed APR. And since you don't pay interest on your purchases, you will see lower payments and lower costs. For many people this alone is reason to go with the American Express Cash Magnet card. If you have made numerous purchases using credit cards recently and incurred a large amount of debt along the way, you might want to look into the American Express Credit Card to eliminate your debt and get you out of debt faster.
But the American Express credit card is also good if you just need a cash advance on your paycheck when your paycheck is too tight to meet your expenses. The cash advances are pretty easy to qualify for since they don't report to any credit bureaus. What's more, you can be approved instantly as long as you have money in the bank to cover the purchase (and there is usually money). You don't need good credit to get approved for this kind of card. And you can save money by choosing the Preferred Card with spending caps and no annual fee.
As you might expect with an American Express credit card, you will pay less for everything you buy. And this is very important if you live in a place that taxes cash purchases. In these cases, American Express will let you pay less in order to have cash available to spend at the stores you really want to go to. You will save money on foreign transaction fees and get bigger cash back bonuses.
American Express offers rewards for just about every purchase you make, including cash, gas, airline tickets, hotels, car rentals, vacations and much more. But you get extra points for just about everything that you purchase using the power of the card. The rewards vary between one and five, but the point system is based on the dollar amount you charge on your account. After you make your first three months on the American Express Cash Magnet, you earn four points per dollar you charge to your account. Once you have earned five points, you get a free night at a participating hotel or your choice of one percent off future purchases.
American Express Cash Magnet offers great benefits for any type of spending, you need to accomplish. If you have made other cash purchases along with your first three months on the card, you can continue to build your points toward earning even bigger rewards. You don't have to pay off your entire balance to earn the maximum amount of rewards. The rewards credit card also has an annual fee of $125, so it is definitely a cost-effective way to pay off your debt and add convenience to your finances as well.
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