Here is my review of the AMEX Cash Magnet credit card!
Hey, guys, Max here, the American Express Cash Magnet Card Review. This card had lots of benefits and some downfalls, so let's go over them.
All right. So let's jump right in.
What I like about the new American Express cards compared to what they were previously. First thing I always look for is their annual fee. Awesome. No annual fee. There are tons of American Express cards. A lot of them do have annual fees. So make sure to double check if they do or do not. This one does not, which is a big benefit to me. Next thing would be zero percent AP for 15 months. So again, not just for fun, but if you have something that needs to be paid off and you want to do zero percent, that is the best way to do it.
Because the reality is, you know, if you're paying zero percent compared to any any interest rate, zero percent is always awesome. What's nice about this card is one one and a half percent cashback on everything. It's super simple. There's no rotating categories.
It's easy to remember when I look at a credit card, I want to see, do I have to keep track of all these rotating categories of change ever? It seems like every every few days, it's not about every quarter, but keeping track of those is really annoying. This makes it super simple. One and a half on everything. And another benefit, American Express. First off, you can carry a balance, obviously, and they have this thing that's called plan it.
I've used this a couple of times. I've used this most recently for a purchase of weightlifting equipment during the pandemic. What's really awesome is let's say it's a thousand dollars. Just you'll put the thousand dollars in the credit card and then you'll be able to pick between 12, 24 and 30 months was the highest I've ever done. And you're able to pay it off in small installments. Now, there's no interest. There's a fixed monthly fee that shows you up front.
I think it was like forty dollars total. So it's very little, very, very nominal. And what I like about this is at times American Express does they do promotions, which is the only the only time I ever use something as a promotion.
I'm not going to pay a fixed fee when I know I can pay for it. However, I'm going to be zero percent interest as well as no fee whatsoever to pay it off. And I still receive the one percent cash back. Am I missing something or. I'm not missing anything here. That's a no brainer. So the planet feature when they have the promotions is something I would definitely encourage. All right, then. Nerd wall, nerd wallet advisees.
There's one hundred two hundred fifty dollars statement credit after you find a thousand dollars within the first three months. So that's a pretty darn good incentive.
Nerd Wallet says you need. Somewhere between a 690 and 850, which was pretty much almost most people, I would imagine. I believe I had a 730 740 when I applied for this one and they gave me fourteen thousand six hundred dollars in credit. Now, obviously, our situations are different. They may give you more or less depending upon your situation, but that's what they gave me.
And there's an easy way to find your credit score. I use a service called Credit Sesame. I'm going to put the link and description below. I made a review video similar to this one that showed the features that I've used it to give my credit score. You can pull your credit report. There's a bunch of different features on there. The link will be below. Make sure to use that to your credit score so you can kind of know more or less if you're going to be approved for this card or not.
It's a great around card. I would say the one percent cash back on everything makes it super simple. I'm a dummy, so if things are super simple, it makes it so I can understand it. One less percent cash back and everything. The apps benefit and then also the planet feature, which is a benefit to using American Express. I know there's been some I've read I've read some things that American Express hasn't taken many places. That's such a lie.
It's taken and literally almost every single scenario. Now, if you go to some little boutique restaurant that's tiny mom and pop situation, they're probably going to take Visa and MasterCard. But most places, I would say are taking American Express. Now, that is the review for the cash Magna Carta begats enjoyed. Make sure to come common subscribe and I will see you guys on the next reveal.