The Ultimate Guide to Credit Cards
Thursday, November 30, 2023

Cash Magnet® Card Review

Toby Sembower

By: Toby Sembower

Toby Sembower
Toby Sembower

Toby is the founder of CardRates.com and lends his 20 years of experience in the credit card industry to educate consumers. His commentary and reviews have been featured to millions on Yahoo! Finance, CreditCards.com, Entrepreneur.com, and others. Toby's industry connections enable him to keep audiences informed with timely advice and insight.

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Editor: Lillian Guevara-Castro

Lillian Guevara-Castro
Lillian Guevara-Castro

Lillian Guevara-Castro brings more than 30 years of editing and journalism experience to the CardRates team. She has written and edited for major news organizations, including The Atlanta Journal-Constitution and the New York Times, and she previously served as an adjunct journalism instructor at the University of Florida. Today, Lillian edits all CardRates content for clarity, accuracy, and reader engagement.

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Reviewer: Ashley Fricker

Ashley Fricker
Ashley Fricker

Ashley has more than a decade of experience as a finance contributor and editor, and has specialized in the credit card industry since 2015. She has worked closely with the world’s largest banks and financial institutions, up-and-coming fintech companies, and press and news outlets to curate comprehensive content and media. Her credit card commentary is often featured on national media outlets that include CNBC, MarketWatch, Investopedia, and Reader's Digest, among many others.

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Cash Magnet® Card Review

Rated 4.7 /5.0 ★★★★★

Are you considering the Cash Magnet® Card? Before you apply for the card, you'll want to learn some key facts about the offer and how it compares to others on the market.

In reviewing the card, our staff rated it a 4.7 out of 5.0.

The Cash Magnet® Card is a simple, flat-rate cash back rewards card that competes with cards like the Capital One Quicksilver® and is a solid option if you don't like keeping track of rotating rewards categories.

Here's a rundown of the key features, rates, and terms of the Cash Magnet® Card:

Disclosure: When you apply through links on our site, we often earn referral fees from partners. For more information, see our ad disclosure and review policy.

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CardRates.com is a free online resource that offers valuable content and comparison services to users. To keep this resource 100% free, we receive compensation for referrals for many of the offers listed on the site. Along with key review factors, this compensation may impact how and where products appear across CardRates.com (including, for example, the order in which they appear). CardRates.com does not include the entire universe of available offers. Editorial opinions expressed on the site are strictly our own and are not provided, endorsed, or approved by advertisers.

Cash Magnet® Card Review

at the issuer'ssecure website

BEST OVERALL RATING

★★★★★

4.7

OVERALL RATING

  • Earn $200 back in the form of a statement credit after you spend $2,000 in purchases on your new card in your first 6 months
  • Unlimited 1.5% cash back on every purchase
  • 0% intro APR on purchases and balance transfers for 15 months from the date of account opening, then a variable APR applies
  • Rental car loss and damage insurance when you use your eligible card to reserve and pay for the entire rental and decline the collision waiver at the rental company counter
  • Find out if you prequalify for the Cash Magnet® Card or other offers in as little as 30 seconds.
  • $0 Annual Fee
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% for 15 months
0% for 15 months
18.49% - 29.49% Variable
$0
Good/Excellent

There's certainly a lot to like about the Cash Magnet® Card. Let's dive deeper into the card's rates and fees, as they could make or break whether owning the Cash Magnet® Card is right for you.

Interest Rate & Annual Fee

According to the issuer, the Cash Magnet® Card currently charges the following interest rates on purchases and balance transfers:

  • Purchase Intro: 0% for 15 months
  • Balance Transfer Intro: 0% for 15 months
  • Regular APR: 18.49% - 29.49% Variable

Here's the annual fee for the Cash Magnet® Card as listed by the issuer:

  • Annual Fee: $0
See site for details »

Credit Needed for Approval

According to the issuer, the current general credit history requirement for the Cash Magnet® Card is:

  • Credit Level: Good/Excellent

If you feel you have the credit needed for approval and you're ready to apply, you can do so online on the issuer's secure website.

Keep in mind that rates and features may change, so if you like what the Cash Magnet® Card is offering today, you may want to apply now to lock it in current terms before it's too late.

How Does It Rank?

Below are all the ratings our team gives the Cash Magnet® Card, along with the card's ranking within each category. To see how it compares to other cards, simply click on the category name:

(Ranked #10 out of 28)
★★★★★
4.7
(Ranked #23 out of 158)
★★★★★
4.7
(Ranked #19 out of 55)
★★★★★
4.7
(Ranked #15 out of 59)
★★★★★
4.7

Bottom Line on Cash Magnet® Card

Cash Magnet® Card Review

All told, our team's review of the Cash Magnet® Card resulted in a rating of 4.7 out of 5.0, as the card features many pros and cons for a potential cardholder to consider. Ultimately, it's up to you to determine if the card's benefits outweigh its possible drawbacks.

If you're ready to apply for the Cash Magnet® Card, here is the link the issuer's official application:

Other Offers to Consider

Are you ready to apply for the Cash Magnet® Card offer? Be sure to read up on all of its terms and details first, then apply via the provider’s secure website:

If you’d like to keep researching, you may want to try one of our popular guides to the top offers available. We break down a variety of offers, including many similar to Cash Magnet® Card:

Whether you decide on Cash Magnet® Card or another option, be sure to make all your payments on time and keep your balance below the credit limit.

About the Author

Toby Sembower
Toby Sembower Finance Expert

Toby is the founder of CardRates.com and lends his 20 years of experience in the credit card industry to educate consumers. His commentary and reviews have been featured to millions on Yahoo! Finance, CreditCards.com, Entrepreneur.com, and others. Toby's industry connections enable him to keep audiences informed with timely advice and insight.

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Toby Sembower