# Cash Magnet Card

> credit card from American Express

**Wikidata**: [Q111367568](https://www.wikidata.org/wiki/Q111367568)  
**Source**: https://4ort.xyz/entity/cash-magnet-card

## Summary
The Cash Magnet Card is a credit card issued by American Express, designed as a straightforward payment tool with no annual fee and a 2.7% foreign transaction fee. It operates on the American Express network and participates in the Membership Rewards program, enabling users to earn points on purchases. As a subclass of credit cards, it adheres to standardized physical specifications and serves as a model for consumer credit instruments.

## Key Facts
- **Operator:** Issued by American Express, a global financial services company.
- **Network:** Functions on the American Express card network.
- **Annual Fee:** $0 annual fee, with no additional charges for the first year.
- **Foreign Transaction Fee:** 2.7% fee applied to international transactions.
- **Reward Program:** Offers enrollment in the Membership Rewards program.
- **Website:** Official page located at [https://www.americanexpress.com/us/credit-cards/card/cash-magnet/](https://www.americanexpress.com/us/credit-cards/card/cash-magnet/).
- **Physical Specifications:** Adheres to ISO/IEC 7810 standards (85.60 mm × 53.98 mm × 0.76 mm).
- **Components:** Includes "cash advance" and "credit card in Japan" as functional parts.
- **Usage:** Utilized in "cash advance" transactions and "App-o-rama" strategies.
- **Model Item:** The American Express Gold Card is cited as a comparable model.
- **Classification:** Categorized under Dewey Decimal 332.765 as a payment card subclass.
- **Community:** Associated with the r/CreditCards subreddit (1.24M+ followers as of May 2023).

## FAQs
**Who issues the Cash Magnet Card, and what network does it use?**  
The card is issued by American Express and operates on the American Express network, distinct from Visa or Mastercard systems.

**What fees are associated with the Cash Magnet Card?**  
It has a 2.7% foreign transaction fee and no annual fee ($0 for the first year and subsequent years).

**Does the Cash Magnet Card offer rewards or benefits?**  
Yes, it provides access to the Membership Rewards program, allowing users to earn redeemable points.

**How does the Cash Magnet Card differ from debit or charge cards?**  
As a credit card, it extends revolving credit unlike debit cards (which draw from bank accounts) or charge cards (which require full payment each month).

**Where can I find official information about the Cash Magnet Card?**  
Details are available on its dedicated American Express website: [https://www.americanexpress.com/us/credit-cards/card/cash-magnet/](https://www.americanexpress.com/us/credit-cards/card/cash-magnet/).

## Why It Matters
The Cash Magnet Card represents a consumer-focused credit solution, emphasizing simplicity with no annual fee and integration into American Express’s rewards ecosystem. It facilitates global transactions (with a noted 2.7% foreign fee) and aligns with modern spending behaviors, such as cash advances and App-o-rama utilization. As part of the broader credit card class, it contributes to standardized payment infrastructure, supporting economic activity through credit access and rewards incentives.

## Notable For
- **No Annual Fee Structure:** Offers $0 annual fee, reducing barriers to entry for credit access.
- **Foreign Transaction Fee:** Applies a 2.7% charge on international purchases, a key consideration for travelers.
- **Membership Rewards Integration:** Provides users with opportunities to accumulate redeemable points.
- **American Express Network:** Leverages the brand’s global acceptance and financial services reputation.
- **Model Item Association:** Shares lineage with the American Express Gold Card, a flagship product in the issuer’s portfolio.

## Body

### Operator and Network
The Cash Magnet Card is issued and operated by American Express, functioning exclusively on the American Express card network. This distinguishes it from Visa or Mastercard products, aligning with American Express’s closed-loop system where the company acts as both issuer and network.

### Fees and Charges
- **Annual Fee:** $0 for the first year and all subsequent years, with no hidden annual charges.
- **Foreign Transaction Fee:** A 2.7% fee is applied to transactions processed outside the U.S., impacting international usage costs.

### Reward Program
The card is linked to the Membership Rewards program, enabling users to earn points on eligible purchases. Points can be redeemed for travel, gift cards, or statement credits, enhancing the card’s value proposition for frequent spenders.

### Physical Specifications
As a subclass of credit cards, the Cash Magnet Card adheres to ISO/IEC 7810 ID-1 standards, ensuring interoperability with global payment systems. Specifications include:
- **Length:** 85.60 mm  
- **Width:** 53.98 mm  
- **Thickness:** 0.76 mm  

### Digital Presence
- **Website:** The card’s official page ([https://www.americanexpress.com/us/credit-cards/card/cash-magnet/](https://www.americanexpress.com/us/credit-cards/card/cash-magnet/)) serves as a primary information hub.
- **Unicode Symbol:** Represented digitally by the 💳 character, standardizing its visual identity in online contexts.

### Community and Discussion
The card is part of the broader credit card ecosystem discussed on platforms like:
- **Reddit:** The r/CreditCards subreddit (established September 14, 2008) hosts over 1.24 million followers as of May 2023.
- **Quora/Zhihu:** Dedicated topics (e.g., Quora’s “Credit-Cards” and Zhihu’s ID 19557587) facilitate user-generated content and advice.

### Related Components and Usage
- **Functional Parts:** Includes “cash advance” features and regional variants like “credit card in Japan.”
- **Usage Scenarios:** Supports cash advances and “App-o-rama” strategies, where users apply for multiple cards to maximize credit limits or rewards.

### Model Item and Differentiation
- **Comparative Model:** The American Express Gold Card is referenced as a model item, highlighting the Cash Magnet Card’s positioning within American Express’s product hierarchy.
- **Differentiation:** Unlike debit cards (directly linked to bank accounts) or charge cards (requiring full monthly payments), the Cash Magnet Card offers revolving credit with flexible repayment terms.

### Classification and Authority Control
- **Taxonomy:** Classified under Dewey Decimal 332.765 as a payment card subclass, distinct from charge and debit cards.
- **Authority IDs:** Identified by Library of Congress ID sh85033865 and GND ID 4032937-9, ensuring precise cataloging in academic and library systems.

## References

1. [Source](https://www.americanexpress.com/us/credit-cards/card/cash-magnet/)