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American Express Cash Magnet Card Review

american express cash magnet card
Great introductory offer and rewards

The Cash Magnet Card from American Express offers an introductory 0% APR on purchases and balance transfers for the first 15 billing cycles made within the first 60 days of account opening.

For a large purchase or bill a new cardholder can save hundreds or in some cases over a thousand dollars in financing charges over a 15 month period.

Here are two examples of the interest a new account holder wouldn’t have to pay during the introductory period.

  • A $2,500 charge saves from $461 (14.74% APR) to $804 (25.74% APR)
  • A $5,000 charge saves from $921 (14.74% APR) to $1,609 (25.74% APR)

To avoid paying interest charges any balance must be paid in full within 15 months of getting your new card.

Even if you don’t make such a large initial purchase, American Express rewards you with an extra $150 bonus on spends over $1,000 within the first 3 months on top of the normal 1.5% rewards for each purchase.

Should your total spend reach $6,500 or more in the first 12 months, then American Express rewards you with an additional $100 rebate.

With the holiday shopping season coming up the Cash Magnet can spread the cost of gift-giving over most of 2019, and reduce the bills by $1.50 per hundred plus the $150 to $250 if you’re really generous.

In addition most of the items you buy for yourself or others carry these protections when you keep all the proper documents (especially receipts).

Purchase Protection
Extended warranty
Return Protection
Dispute Resolution

These benefits come in handy if your items or gifts need to be exchanged, get damaged or stolen, or just to keep records of purchases for future reference.  

Best of all there is no annual fee and you’re protected from unauthorized charges with the zero liability policy.

SOME TERMS AND CONDITIONS

  • Grace Period: 25 days
  • Annual Fee: $0
  • Balance Transfer Fee: 3% (min $5)
  • Cash Advance Fee: 3% (min $5)
  • Foreign Transaction Fee: 2.7%
  • APR for first 15 billing cycles: 0%
  • APR on revolving balances: 14.74 to 25.74%
  • APR on balance transfers: 14.74 to 25.74%
  • APR Cash Advances: 26.99%
  • Fraud Protection: yes
  • Warranty Extension: yes
  • click here for application

AAA Member Rewards review, benefits and features

AAA Member Rewards Visa Card

The AAA Member Rewards Visa Signature credit card offers cardholders competitive benefits as the go-to choice for most purchases.

Though co-branded with American Automobile Association (AAA), you don’t have to be a member of AAA to get a card.

The rewards of 3% on travel and AAA purchases, 2% at grocery stores, gas stations, and drugstores, and 1% for all other eligible net purchases make the card a sensible choice for people who prefer to keep their lives as simple as possible.

The introductory offer of a $75 statement credit after you make at least $500 in purchases within the first 90 days of account opening is modest, though the dollar amount to qualify is fairly easy to reach.

A more potentially rewarding feature is the offer of 0% APR for 12 months on balance transfers.

People holding large balances on their current cards at the current average rate of 17.23% APR can save a significant amount of money, even with the 3% balance transfer fee.

  • $1,000 at 14.23% means keeping $142.30 in your pocket.
  • $5,000 at 14.23% means keeping $711.50 in your pocket.
  • $10,000 at 14.23% means keeping $1,423.00 in your pocket.

Once the introductory period expires though, because the APR can jump up to as high as 21.99%, i.e. the monthly payment of interest alone, on a $5,000 transfer, can go from $12.50 to $91.63 per month.

Also note during the introductory period, all transactions and balances, including purchases, will be charged interest.

While saving money helps, paying off the balance in full before the introductory period ends is essential to keep the money in your pocket where it belongs.

A summary of rates, fees, features and benefits follows below.

Interest Rates

  • Purchases – 0% for 25 days if statement balance is zero
  • Purchases – 14.99% to 24.99% if statement balance is greater than zero
  • Cash Advances – 17.99% to 26.99%
  • Balance Transfers – 14.99% to 24.99% starting on transfer date
  • Late payments – 29.99% (for at least 6 months)

Fees

  • Annual Fee: $0.00
  • Fee on balance transfer: 3% ($5 min)
  • Cash advance: 3% ($5 min) or 5% at ATM
  • Foreign transaction: 0.0%
  • Late payment: up to $38
  • Returned payment: up to $27

Earn Rewards

  • 1 Member Reward point per dollar on eligible purchases
  • 2 Member Reward points per dollar on eligible travel purchase at grocery stores, gas stations or drugstores/pharmacies
  • 3 Member Reward points on travel or AAA items

Redeem Member Reward Points

  • Minimum to redeem: 2,500 points for air, 3,500 points for gift cards, 5,000 points for cash
  • Merchandise such as electronics, fashion, home goods
  • Gift cards
  • Travel, including airfare, hotels, luggage

Purchase Services

  • Theft and accidental damage protection, including cell phones
  • Return protection within 90 days of purchase
  • Free extended warranties (up to 2 years)

Travel Benefits

  • Roadside Assistance Hotline
  • Car rental and damage insurance (excludes liability coverage)
  • Global Assist Hotline (doesn’t pay for third-party costs)
  • Travel accident insurance on common carriers

Security Features

  • Fraud Protection
  • Advanced secure chip technology
  • Text alerts

Other Card Benefits

  • Mobile banking
  • Text and/or email alerts on purchases, balances, reminders, etc.
  • Free FICO credit score
  • Apple Pay
  • Entertainment Access for cardholder-only events and places
  • Monthly summaries

Discover It Cash Credit Card

5% rebate on restaurants has arrived

Discover it credit card users save 5% (up to $1,500) at restaurants (activation required) from July 1 through September 30, 2018.

discover-it-credit-cardRestaurants  include fast-food (McDonalds), cafeterias, cafes, full-service places.

All other purchases earn 1% cash rewards made with your Discover it card.

The Discover It NHL credit card also offers 5% rebate on restaurants for this quarter.


New Account Incentives

  1. Get 0% financing on all your purchases for 14 months from the date of account opening to help spread out the bill for a large purchase, plus 1% rebate on its cost.
  2. For new account holders Discover matches cash back rebates at the end of your first year, that’s up to 10% cash back (limits apply).

Note: if the account is closed before 12 billing cycles, there will be no match.


You can redeem your rewards several ways

  1. Statement credit no minimum amount to qualify
  2. Direct deposit to your bank account
  3. Use on purchases at Amazon.com,
  4. Buy featured gift cards with $5 added to certain ones, i.e. $20 gives you a $25 gift card at Burlington, while a Dell $50 gift card can obtained with only $45 cash rewards
  5. Donate to participating charities

All these perks are given to the cardholder with NO annual fee!

Other Discover it Credit Card benefits include

  • Get cash over your purchases, up to $120 per purchase every 24 hours, without ATM fees, at select retail locations, such as Food Lion, Harris Teeter, Walmart
  • Free price protection up to $500 per item and $2,500 per year on eligible, identical items purchased within 90 days (see note below)
  • Should you lose your card, you can freeze your account in seconds with an on/off switch with the Discover App on your smartphone or the discovercard website
  • 24/7 $0 fraud liability guarantee on unknown purchases
  • Free monthly FICO scores from Experian to monitor your credit rating
  • Text alerts on account activity
  • Free Social Security number and new account alerts in case of unauthorized access
  • Automatic payments available so you never miss a payment
  • Paperless statement option
  • Year-end expense report and summary

Note: Price protection is like price matching between sellers and is also useful for grocery, clothes, and other items that frequently change price or are available at other places for less money. Note services, clearance, out-of-business, and such are excluded.


The fine print (subject to change):

  • Annual fee: $0
  • No interest if balance paid in full with 25 days
  • Fee for balance transfer: 3% ($5 min)
  • Fee for cash advance: 5% ($10 min)
  • Fee for foreign transaction: 0%
  • Fee for late payment: $0 first time; $35 after that
  • Fee for returned payment: up to $37
  • Fee for going over your credit limit: $0
  • APR: purchases 13.74% to 24.74%
  • APR: cash advances 26.74%

Bonus Discover Deals gives cardholders 5% or cashback rewards all-year around when used for online purchases with selected merchants.

  • Apple (5% off)
  • Walmart (5% off)
  • Kohl’s (5% off)
  • Macy’s (5% off)
  • Papa John’s (25% off)
  • 1-800 Flowers (15% off)
  • Avis (25% off weekly rental)

NHL Discover Card Benefits and Features

Discover Card offers loyal National Hockey League fans their very own team-branded credit card plus generous savings on select purchases.

NHL Discover Card5% cash back on restaurants from July 1 to Sept. 30, 2018.

In addition they can buy gear on the official online NHL store at 10% less than other shoppers by using the coupon code ITPAYS at checkout, which is in addition to its cashback feature.

For a limited time, new account holders will receive 0% financing on their purchases, provided they pay the minimum amount every month.

Another incentive for new cardholders is that the Discover NHL® card automatically doubles all the cash back on net purchases at the end of your first year as a lump-sum bonus to the account.

Unlike many other cash rewards credit cards, you can redeem the rewards for an account credit with no minimum amount necessary to reach before cashing them in.

Other features include:

  • No annual fee
  • The rewards never expire
  • Use your cash back instantly at Amazon.com checkout
  • $0 Fraud Liability Guarantee
  • Free overnight shipping for card replacement
  • No late fee for your first late payment
  • Paying late won’t raise your APR
  • Track recent FICO® Credit Scores for free
  • No foreign transaction fee

Apply here for your NHL credit card.