American Express Cash Magnet Card Cardmember Agreement

Pricing in American Express National Bank's American Express Cash Magnet Card Cardmember Agreement agreement is expressed relative to the Prime Rate. This review treats those figures as margins, which is what they are, and compares the fee terms that can be compared.

What the document actually states

What follows is drawn entirely from American Express National Bank's CFPB filing for American Express Cash Magnet Card Cardmember Agreement. It is issued on the Amex network and the filing runs 12 pages.

The disclosure covers a penalty rate, an annual fee line, a late payment maximum, a foreign transaction fee and a grace period. No figure appears for a purchase rate, a cash advance rate and a balance transfer rate.

Confidence in the parse of this filing is moderate rather than high, so the figures below are best checked against the original.

Priced off the Prime Rate

Pricing here is disclosed in the form "Prime plus a margin". The numbers in this document are therefore the margin component only, and cannot be read as the cost of borrowing on their own.

The margins captured from the filing are 26.74 points for penalty pricing.

This structure makes the card impossible to price from the filing in isolation — and deliberately so. The rate is whatever Prime is when the statement closes, plus the margin above.

The disclosure table in this document parsed only moderately cleanly; the numbers are reported as read, with that caveat attached.

The fee structure

The annual fee is $0. Roughly 75% of filings here that state a fee state zero, so the absence of one is unremarkable in this market.

For cash advances the filing discloses a cash advance fee of $10 or 5% of the advance, whichever is greater.

A balance transfer costs $5 or 3% of the amount transferred, whichever is greater up front. The filing does not separately state the rate applied to transferred balances. Transferring $2,000 would cost roughly $60 at the door.

Spending abroad costs an extra 2.7% — about $81 on $3,000 of purchases, independent of interest.

That is at the high end of this corpus — around the 83rd percentile of disclosed foreign transaction fees.

What a missed payment costs

On the fee side, a late payment can cost up to $40, which is around the 72nd percentile here.

The no-interest path

Anyone clearing the statement balance inside 25 days pays no purchase interest at all under this filing. That matches the 25-day median across the corpus almost exactly.

How it sits in the issuer's own range

This is one of 25 American Express National Bank agreements collected here.

5 of the issuer's other 24 disclosing filings are likewise fee-free.

What is outside the disclosure

Absent from the captured terms: a purchase rate. The original document is the place to look for any of these.

An agreement filing is not a marketing document. Rewards, perks, welcome offers and eligibility rules are not in it, are not in this dataset, and are therefore not discussed anywhere on this page.

The document itself

Everything here is a reading of the filed agreement, 12 pages of it, which is linked above and which governs. Terms also change between filings, so the date on the document matters.

In short

Margins over Prime make this agreement legible but not priceable from the document alone. Treat the figures above as structure, and look up the current Prime Rate before drawing conclusions.