Clear from American Express Will Convert to Cash Magnet Card
Here’s some news that probably doesn’t affect anyone at all. American Express is notifying those who still have the Clear from American Express® Card, that it will be changed automatically on August 20, 2025 to the Cash Magnet® Card.
Clear from American Express has been discontinued for many years, but it did get a new design last year. The Cash Magnet card was also discontinued in 2024.
You have the right to reject this change. If you do reject the change, your account will be cancelled, and you will not be able to use your account for new transactions. To reject this change, you must call us at 1-888-917-3030, or call us collect/international at 1-336-393-1111, no later than 5:00 pm Eastern Time on August 15, 2025. Any outstanding reward balance on your Clear Card will be issued as a statement credit within 10-12 weeks from the date of account cancellation.
What Stays the Same
- There is no Annual Membership Fee for the Cash Magnet® Card.
- Your account number and payment due date will remain the same.
- Any additional Card Members on your account will automatically be transferred to your Cash Magnet Card account.
What Changes
- You will no longer receive a $25 rewards card for every $2,500 of eligible purchases made on your Card Account. Instead, you will earn Reward Dollars for eligible purchases on your Cash Magnet Card. The number of reward dollars you will earn is based on a percentage of the dollar amount of your eligible purchases during each billing period. You will earn 1.5% Reward Dollars on eligible purchases made on your Card Account. Reward Dollars can be redeemed for a statement credit with no minimum redemption amount. Redemption will be in the form of a statement credit of $1 for every reward dollar redeemed.
- Pursuant to your Cardmember Agreement, we may permit you to make balance transfers at our discretion. In the event that we permit you to make a balance transfer, your Cash Magnet Card will have Balance Transfer Fees of either $5 or 3% of the amount of each transfer, whichever is greater.
- Your Cash Magnet Card will have Cash Advance Fees of either $10 or 5% of the amount of each cash advance, whichever is greater.
- Your Cash Magnet Card will have Late Payment and Returned Payment Penalty Fees of up to $40.
