In various example embodiments, a system and method for reading magnetic information by a mobile device are presented. In example embodiments, the mobile device comprises a housing having an integrated surface for swiping a magnetic swipe card and a magnetometer, positioned within the housing, for detecting direction and strength of magnetic fields to read magnetic information from a variety of sources and to produce digital magnetometer output signals. The digital magnetometer output signals represent magnetic information derived from the magnetic swipe card and from the Earth's magnetic fields (or other sources). Each of the digital magnetometer output signals having a magnitude related to the strength of the detected magnetic fields. The mobile device determines at least some of the digital magnetometer output signals represent the magnetic information derived from the magnetic swipe card and provides that information to a magnetic card application for processing. The mobile device determine at least some of the digital magnetometer output signals represent the magnetic information derived from the Earth's magnetic fields and provides that information to a compass application for processing.