We consider polymers made of magnetic monomers (Ising or Heisenberg-like) i
n a good solvent. These polymers are modeled as self-avoiding walks on a cu
bic lattice, and the ferromagnetic interaction between the spins carried by
the monomers is short-ranged in space. At low temperature, these polymers
undergo a magnetic induced first order collapse transition, that we study a
t the mean field level. Contrasting with an ordinary Theta point, there is
a strong jump in the polymer density, as well as in its magnetization. In t
hr presence of a magnetic field, the collapse temperature increases: while
the discontinuities decrease. Beyond a multicritical point, the transition
becomes second order and Theta-like. Monte Carlo simulations for the Ising
case are in qualitative agreement with these results.