Oscillating magnetic fields and field gradients can be used to implement single-qubit rotations and entangling multi-qubit quantum gates for trapped-ion quantum information processing (QIP). With fields generated by currents in microfabricated surface-electrode traps, it should be possible to achieve gate speeds that are comparable to those of optically induced gates for realistic distances between the ion crystal and the electrode surface. Magnetic-field-mediated gates have the potential to significantly reduce the overhead in laser beam control and motional state initialization compared to current QIP experiments with trapped ions and will eliminate spontaneous scattering, a fundamental source of decoherence in laser-mediated gates.