One of the most well-known credit card issuers in the United States, American Express offers a variety of credit cards to suit various requirements and tastes. The American Express Cash Magnet card is one of them and is made for people who wish to receive cashback rewards on their transactions without having to bother about changing categories or yearly fees. But what is this card’s typical credit limit? Let’s look more closely.
Being released in 2018, the American Express Cash Magnet card is a relatively recent addition to the American Express product portfolio. It provides limitless 1.5% cashback on all purchases and a $150 statement credit as a welcome prize once you spend $1,000 in the first three months of opening your account. Additionally, during the first 15 months of purchase history, the card’s interest rate is 0%; after that, it ranges from 13.99% to 23.99%.
American Express withholds detailed information on the typical credit limit for the Cash Magnet card when it comes to credit limits. Like all credit cards, the Cash Magnet card’s credit limit is based on a number of variables, including the cardholder’s income, debt-to-income ratio, credit history, and other financial data.
Generally speaking, depending on the cardholder’s creditworthiness and other financial circumstances, the Cash Magnet card’s credit limit can range from a few thousand dollars to tens of thousands of dollars. Some cardholders might be granted a lesser credit limit at first, with the credit limit being raised as they make responsible use of the card and exhibit good credit management skills.
Moving on to related inquiries, another well-known credit card provided by American Express is the Blue Card. In comparison to the Cash Magnet card, it offers distinct rewards and bonuses, such as 2x points at American supermarkets on up to $6,000 in annual purchases, 2x points at American gas stations, and 1x points on all other transactions. The Blue card has no yearly cost.
Depending on the particular card and rewards program, Amex may or may not consider Walmart to be a grocery store. Walmart may or may not be categorized as a grocery shop by American Express cards. To learn how purchases made at Walmart will be categorized and rewarded, it’s crucial to review the terms and conditions of your specific card.
Lastly, is it difficult to obtain the Blue Cash Preferred card? The Blue Cash Preferred card’s approval procedure, like that of all credit cards, is influenced by the cardholder’s credit history and other financial variables. Although many users report getting approved with credit scores in the mid- to high-600s, the card does require a good to outstanding credit score. You may stand a good chance of getting this card if you have a solid credit history and steady income.
You must have an excellent credit score and a long credit history in order to be approved for an American Express Blue Card. You should also be able to prove appropriate credit usage and have a reliable source of income. Additionally crucial are a low debt-to-income ratio and keeping up with all of your payments and expenses. American Express will evaluate your credit record and other financial data when you apply for the card to decide whether or not to approve your application.