A credit card that offers unlimited 1.5% cash back on all transactions is the Amex Cash Magnet card. A $150 welcome incentive is also included after spending $1,000 in the first three months of account opening. The card has no annual cost, and cardholders can take advantage of extra advantages including extended warranty protection and purchase protection.
You must have a strong to excellent credit score, which is commonly defined as a score of 670 or higher, in order to be eligible for the Amex Cash Magnet card. Furthermore, you must have a consistent source of income and a low debt-to-income ratio. You have a decent chance of having your application for the card granted if you can meet these standards.
However, it can be difficult for you to get authorized for the Amex Cash Magnet card if you have a low credit score, a high debt-to-income ratio, a history of missing payments or bankruptcy, or any of these things. Before applying for the card, you might need to concentrate on raising your credit score and improving your financial status.
Amex normally bases your limit on your income, credit history, and other considerations when determining credit limits. Your credit limit should typically not exceed 30% of your annual income. However, this may change based on your unique situation.
Amex may perform a hard draw on your credit report if you already have an Amex Cash Magnet card and wish to increase your credit limit. Weighing the advantages of a greater credit limit against the potential impact on your credit score is crucial because this could temporarily lower your credit score.
The question of whether Amex Blue has a cap can also be brought up. The Amex Blue card does indeed have a credit limit, which is determined by the same criteria as the Amex Cash Magnet card, such as income and credit history.
In conclusion, if you have a solid to excellent credit score and a stable financial status, getting the Amex Cash Magnet card shouldn’t be too difficult. However, getting approved for the card could be difficult if you have a bad credit history or unstable finances. You might be able to raise your credit limit if you currently have the card, but doing so might require a hard draw of your credit record. Overall, before applying for any credit card, it’s crucial to take into account your unique situation and financial objectives.