What is the American Express Cash Magnet credit limit?

You can request a American Express Cash Magnet® Card credit limit increase online, through the American Express mobile app, or by calling customer service at 1-800-528-4800. To raise your chances of being approved for a higher credit limit, pay your bill on time for at least six straight months, reduce your outstanding debt, and update the income American Express has on file. American Express will be more likely to increase your credit limit if the revised income clearly shows that you can afford a higher limit.... read full answer

How To Get a Amex Cash Magnet Card Credit Limit Increase Online

1. Log in to your online account or the American Express mobile app.
2. Choose the Amex Cash Magnet Card from the list of account options (if you have more than one American Express card).
3. Click “Account Services,” and then “Request Credit Limit Increase.”
4. Enter your 4-digit CID, total annual income and desired credit limit. Click “Continue.”
5. Confirm the information entered and click “Submit Request” to complete the request.

You should receive a decision in just a few seconds. If you’re approved for a Amex Cash Magnet Card credit limit increase, the new limit is effective immediately.

Impact of a Amex Cash Magnet Card Credit Limit Increase on Your Credit Score

When you request a Amex Cash Magnet Card credit limit increase, American Express will conduct a soft pull of your credit report, which does not affect your credit score. However, some Amex Cash Magnet Card credit limit increase requests may involve a hard pull, which will cause a short-term dip in your credit score. American Express cannot do a hard pull without your permission.

Alternatively, you could be eligible for a Amex Cash Magnet Card credit limit increase without even requesting one. The Amex Cash Magnet Card may offer an automatic credit limit increase if American Express’s regular review of your account shows a history of on-time payments and low debt. An automatic credit limit increase involves a soft pull, which does not affect your credit score. All information about the American Express Cash Magnet® Card has been collected independently by WalletHub. The American Express Cash Magnet® Card is no longer available to new applicants through WalletHub, but may be available on the American Express website.

You can get an American Express cash advance at participating ATMs, up to the card's available cash advance limit. To start, call American Express customer service at (800) 227-4669 to request a cash advance PIN. Once you have your PIN, simply insert the card into a participating ATM, type in your PIN, and select “Cash Advance.” Then enter the amount of cash you want to withdraw.... read full answer

There may be other ways to get a cash advance from your American Express card, as well. For instance, you could write out an American Express cash advance check and use it like a regular bank check.

It’s important to take fees and interest into account before you get an Amex cash advance. The American Express cash advance fee will likely be 5% (min $10) of the transaction, whichever is greater. In addition to that, interest on the cash advance will begin accruing immediately, and it’s usually at least a 25% APR. There may also be ATM-owner fees, depending on where you withdraw money from. So, it's best to avoid cash advances.

Try looking into alternatives, such as borrowing money from friends and family or a personal loan. If you have good credit, getting a personal loan may be cheaper than taking out a cash advance.

The American Express Cash Magnet® Card credit score requirement is 700 or better. That means people with at least good credit have a decent shot at getting approved for the Amex Cash Magnet Card.

However, if you excel in other areas, you might be able to get approved with a slightly lower credit score in some cases. But it’s best to wait to apply until you meet the Amex Cash Magnet Card credit score requirement. You can ... read full answercheck your credit score for free, right here on WalletHub.

Other Amex Cash Magnet Card Approval Requirements

While your credit score is an important factor, there are plenty of other things that will impact your chances of being approved for the Amex Cash Magnet Card, too. Some other key criteria include your income, existing debt load, number of open accounts, recent credit inquiries, employment status and housing status.

All information about the American Express Cash Magnet® Card has been collected independently by WalletHub. The American Express Cash Magnet® Card is no longer available to new applicants through WalletHub, but may be available on the American Express website.