The American Express Cash Magnet credit limit is at least $1,000 in most cases, according to anecdotal reports from cardholders. Some people even report getting credit limits as high as $20,000 to $30,000. However, Amex has not revealed a minimum or maximum Cash Magnet credit limit, so take any consumer reports with a grain of salt. Applicants will not be able to find out their credit limit until after they are approved.
Amex determines your Cash Magnet credit limit based on a look at your entire financial profile. That includes the information on your credit report, how much money you make, other existing debts you have and more. The better your credit score is, and the higher your income is after accounting for other debts, the higher your credit limit is likely to be.
Keep in mind that your initial American Express Cash Magnet credit limit is not necessarily the limit you’ll have forever. You can ask Amex for a credit limit increase through your online account or by calling the number on the back of your card. As a general rule of thumb, it’s best to wait until you have at least 6 consecutive months of on-time payments before asking for an increase.
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