What are my Amex Cash Magnet approval odds? This question is about the American Express Cash Magnet® Card

What are my Amex Cash Magnet approval odds?

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This question is about the American Express Cash Magnet® Card

Rhonda Stewart, WalletHub Loans Analyst

@rhonda • 08/16/21 This answer was first published on 08/18/20 and it was last updated on 08/16/21.For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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Your Amex Cash Magnet Card approval odds are best with a credit score of 700+. This means that you need at least good credit to get this card.

It is also worth noting that your credit score isn’t the only thing the issuer will take into account while considering your application. Your credit history, income and any debts you might have will also determine the outcome of your application.

However, there’s no need to guess what your Amex Cash Magnet Card approval odds might be, as you can get them directly from Amex by using the company’s pre-qualification tool. Enter your name, your address, the last 4 digits of your Social Security number and your annual income, then press “View My Card Offers.” Amex will show you all the cards you are likely to be approved for.

If you see Amex Cash Magnet Card among them, that means your Amex Cash Magnet Card approval odds are high – around 90%. So, even if you are pre-qualified for a card, it’s still possible to be rejected.

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.

Answer Question

What is the American Express Cash Magnet credit score requirement?

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 answer check 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.

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What credit bureau does American Express use?

American Express uses all three major credit bureaus (TransUnion, Equifax and Experian) in order to assess your creditworthiness. Credit reports, however, don’t differ that much from bureau to bureau. So, there’s a huge overlap between the contents of each major credit report.

However, make sure all of your reports are in order. Remember that you are entitled to one free report from each of the three major credit bureaus every 12 months. This will provide an opportunity to check for any incorrect or outdated information on your credit report. Alternatively, you can also ... read full answer get your full report and score for free, right here on WalletHub.

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