Amex Cash Magnet does a hard pull for all applicants. This is the case for almost any credit card, though there are a few credit cards for bad credit that do not do hard pulls. Amex Cash Magnet, in contrast, requires a minimum of good credit for approval. Amex needs to do a hard pull to make sure your credit profile is good enough to qualify for the card.
You shouldn’t worry about Amex Cash Magnet’s hard pull, though. It should only drop your credit score by a few points, and you should be able to bounce back easily with a few months of responsible financial behavior. If you are approved for an account, the improvement to your score that will come with having more available credit and using it responsibly will far outweigh the damage done by the hard pull.
It’s also good to note that you can gauge your approval odds through Amex’s pre-qualification tool before applying. Pre-qualification only uses a soft credit pull, which won’t hurt your score.
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