Yes, the Amex Cash Magnet Card will do a hard pull on your credit report when evaluating your application. The Amex Cash Magnet Card requires a credit score of at least 700. That means applicants need good credit or better to get approved.
You can also prequalify for the Amex Cash Magnet Card on Amex's prequalification page. Checking for prequalification does not affect your credit score as it only involves a soft pull. However, if you do prequalify and want to get the card, you will need to submit an actual application which will result in a hard pull.
A hard pull usually causes an applicant's credit score to drop by 5-10 points. Most people’s scores bounce back within 3-6 months with responsible credit management, but it can take up to 12 months. You can also check out some tips on how to minimize the credit score damage caused by hard pulls.
The minimum credit score needed for Amex Cash Magnet is around 700. That's the case for most other Amex cards, too. There are also several other variables that can affect American Express’s decision to approve your application: income, debt-to-income ratio, and your previous credit card history.
An applicant’s Amex Cash Magnet approval odds are best with a credit score of 700 or higher, a steady income, little debt, and few recent credit inquiries. There’s no need to guess what your Amex Cash Magnet approval odds might be, however, as you can get them directly from Amex by using the company’s … read full answerpre-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 Cash Magnet among them, that means your Amex Cash Magnet approval odds are high – around 90%. But even if you are pre-qualified for a card, it’s still possible to be rejected.
No, Amex Cash Magnet is not a metal card. It’s available only as a traditional plastic credit card. Amex currently offers a number of metal cards. Those include the Platinum Card, Gold Card and the invitation-only Centurion “Black” Card. There’s also the Business Gold Card, Business Platinum Card and the co-branded Marriott Bonvoy Brilliant hotel card, among others. Wells Fargo issues the metal Propel card, which is also on the American Express credit card network.… read full answer
It’s good to note that metal credit cards are usually relatively expensive luxury rewards cards, compared to the Cash Magnet Card, which has a $0 annual fee and offers 1.5% cash back on all purchases. Amex Cash Magnet is a great cash back credit card option, even if it’s not as flashy looking as a metal card.
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