The American Express Cash Magnet® Card is not a Visa or a Mastercard – it is on the American Express network. This means the Amex Cash Magnet Card has a bit less worldwide acceptance than a Visa or a Mastercard but should still be usable at most merchants within the U.S.
In general, it doesn’t matter much what network your credit card is on unless you’re focusing specifically on international travel. In that case, you’re best served by getting a Visa or Mastercard credit card with no foreign transaction fees. But for all other purposes, all four major credit card networks have comparable benefits and card offers. It’s best to compare individual cards on a case-by-case basis rather than focusing on a specific network.
The Amex Cash Magnet Card credit limit is usually around $1,000 to start, according to forum posts. Some cardholders, though, report limits that exceed $10,000. However, American Express does not include any specific Amex Cash Magnet Card credit limit information in the card’s terms.
Here’s more info about your Amex Cash Magnet Card credit limit:
For the most part, American Express … read full answerdetermines your Amex Cash Magnet Card credit limit based on a look at your overall credit standing. 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 you can ask American Express for a credit limit increase through your online account or by calling (800) 528-4800. As a general rule of thumb, it’s best not to do that more than once a year. American Express will also evaluate your account periodically to determine whether you are eligible for a credit limit increase. Paying on time and keeping your credit utilization low are key for getting unsolicited credit line increases with American Express.
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.
American Express is often better than Visa and Mastercard for use in the U.S. by people with good or excellent credit who pay their bill in full monthly and redeem rewards for domestic travel or cash, depending on the Amex. But Visa and Mastercard are better than American Express when it comes to card acceptance and card variety.… read full answer
Credit cards on any of these card networks could deserve a spot in your wallet, though, depending on your creditworthiness and spending habits. As three of the four largest credit card networks in the United States, Visa, Mastercard and American Express are really quite similar.
Visa vs. Mastercard vs. American Express
10.6 million locations
10.7 million locations
10.7 million locations
160+ countries & territories
200+ countries & territories
210+ countries & territories
Credit Cards for Good/Excellent Credit?
Credit Cards for Below-Average Credit?
As you can see, one big difference is that Amex is both a card issuer and a network, while Visa and Mastercard are strictly card networks. As a result, cardholders borrow money directly from American Express when they make purchases with an Amex-issued credit card, while people paying with Visa or Mastercard credit cards borrow money from a bank or a credit union. More than 300 different banks and credit unions issue credit cards on the Visa or Mastercard network. Cardholders also earn rewards directly from American Express, which is not the case with Visa or Mastercard.
Still, Visa and Mastercard are accepted by international merchants much more often than American Express. Amex credit card applicants also need good credit or better for approval, whereas applicants of any credit level can find a suitable Visa or Mastercard credit card.
Despite these differences, American Express, Visa, and Mastercard all offer similar basic benefits, like $0 fraud liability and emergency card replacement. More advanced perks are often available, too, but those usually depend on the network tier of your credit card rather than the network itself. Visa and Mastercard both have three levels of credit card benefits, while Amex doesn’t officially have tiers but generally offers better benefits for cards with higher annual fees.
American Express can be better than Visa and Mastercard for cardholders who spend heavily, have good credit or better, plan to pay their monthly bills in full, and are able to justify paying any annual fees by earning more than enough in rewards. But an Amex probably shouldn’t be the only card in your wallet, especially if you like to travel internationally.
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