topic Re: AmEx Gold/Rose Gold vs. Cash Magnet in Credit Card Applications

AmEx Gold/Rose Gold vs. Cash Magnet

Anonymous — Thu, 11 Nov 2021 01:01:04 GMT

Good evening! I hope you're all well.

Question: does anyone know if there's a way to calculate at least an approximation of the credit limit one is likely to be approved for for an AmEx card? I am trying to decide between a pre-approval offer for the Cash Magnet or an invitation for the Gold or Rose Gold. I have RSVP codes for both invitations, but only the Cash Magnet says it's pre-approved. The Gold has a steep annual fee, but I'm wondering whether the chances of a higher credit line are worth it.

I am already a customer with an EveryDay Card since 2016, and in good standing.

Thank you so much for all your help!

Re: AmEx Gold/Rose Gold vs. Cash Magnet

rostrow416 — Thu, 11 Nov 2021 01:23:42 GMT

Gold is a charge card with (most likely) no preset spending limit. The Cash Magnet is a revolving credit card that will have a normal credit limit.

Re: AmEx Gold/Rose Gold vs. Cash Magnet

FinStar — Thu, 11 Nov 2021 01:30:18 GMT

Hi @Anonymous and welcome to the forums.

Unfortunately, there isn't a method to calculate your specific SL. AmEx algortihms will determine that.

Both cards are very different credit products and earning structures so you'll have to decide which card is the right fit based on your spending habits and lifestyle. Do some math to determine whether the Gold Card makes sense with the AF, or if you don't want to deal with an AF and you prefer straight 1.5% cashback then the Cash Magnet may make more sense.

Re: AmEx Gold/Rose Gold vs. Cash Magnet

SouthJamaica — Thu, 11 Nov 2021 02:32:20 GMT

@Anonymous wrote:
Good evening! I hope you're all well.

Question: does anyone know if there's a way to calculate at least an approximation of the credit limit one is likely to be approved for for an AmEx card? I am trying to decide between a pre-approval offer for the Cash Magnet or an invitation for the Gold or Rose Gold. I have RSVP codes for both invitations, but only the Cash Magnet says it's pre-approved. The Gold has a steep annual fee, but I'm wondering whether the chances of a higher credit line are worth it.

I am already a customer with an EveryDay Card since 2016, and in good standing.

Thank you so much for all your help!

There is no set credit limit with Amex Gold. It's a charge card, where there is no set spending limit. You have to guess how much you can spend, which keeps changing. And which is one of the reasons I closed the card.

Re: AmEx Gold/Rose Gold vs. Cash Magnet

Anonymous — Thu, 11 Nov 2021 03:45:47 GMT

Thank you!

Please forgive my ignorance: what's the difference between a charge card and a regular credit card? I tried searching for the answer somewhere in the forum, but couldn't find it.

Thank you so much!

Re: AmEx Gold/Rose Gold vs. Cash Magnet

MrDisco99 — Thu, 11 Nov 2021 04:15:29 GMT

A charge card does not allow you to revolve a balance, so there's no credit limit or interest rate. You must pay the entire balance with each statement.*

A credit card allows you to carry a balance over to the next statement, and charges interest on that balance. It also has a preset limit of how much debt you can carry on the card.

*Amex "Pay Over Time" feature, when activated for your account, allows you to treat your charge card as a credit card for some charges. This feature is typically only available after having the account for several months.

Re: AmEx Gold/Rose Gold vs. Cash Magnet

SouthJamaica — Thu, 11 Nov 2021 13:44:15 GMT

@Anonymous wrote:
Thank you!

Please forgive my ignorance: what's the difference between a charge card and a regular credit card? I tried searching for the answer somewhere in the forum, but couldn't find it.

Thank you so much!

The Amex charge cards have no pre-set spending limit and are required to be paid in full shortly after you receive the bill each month.

Unsolicited advice: IMHO you should not get an Amex charge card until you are completely comfortable with the concept and more experienced in the credit world. I personally am very experienced in the credit world, and I stay away from them myself. I would rather know what my credit limit is, rather than have to always risk being embarrassed by having a charge turned down. Also for many people, the Amex charge cards are not worth the high annual fees that attach to them.

Re: AmEx Gold/Rose Gold vs. Cash Magnet

Yasselife — Thu, 11 Nov 2021 15:16:56 GMT

@SouthJamaica Should I feel embarrassed if my card doesn't go through if you're standing behind me? lol, many people agree with you however, I can't figure it out why?

Re: AmEx Gold/Rose Gold vs. Cash Magnet

SouthJamaica — Thu, 11 Nov 2021 15:36:01 GMT

@Yasselife wrote:
@SouthJamaica Should I feel embarrassed if my card doesn't go through if you're standing behind me? lol, many people agree with you however, I can't figure it out why?

I had the Amex Rose Gold Card. I used it regularly every month putting hundreds of dollars of spend on it every month.

I also had around $90,000 in available credit limits on my other Amex cards, which were all regular credit cards.

I had a perfect record with Amex and everyone else.

One day we had a veterinary emergency and a $3000 bill. I decided to use the Amex Gold Card for it, with its supposedly "no preset spending limit". The charge was declined. I found it embarrassing. It would have been even more embarrassing if I was not already known to this veterinary hospital. It's not a question of who was standing behind me, because I was paying over the phone; it's a question of the veterinary hospital knowing that I presented a form of payment to them which was no good. If someone gives you a check that bounces, it doesn't increase your estimate of their character. A bounced credit card payment is pretty much the same thing in my book.

I had to use one of my other cards.

I later called customer service to find out why, and was told that it was because I had never spent that much before.

If you're ok with that type of uncertainty, and with paying the large annual fee, and with having to pay the bill in the same cycle, then be my guest.

I think you're pretty experienced and not afraid of the risk, but the OP might not be aware of how these things work.

Personally, except for the platinum card's access to airport lounges, I haven't found anything I could get from a charge card that I couldn't also get from a credit card.

Re: AmEx Gold/Rose Gold vs. Cash Magnet

Yasselife — Thu, 11 Nov 2021 15:38:25 GMT

@SouthJamaica Yes, I'm definitely not at that high level. I just want to let you know you don't have to feel embarrassed in my presence lol... expiration dates happen, etc.

Bouncing checks? I'd probably call the cops on you.

Re: AmEx Gold/Rose Gold vs. Cash Magnet

SouthJamaica — Thu, 11 Nov 2021 15:44:54 GMT

@Yasselife wrote:
@SouthJamaica Yes, I'm definitely not at that high level. I just want to let you know you don't have to feel embarrassed in my presence lol... expiration dates happen, etc.
Bouncing checks? I'd probably call the cops on you.

Re: AmEx Gold/Rose Gold vs. Cash Magnet

Anonymous — Fri, 19 Nov 2021 19:44:16 GMT

@SouthJamaica wrote:
@Yasselife wrote:
@SouthJamaica Should I feel embarrassed if my card doesn't go through if you're standing behind me? lol, many people agree with you however, I can't figure it out why?
I had the Amex Rose Gold Card. I used it regularly every month putting hundreds of dollars of spend on it every month.

I also had around $90,000 in available credit limits on my other Amex cards, which were all regular credit cards.

I had a perfect record with Amex and everyone else.

One day we had a veterinary emergency and a $3000 bill. I decided to use the Amex Gold Card for it, with its supposedly "no preset spending limit". The charge was declined. I found it embarrassing. It would have been even more embarrassing if I was not already known to this veterinary hospital. It's not a question of who was standing behind me, because I was paying over the phone; it's a question of the veterinary hospital knowing that I presented a form of payment to them which was no good. If someone gives you a check that bounces, it doesn't increase your estimate of their character. A bounced credit card payment is pretty much the same thing in my book.

I had to use one of my other cards.

I later called customer service to find out why, and was told that it was because I had never spent that much before.

If you're ok with that type of uncertainty, and with paying the large annual fee, and with having to pay the bill in the same cycle, then be my guest.

I think you're pretty experienced and not afraid of the risk, but the OP might not be aware of how these things work.

Personally, except for the platinum card's access to airport lounges, I haven't found anything I could get from a charge card that I couldn't also get from a credit card.

This is really helpful; thank you!

Re: AmEx Gold/Rose Gold vs. Cash Magnet

CYBERSAM — Sat, 20 Nov 2021 03:01:51 GMT

I would go( did) with Blue Cash Preferred Card! It has the best of 2 cards you mentioned, including Plan It® feature.

You can also get nice CLIs with SP! It is not a metal card but looks and feels much nicer than other plastic cards : )

Re: AmEx Gold/Rose Gold vs. Cash Magnet

rostrow416 — Sat, 20 Nov 2021 17:41:10 GMT

@SouthJamaica wrote:
@Yasselife wrote:
@SouthJamaica Should I feel embarrassed if my card doesn't go through if you're standing behind me? lol, many people agree with you however, I can't figure it out why?
I had the Amex Rose Gold Card. I used it regularly every month putting hundreds of dollars of spend on it every month.

I also had around $90,000 in available credit limits on my other Amex cards, which were all regular credit cards.

I had a perfect record with Amex and everyone else.

One day we had a veterinary emergency and a $3000 bill. I decided to use the Amex Gold Card for it, with its supposedly "no preset spending limit". The charge was declined. I found it embarrassing. It would have been even more embarrassing if I was not already known to this veterinary hospital. It's not a question of who was standing behind me, because I was paying over the phone; it's a question of the veterinary hospital knowing that I presented a form of payment to them which was no good. If someone gives you a check that bounces, it doesn't increase your estimate of their character. A bounced credit card payment is pretty much the same thing in my book.

I had to use one of my other cards.

I later called customer service to find out why, and was told that it was because I had never spent that much before.

If you're ok with that type of uncertainty, and with paying the large annual fee, and with having to pay the bill in the same cycle, then be my guest.

I think you're pretty experienced and not afraid of the risk, but the OP might not be aware of how these things work.

Personally, except for the platinum card's access to airport lounges, I haven't found anything I could get from a charge card that I couldn't also get from a credit card.

A card not going through is not even on the same planet as bouncing a check. Bouncing a check incurs fees on both sides and takes days to be returned when it should be "as good as cash". A card not going through can mean anything from a missed number, a bad swipe read, or a fraud hold and no fees are charged for a failed attempt.

I wouldn't care if a card got declined (especially knowing that it should work), I just present another one and move on.

Re: AmEx Gold/Rose Gold vs. Cash Magnet

Boribori — Fri, 26 Nov 2021 05:22:56 GMT

The answer is no about the limit on the charge card, it changes based on a lot of factors.

second. Don't worry about the credit limits, instead figure out if the card will benefit you. For example. All made up but let's say there was a card that gave me 5% back on all purchases vs a card that gave me back 1.5% on purchases, do you think a credit limit being higher on the 1.5% card would keep me from getting the 5% card? No. Credit limit is good for utilization and all and it helps to make some big purchases here and there but the main thing is what the card brings in value to you. In your situation the cash magnet is a basic 1.5% card that can be redeeemed via statement credit. It's okay... much better. The gold is wayyy better in my opinion because it has more multipliers. Good credits etc. But it comes with a $250 AF. You need to be asking yourself, will I get more than $250 a year in value from getting the gold??? If the answer is no then get the cash magnet because it's no annual fee. Credit limit shouldn't matter in this situation. Hope that helps.

Re: AmEx Gold/Rose Gold vs. Cash Magnet

CreditInspired — Sat, 27 Nov 2021 11:39:01 GMT

@SouthJamaica wrote:
@Yasselife wrote:
@SouthJamaica Should I feel embarrassed if my card doesn't go through if you're standing behind me? lol, many people agree with you however, I can't figure it out why?
I had the Amex Rose Gold Card. I used it regularly every month putting hundreds of dollars of spend on it every month.

I also had around $90,000 in available credit limits on my other Amex cards, which were all regular credit cards.

I had a perfect record with Amex and everyone else.

One day we had a veterinary emergency and a $3000 bill. I decided to use the Amex Gold Card for it, with its supposedly "no preset spending limit". The charge was declined. I found it embarrassing. It would have been even more embarrassing if I was not already known to this veterinary hospital. It's not a question of who was standing behind me, because I was paying over the phone; it's a question of the veterinary hospital knowing that I presented a form of payment to them which was no good. If someone gives you a check that bounces, it doesn't increase your estimate of their character. A bounced credit card payment is pretty much the same thing in my book.

I had to use one of my other cards.

I later called customer service to find out why, and was told that it was because I had never spent that much before.

If you're ok with that type of uncertainty, and with paying the large annual fee, and with having to pay the bill in the same cycle, then be my guest.

I think you're pretty experienced and not afraid of the risk, but the OP might not be aware of how these things work.

Personally, except for the platinum card's access to airport lounges, I haven't found anything I could get from a charge card that I couldn't also get from a credit card.

Perfect explanation @SouthJamaica . Thanks for sharing.

Re: AmEx Gold/Rose Gold vs. Cash Magnet

3004life — Thu, 14 Jul 2022 02:28:42 GMT

EXACTLY 💯