topic Re: Amex Cash Magnet said No Bonus, APR? in Credit Card Applications

Amex Cash Magnet said No Bonus, APR?

TyRacing — Thu, 13 Oct 2022 05:12:19 GMT

I logged into my account and tried to app for the Amex Cash Magnet but at submission a message said i was not eligible for the bonus, intro APR, etc.

Why is that? a new amex rule?

Thank you for the support!

Re: Amex Cash Magnet said No Bonus, APR?

Lou-natic — Thu, 13 Oct 2022 11:50:31 GMT

I would call them and ask.

Re: Amex Cash Magnet said No Bonus, APR?

Jnbmom — Thu, 13 Oct 2022 11:53:55 GMT

@TyRacing wrote:
I logged into my account and tried to app for the Amex Cash Magnet but at submission a message said i was not eligible for the bonus, intro APR, etc.

Why is that? a new amex rule?

Thank you for the support!

Have you had that particular card in the past ?

Re: Amex Cash Magnet said No Bonus, APR?

pinkandgrey — Thu, 13 Oct 2022 12:15:25 GMT

If you've had that specific card in the past, you wouldn't be eligible for the bonus. Also, if you've "abused" Amex's SUBs in the past, or opened and closed cards too frequently, you could get excluded from receiving any bonuses.

I've seen that message before but I was still approved, so it's definitely not an indicator of imminent denial!

Good luck!

Re: Amex Cash Magnet said No Bonus, APR?

coldfusion — Thu, 13 Oct 2022 12:24:09 GMT

@Jnbmom wrote:
@TyRacing wrote:
I logged into my account and tried to app for the Amex Cash Magnet but at submission a message said i was not eligible for the bonus, intro APR, etc.

Why is that? a new amex rule?

Thank you for the support!
Have you had that particular card in the past ?

That would do it (1 SUB per "lifetime" rule), some other reasons would be if you already have fairly recent approvals for any AMEX-issued cards, or if you had a pattern of placing just enough spend on a card to meet the SUB and then sockdrawering it before closing.

This is a change that they put in place a while ago to deter SUB chasing, as you noted it popped up when you submitted the application and would have given you the option to cleanly abandon the application or to proceed with the knowledge that if approved you wouldn't be eligible for the promotional incentives. If you proceeded your application would still fairly be evaluated on its merits, this isn't a precursor to an automatic denial.

Re: Amex Cash Magnet said No Bonus, APR?

OmarGB9 — Fri, 14 Oct 2022 17:38:52 GMT

@pinkandgrey wrote:
If you've had that specific card in the past, you wouldn't be eligible for the bonus. Also, if you've "abused" Amex's SUBs in the past, or opened and closed cards too frequently, you could get excluded from receiving any bonuses.
I've seen that message before but I was still approved, so it's definitely not an indicator of imminent denial!

Good luck!

All of this.

ETA: The opening and closing cards too frequently applies to ANY cards, not just Amex-branded ones.