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AmEx Gold/Rose Gold vs. Cash Magnet

VeronicaBP
New Member

AmEx Gold/Rose Gold vs. Cash Magnet

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!

Message 1 of 16
15 REPLIES 15
rostrow416
Established Contributor

Re: AmEx Gold/Rose Gold vs. Cash Magnet

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.  

AMEX Gold | Purdue FCU $20,000 | FNBO Evergreen $15,000 | TFCU Plat Visa $15,000 | PenFed Platinum Rewards $15,000 | PenFed Pathfinder $15,000 | Citizen's Bank Cash Back+ $15,000 | Synchrony Premier MC $10,000 | SG Visa $10,000 | NFCU MoreRewards $7,000 | NFCU cashRewards $17,000 | Discover IT $6,000 | Capital One BuyPower $950 | AMEX BCP $5,000 | AMEX Amazon Prime Business $3,000

B&H Payboo Card $15,000 | Amazon Prime Card $10,000 | PC Richard Card $15,000 | Target RedCard $2,000 | Walmart Store Card $1,400 | Shell Gas Card $1,200 | Overstock Store Card $7,000 | Kohl's Store Card $3,000


Spring Cleaning:
C̶a̶p̶i̶t̶a̶l̶ ̶O̶n̶e̶ ̶Q̶u̶i̶c̶k̶S̶i̶l̶v̶e̶r̶ ̶$̶1̶,̶0̶0̶0̶ | C̶r̶e̶d̶i̶t̶ ̶O̶n̶e̶ ̶V̶i̶s̶a̶ ̶$̶1̶,̶2̶0̶0̶ | M̶e̶r̶r̶i̶c̶k̶ ̶B̶a̶n̶k̶ ̶$̶2̶,̶7̶0̶0̶ | M̶a̶r̶v̶e̶l̶ ̶M̶a̶s̶t̶e̶r̶c̶a̶r̶d̶ ̶$̶1̶,̶̶2̶0̶0̶ | C̶o̶m̶e̶n̶i̶t̶y̶ ̶M̶a̶s̶t̶e̶r̶C̶a̶r̶d̶ ̶$̶1̶,̶1̶8̶0̶
Message 2 of 16
FinStar
Moderator

Re: AmEx Gold/Rose Gold vs. Cash Magnet

Hi @VeronicaBP 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.

Message 3 of 16
SouthJamaica
Super Contributor

Re: AmEx Gold/Rose Gold vs. Cash Magnet


@VeronicaBP 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.


Total revolving limits 698000 (605000 reporting) FICO 8: EQ 721 TU 742 EX 715

Message 4 of 16
VeronicaBP
New Member

Re: AmEx Gold/Rose Gold vs. Cash Magnet

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!

Message 5 of 16
MrDisco99
Valued Contributor

Re: AmEx Gold/Rose Gold vs. Cash Magnet

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.


GOALS:
Message 6 of 16
SouthJamaica
Super Contributor

Re: AmEx Gold/Rose Gold vs. Cash Magnet


@VeronicaBP 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.


Total revolving limits 698000 (605000 reporting) FICO 8: EQ 721 TU 742 EX 715

Message 7 of 16
Yasselife
Frequent Contributor

Re: AmEx Gold/Rose Gold vs. Cash Magnet

@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? 



Message 8 of 16
SouthJamaica
Super Contributor

Re: AmEx Gold/Rose Gold vs. Cash Magnet


@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.


Total revolving limits 698000 (605000 reporting) FICO 8: EQ 721 TU 742 EX 715

Message 9 of 16
Yasselife
Frequent Contributor

Re: AmEx Gold/Rose Gold vs. Cash Magnet

@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.



Message 10 of 16
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