Wife have AmEx Everyday and wants AmEx Cash Magnet....

[Anonymous]

Hi all! Hope y'all had great Thanksgiving!

My wife has AmEx Everyday almost 2 years with $20k limit and just used all rewards points for Christmas shopping, etc... She really wants AmEx Cash Magnet card. AmEx says cannot product change from membership points to cash points (If she had BCE, then yes can p/c it).

1) If applying, would it be SP or HP?

2) can AmEx give same limit? as long as she closes her ED card?

3) Would it be same account number or new one but "Member Since 2016" be the same?

Any pointers would be appreicated before she makes decision to app for it.

Cheers!

CAMailman

[iheartwings]

Has your wife checked to see if she is preapproved for a Cash Magnet card? (Sign in to American Express --> Menu --> Cards --> Check for Pre-Qualified Credit Card Offers. If not one of three on the next page, then click on "Cash Back Cards" --> Cash Magnet Card --> Apply Now). It'll say "Mrs. CAMailman, you are preapproved!" if preapproved. 

Seems most times it'll be SP, but I think YMMV (i.e., expect a HP and be thankful if it's only a SP). 

Hard to say what SL they will give, but, she may be able to move her limit over from the ED card and close it.  (Hopefully someone can comment on how long accounts have to be open for this.)

Would be a different account number, and it would report as a new account. The card will say MSD 2016, but will not backdate on the credit report. 

[Anonymous]

Hey, just wanted to add that normally when you hit $35k in credit line (among all your cards) that triggers a financial review from Amex.

[coldfusion]

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1) Most likely a SP, but not a guarantee. YMMV. 

2) Since your wife has held the ED for more than 13 months, once she gets the new card she can request online a transfer of some of the CL over from the existing card if she wants.

3) The card will show "Member since 2016" and it can be linked to her existing online account. The related tradeline will accurately reflect when the card was actually issued, not when membership first started. 

[wasCB14]

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@Anonymous wrote:
Hey, just wanted to add that normally when you hit $35k in credit line (among all your cards) that triggers a financial review from Amex.

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The odds of Amex asking for proof of income/assets before granting a CLI request (or approving a new account) rise as limits rise, but that is not FR.

[Anonymous]

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@Anonymous wrote:
Hey, just wanted to add that normally when you hit $35k in credit line (among all your cards) that triggers a financial review from Amex.

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No, it absolutely does not.

[coldfusion]

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@Anonymous wrote:
Hey, just wanted to add that normally when you hit $35k in credit line (among all your cards) that triggers a financial review from Amex.

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Not quite.

The typical trigger for a 4506-T request comes from asking for a CL of $35K+ on an existing card.   There is no penalty if you do not respond to a 4506-T request, the only effect is that you will not any additional CLIs.    That's not an AMEX financial review.

An AMEX financial review is tied to your cards being temporarily frozen tied to a request for tax returns and bank statements.  If you do not respond, or if the review shows a significant discrepancy between your stated and actual income, you'll be lucky if you only get CLDs and not all your accounts being closed.

[Shadowfactor]

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@Anonymous wrote:
Hey, just wanted to add that normally when you hit $35k in credit line (among all your cards) that triggers a financial review from Amex.

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As CB and Maize pointed out. This is NOT true.

You may get asked to provide Income Verification when asking for CLI over 35K but it is not the same thing as a Finanical review.

IV can happen at any time. Ive seen people get IV for much lower then 35K. It's very profile dependent.

You can back out of IV during CLI and your accounts will NOT be affected at all.

Failure to comply with FR means you are at the sole discretion of whatever amex wants to do, typically account closure and maybe blacklisted  until you provide the required documents.

[kdm31091]

As the rep stated you cannot go from points to cash back, so a PC is out of the question.

She can apply and often with existing Amex cardmembers, only a SP is done. This is by no means guaranteed and they have the right to do a HP, so keep that in mind.

If she is approved, it is a new account, it wouldn't have the same number at all. She would have her Everyday plus the new Magnet card. The physical new Magnet card would say "member since 2016" but it is solely cosmetic. The credit report will reflect the actual date she opened the new account.

[Shadowfactor]

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@coldfusion wrote:

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1) Most likely a SP, but not a guarantee. YMMV. 

2) Since your wife has held the ED for more than 13 months, once she gets the new card she can request online a transfer of some of the CL over from the existing card if she wants.

3) The card will show "Member since 2016" and it can be linked to her existing online account. The related tradeline will accurately reflect when the card was actually issued, not when membership first started. 

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+1.

The donor card doesnt need to be 13 months. Ive moved CL's around on cards under 13 months.

I would advise opening the Cash Magnet before closing the ED. That way you can move the CL's around as you see fit. It also avoids the possibility of getting the SUB restriction popup for having just closed an account.

It will most likely be a SP with her being a member for a while unless her credit is very borderline and then it could be a HP.