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DW-Amex Cash Magnet-$22k SL- Approved

GetMeSlick
Established Contributor

DW-Amex Cash Magnet-$22k SL- Approved

I wanted to get some new credit card to prep up for our new house appliance shopping. Checked some of my DW credit cards offers from Chase, BofA, Capital One, and Amex. Finally decided to app for Amex cash Magnet for its welcome offer $250 and 0% purchase Apr for 15 months. 

 

The decision was quick with approved SL of $22k Smiley HappySmiley Happy and we are happy about that Heart DW already have Amex BCE card with $28k CL.

 

Will use Amex Magnet or apply a Lowe's store card for Appliance shopping this Labor Day. Heart. Hoping to get that 24 months 0% apr financing.

 

I have a question,

  1. Is it a good idea to apply for Lowe's card or use this Magnet for Appliance shopping? can someone recommend?
  2. Can Amex move some of DW Amex BCE card limit to this Magnet- This is to make the utilization low on the new card. We are putting less than $100 on DW Amex BCE monthly and PIF.

 

Thanks in Advance

 

3/5/2021 FICO TU-830|EX - 836|EQ -832
Total Credit - $300K+
Starting Score: 640
Current Score: 836
Goal Score: 850


Take the myFICO Fitness Challenge
Gardening since June/2020
Message 1 of 9
8 REPLIES 8
Cred4All
Valued Contributor

Re: DW-Amex Cash Magnet-$22k SL- Approved

Congrats on the great SL and approval!!


Message 2 of 9
Felony_Phil
Established Contributor

Re: DW-Amex Cash Magnet-$22k SL- Approved

Lowe's card offers 5% discount but no 0% so you'll have to decide which is more important, 5% discount or 0% financing. There may be special financing but you won't get 0% for 15 months thru Lowe's.
And yes, Amex will allow you to allocate some of the limit from one card to the other.
Message 3 of 9
GetMeSlick
Established Contributor

Re: DW-Amex Cash Magnet-$22k SL- Approved

Thank you. Its an Amex card.


@Cred4All wrote:

Congrats on the great SL from BoA and approval!!


 

3/5/2021 FICO TU-830|EX - 836|EQ -832
Total Credit - $300K+
Starting Score: 640
Current Score: 836
Goal Score: 850


Take the myFICO Fitness Challenge
Gardening since June/2020
Message 4 of 9
simplynoir
Community Leader
Super Contributor

Re: DW-Amex Cash Magnet-$22k SL- Approved


@GetMeSlick wrote:

I have a question,

  1. Is it a good idea to apply for Lowe's card or use this Magnet for Appliance shopping? can someone recommend?
  2. Can Amex move some of DW Amex BCE card limit to this Magnet- This is to make the utilization low on the new card. We are putting less than $100 on DW Amex BCE monthly and PIF.

First off congrats to your DW on her approval there! And to answer your questions:

 

1. Depends. If you believe you and your DW can pay off the appliances you both are planning to purchase in the 15 month window with the Magnet card I'd go with that just so you can bank that 1.5% cashback while working to pay off that balance at 0% interest. If you need additional time beyond that I would get a Lowe's card to get their long-term financing. They can go up to 84 months at 7.99% financing depending on the size of the purchases. Long story short depends on what the final total looks like and if you two can pay it off in a timely manner or need more time.

 

2. Yes definitely. Depending on how much you want to put over you can put all but $1k I think to the Magnet and leave the BCE in the SD if you/she would like. You can go to her account and click "Account Services" and the option to reallocate will be there with a little scrolling. Here's a direct link to the page if you don't want to do that: https://online.americanexpress.com/myca/linereallocation/us/ssr.do?request_type=authreg_LineRealloca...

Message 5 of 9
Cred4All
Valued Contributor

Re: DW-Amex Cash Magnet-$22k SL- Approved


@GetMeSlick wrote:

Thank you. Its an Amex card.


@Cred4All wrote:

Congrats on the great SL from BoA and approval!!


 


Typed faster than I was reading Smiley Tongue.   Even better!


Message 6 of 9
Xiang182838
Established Contributor

Re: DW-Amex Cash Magnet-$22k SL- Approved

Congrats on approval and huge SL!!!Smiley Very Happy




Message 7 of 9
stephenskd
New Contributor

Re: DW-Amex Cash Magnet-$22k SL- Approved

congrats!!!



Message 8 of 9
MartyWrite75
Established Contributor

Re: DW-Amex Cash Magnet-$22k SL- Approved

Congratulations on your DW's approval!

June 2021: Experian 710 Equifax 701 Transunion 723


Cards I Have:
Cap One QS: $600 (Sock drawer) || Cap One QS1: $4,100 || Discover It: $3,400 || Cap One Walmart: $600 (Sock drawer) || AMEX BCP: $1,000 || Amazon Prime Store Card: $6,000 || Overstock Store Card: $6,050 || FNBO Rewards Visa: $2,600 || Discover Cash Back: $2,000

Wishlist Cards:
Citi Double Cash || Paypal Mastercard || Cap One Savor

Gardening from 03/18/2021 to 04/18/2023 (ideally)
Total Utilization: 10%
Message 9 of 9
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