It will be difficult for the average person to get the American Express Platinum card because of the card's 700+ credit score and reportedly high income requirements. Another reason why the American Express Platinum card may be hard to get is because of the card's daunting $695 annual fee.
While there is no set score needed, we recommend you have a credit score of at least 670, 2 years of clean credit history, and an income of at least $50,000 per year to apply for the Amex Platinum card.
What credit score do I need to get the American Express Platinum? The Platinum Card® from American Express requires good to excellent credit to qualify. This is typically defined as a credit score of 690 or better. Issuers will usually also consider your current debts, income, and other pertinent information.
No,. American Express is not specifically for rich people, even though it does have a high level of status in many people's minds. Applicants need good or excellent credit scores of 700+ to qualify for Amex credit cards, and you don't need to be rich to have a good credit score.
Centurion® Card from American Express
Why it's one of the hardest credit cards to get: The hardest credit card to get is the American Express Centurion Card. Known simply as the “Black Card,” you need an invitation to get Amex Centurion.
Circulation figures for 2017 suggest that outside the U.S., there are about 400,000 Platinum Cards, and 84,000 Centurion Cards. In the United States, TimeInc reports that American Express Platinum Card and Centurion membership has increased 23% since 2010.
The USAA® Secured American Express® Card used to be the easiest American Express card to obtain as it was available to people with bad credit.
The highest level American Express card is the Centurion card, which is also known as the 'black card.
The Amex black card gets you free access to more than 1,400 airport lounges around the world, including Amex Centurion Lounges, Delta Sky Clubs when you're flying Delta, and Priority Pass airport lounges. You can sit back and relax on the comfortable chairs while indulging in some good food and drinks.
No, American Express does not verify income on most credit card applications or credit line increase requests. Amex will generally require income verification only if something seems out of the ordinary, such as a 21-year-old claiming to have an annual income of $150,000.
It's generally recommended that you have two to three credit card accounts at a time, in addition to other types of credit. Remember that your total available credit and your debt to credit ratio can impact your credit scores. If you have more than three credit cards, it may be hard to keep track of monthly payments.
American Express uses all three major credit bureaus (TransUnion, Equifax and Experian) in order to assess your creditworthiness. Credit reports, however, don't differ that much from bureau to bureau.
Amex Platinum ultimately offers more value, though. For example, its benefits include airport lounge access, while the Amex Gold Card's perks do not. When it comes to ongoing rewards on purchases, Amex Platinum has a higher maximum earning rate and better travel rewards. But Amex Gold provides more everyday value.
Amex Credit Cards Eligibility Criteria
Cardholder should be over 18 years of age. Cardholder should have a Personal Annual Income of Rs. 6 Lakhs and above.
The Black Card is an exclusive charge card offered to high-net-worth individuals by invitation only. The Platinum Card is one tier lower. Prospective cardholders may apply online and must meet minimum eligibility requirements.
Currently, you can have up to five American Express consumer credit cards at one time. It is important to note that American Express offers multiple types of cards — business cards and consumer cards — and that the rule only applies to consumer cards where you are the primary cardholder.
The Platinum Card® from American Express (Terms apply. See rates and fees) originally launched in 1984 with an annual fee of $250—unprecedented at the time. Since then, it has become one of the most popular and sought-after travel rewards cards, as well as a status symbol.
The Platinum Card® from American Express. The Platinum Card® from American Express is one of the most prestigious cards on the market, with a $695 annual fee to match (Terms Apply.
Credit cards are issued with credit limits, or maximums that dictate how much a cardholder can spend on the card before needing to pay the card's balance. According to a recent report by Experian, the 2020 average credit limit for Americans across all credit cards was $30,365.
The closest thing to no-limit credit cards are no preset spending limit cards, which are essentially cards with no specified spending capacity. With these cards, issuers will determine your purchasing power on a rolling basis, depending on a number of factors, including your balances and payment history.
Can I get an Amex card with a 650 credit score? American Express cards typically require a good credit score that starts at 680 FICO. A 650 credit score is in the “fair credit” range, but it's still prime credit and can qualify for an unsecured card that doesn't require a security deposit.
You can have up to four Amex credit cards at once, as American Express has confirmed. The limit of four American Express credit card accounts includes traditional Amex credit cards and cards co-branded with airlines, hotel chains, etc. There is a separate limit for American Express charge cards: 10.
Amex is so popular because it offers high-end credit cards with great rewards and luxury perks, which have become status symbols in popular culture over time.
Because these cards don't have a preset limit, they will not impact your credit utilization ratio (how much of your credit limit you use). But the card will still impact your credit score in other ways—including whether you pay your bill on time.