The most popular luxury card on the market is The Platinum Card® from american express. It offers free membership to 7 major airport lounge networks, up to $200 annual credit for fees on a pre-selected airline, and a $100 annual statement credit for Saks Fifth Avenue purchases, when enrolled.
How difficult is it to get the American Express Platinum Card?
Getting approved for the American Express Platinum is like any new credit card application You have better chances with a credit score above 700, a clean credit history, and a low debt-to-income ratio. If you think you might have to work on these factors, take the time to improve your credit to enjoy the benefits.
What is the criteria for a platinum American Express card?
What does your credit score need to be for the Amex Platinum card? While there is no set score needed, we recommend you have a credit score of at least 720, 2 years of clean credit history, and an income of at least $50,000 per year to apply for the Amex Platinum card.
Is Platinum AMEX card worth it?
Is the Amex Platinum worth it? The American Express Platinum Card, known for its prestigious benefits and sleek appearance, is a card worth bragging about Between the numerous travel benefits, reputable concierge service and consumer protections, the card is worth considering if you can stomach the steep annual fee.
What is the limit on an Amex Platinum?
American Express Platinum has no preset credit limit That means the amount you can spend may change from month to month based on your usage of the card, credit history, income and more.
Why is Amex so popular?
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.
Does Amex ask for proof of income?
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.
Do you have to pay American Express Platinum in full every month?
There are no interest charges on the Platinum account because it must be paid in full each month However, there is more flexibility with the gold card, which offers cardholders the option of carrying a balance on certain purchases over $100 with interest.
What is the highest American Express card?
The highest level American Express card is the Centurion card , which is also known as the ‘black card.
What is the minimum credit score for American Express?
The American Express credit score requirement is 700 or above , depending on the card. That means people with good to excellent credit are eligible to be approved for an American Express credit card.
Does Amex Platinum affect credit score?
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.
What income do you need for Amex Gold?
American Express does not disclose a specific income requirement , but it will need to be enough to make payments on the card and to afford the $250 annual fee.
Is Amex Gold better than platinum?
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.
Which is better platinum or gold credit card?
Platinum cards give higher minimum credit limits than gold cards , which can be a bonus if you spend a lot on credit and can responsibly manage your credit card payments. Platinum cards charge higher annual fees than gold cards offered by the same provider.
What is the fee for Amex Platinum Card?
At-A-Glance. The American Express Platinum Card annual fee increased to $695 1 starting in July 2021 for new Card Members and on or after January 2022 for existing Card Members (upon their renewal date). The Platinum Card offers a suite of elevated benefits, including wellness, entertainment, and travel credits.
What is the most expensive credit card in the world?
The American Express Centurion Card is the most exclusive credit card in the world and commonly known as the “Amex Black Card.” Launched in 1999, American Express has kept it in a shroud of uncertainty, giving it a very high level of status in the minds of consumers.
Who qualifies for a Black Card?
Although Amex doesn’t publish requirements for the card—or its perks, for that matter—it typically extends black card invitations only to high earners who have spent and paid off between $350,000 and $500,000 across all of their American Express accounts in a calendar year.
Is the Amex Platinum card metal?
The Platinum Card ® from American Express is made from a combination of materials that includes stainless steel metal and has a heavier weight than the American Express ® Gold Card, according to a company spokesperson.
What happens if you don’t pay your Amex Platinum in full?
Interest charges accrue when you don’t pay the bill off in full. Pay Over Time charges an interest rate that is the same across the Green, Gold and Platinum products. As of August 2020, cardholders who use the feature will pay an APR between 15.99% to 22.99%, depending on creditworthiness.
How many credit cards should you have?
Credit bureaus suggest that five or more accounts , which can be a mix of cards and loans, is a reasonable number to build toward over time. Having very few accounts can make it hard for scoring models to render a score for you.
How many Amex cards can you have?
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.
Can I get an American Express card with a 600 credit score?
There is anecdotal evidence of applicants with scores as low as the mid-600s being approved, but that’s rare Even for the American Express® Green Card, a more beginner-focused travel card, a score of 670 or higher is probably necessary.
Why is American Express not accepted?
Why Isn’t American Express Accepted Everywhere? If you have an American Express card, then you may have visited merchants who accept other credit cards, but not your Amex. The reason has to do with the interchange fees charged by the credit card payment networks such as Visa, Mastercard, Discover and American Express.
How does Amex Platinum work?
The Platinum Card from American Express earns rewards at the following rates: 5 Membership Rewards points per dollar for flights booked directly with airlines or with American Express Travel on up to $500,000 per calendar year, 5 points per dollar on prepaid hotels booked with American Express Travel and 1 point per.
How many Amex Platinum cards are there?
The four Amex Platinum cards are rich in benefits, but not wide in scope. For frequent travelers, perks like lounge access, hotel and car rental status and travel credits could more than make up the cost of the annual fee.
How do I get Amex Black Card?
How much do you have to make to get Amex’s black card? There aren’t any income requirements per se, but you most likely need to be a high spender on your Amex cards. If you’re in the ballpark of $250,000 to $500,000 in annual spending across all your open Amex cards, you may qualify for the Centurion card.
How do I get a Black Card?
Generally, a card issuer invites only their most loyal customers who spend upwards of six-figures or more a year to become a black cardholder.
Do I have to pay off American Express every month?
No, you don’t have to pay off all American Express card every month Most Amex credit cards allow you to carry a balance from month to month, requiring only a monthly minimum payment to keep your account in good standing.
How do I increase my Amex limit?
You can request a credit limit increase by calling the number on the back of your Amex credit card or 1-800-528-4800 (for personal cards) Once you call, expect to answer questions about why you want the increase and your income, employment status and mortgage/rent payments.
Is American Express for rich?
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.
Is Visa better than American Express?
Winner: Visa American Express has long charged higher credit card processing fees than other payment networks. To avoid those more expensive fees, some merchants have opted not to accept American Express cards. It’s accepted in over 170 countries; however, Visa is accepted in over 200 countries.
Is it hard to get an American Express?
The card is so hard to get , you have to be invited to even apply. While Amex doesn’t really have published requirements to procure such an invite, it’s reported that you’ll need to spend at least $350,000 a year on your credit cards to be considered.
How long does Amex Platinum take to get approved?
How long does it take for American Express to approve a credit card application? Many American Express credit card applications will be approved immediately. However, if your application status is pending it can take up to 60 days to get a decision. If that happens, you’ll be notified by mail once a decision is made.
How does Amex know your income?
They will request tax returns and bank statements What they’re looking for is to make sure the income you reported on the application is true. The process typically takes 2-3 weeks, and you’re assigned a specialist to talk to.
Does Amex have a spending limit?
Unlike a traditional credit card, your Card has no preset spending limit, a unique feature that gives you flexible spending capacity. * This means the amount you can spend adapts based on factors such as your purchase, payment, and credit history.
Can you carry a balance on American Express Platinum?
The AMEX Platinum card is a charge card, meaning you can’t carry a balance to the next billing period You have to pay your card balance in full every month.
How does Amex Platinum show up on credit report?
The Platinum Card® from American Express reports to the credit bureaus monthly, within days after the end of a cardholder’s monthly billing period.
Is there a minimum spend on Amex Platinum?
The American Express Platinum card minimum spending requirement for the 100,000 points bonus is $6,000, spent within 6 months of being approved for an account Eligible purchases by both the primary cardholder and any authorized users in the first 6 months count toward this threshold.
Is AmEx Platinum better than black?
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. Besides the Black and Platinum Cards, American Express offers a line of 17 other cards.
Who owns a black American Express card?
But we have it on good authority that celebrities including Beyoncé, Oprah Winfrey, and Jerry Seinfeld , who reportedly received the first-ever Black Card, all carry it. Collectively there are thought to be fewer than 20,000 AmEx Centurion cardholders around the world.
Which Amex card is the easiest to get?
You have a high chance of getting approved for the Amex Blue Card if you have a good credit score, which is a FICO® Score of 670 or above. This is one of the easiest Membership Rewards cards to open, and even consumers with average credit scores have a decent chance of approval.
What Bureau does Amex pull?
Amex primarily pulls Experian, though sometimes Equifax or TransUnion reports Chase favors Experian, but may also buy Equifax or TransUnion reports.
How often does Amex increase limit?
Does American Express automatically increase credit limits? American Express may automatically increase your credit limit as often as every six to 12 months However, just because you haven’t received an automatic increase doesn’t mean you’re not eligible. You should reach out to American Express to see if you qualify.
Citations
https://resy.com/amex-offers
https://www.cnbc.com/select/is-the-amex-platinum-worth-it/
https://www.johnnyjet.com/how-hard-is-it-to-get-the-american-express-platinum-card/
https://www.novacredit.com/resources/who-should-and-who-shouldnt-get-the-amex-platinum-card/
https://www.valuepenguin.com/american-express-platinum-card
