Income requirements for the Amex Platinum. There is also no strict income or salary requirement for the Platinum Card. Platinum Cardholders, on average, do have very high incomes though. But there are reports of people getting approved with incomes in the $50,000 range or below.
We recommend that your annual income be at least $50,000 or higher before applying for the Amex Platinum. The Amex Business Platinum card gives you a little more wiggle room because even if you have low business income or are just starting your business, you can still qualify for an Amex small business card.
To be approved for any of these first time credit card options, you'll need to make enough money to pay your bill each month. That's especially true if you're young. The Credit Card Act of 2009 says that applicants under 21 cannot be approved for a card without proof of income (unless they have a cosigner).
Salary Needed for Amex Platinum Credit Card
But, applicants with annual incomes as low as $40,000 have also been approved if they have a low debt-to-income ratio and pay their other credit cards in full every month. Having a lower income means you will most likely get a lower credit limit.
There are a number of low income credit cards in Canada. Most notable is that American Express credit cards have no income requirements at all. But beyond them, there are many Visa and Mastercards out there that have either no income requirements, or personal income requirements of $15,000 or less.
If you're applying for an unsecured credit card from a major issuer, you'll likely have to meet a minimum income requirement — usually $10,000 or $12,000 per year. If your income is too low, or you're carrying too much debt, your application might be rejected.
No, American Express does not verify income on most credit card applications or credit line increase requests. ... You'll often be able to prove your income by submitting a job offer letter, showing your pay stubs, or filling out a form that allows American Express to access your tax returns.
No. American Express is not specifically for rich people, though applicants need good or excellent credit scores of 700+ to qualify for Amex credit cards. ... The rumor that American Express cards are for rich people might come from the fact that one card––the Centurion “Black” Amex––is, in fact, for rich people.
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.
How Do Credit Card Companies Verify Income? Since income doesn't show up on your credit reports, most credit card issuers don't actually verify your income. For low lines of credit, it's not worth their time or money.
Being unemployed doesn't automatically disqualify you from getting a credit card. Credit card issuers are more interested in your income than your job. ... You can meet the income requirement even without a job by including on your application any income you have access to. Even if your income comes up short, rest easy.
The only way your current credit card company can know if you're unemployed is if you tell them. If you're applying for a new card, the company will know because the application form won't show a place of employment.
Yes, it is hard to get the American Express® Gold Card because it requires at least good credit for approval. ... In order to get the Amex Gold card, you will have to meet the credit score requirement, have a steady income and be at least 18 years old. You'll also need to have an SSN or ITIN.
Every month an open Amex account is used responsibly, positive information will be reported to the credit bureaus. ... That said, any primary or additional cardholder who has only positive credit information reported monthly to credit bureaus can build excellent credit with enough time.
What credit score does Amex use? Data points indicate that American Express uses the FICO 8 scoring model from the Experian credit bureau. The bank is also likely to pull the same score from either Equifax or TransUnion but the applicant won't know until after they try.
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.
Millionaires use credit cards like the Centurion® Card from American Express, the J.P. Morgan Reserve Credit Card, and The Platinum Card® from American Express. These high-end credit cards are available only to people who receive an invitation to apply, which millionaires have the best chance of getting.
Absolutely not. Kipp says that this is one of the top misconceptions about the program. The only involvement from American Express is the bonus you get after closing; you aren't actually using your credit card to purchase the house, nor are you using it to pay any deposits, title costs or mortgage fees.
Amex wants to protect itself from anyone they feel is likely to default on payments. They want to be sure that cardholders have the income available to cover their spending habits. In the process of a financial review, Amex will request access to review specific documents that confirm your income, like your tax return.
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.
Out of the three major card issuers — American Express, Chase and Citibank — only Amex asks for the SSN of an authorized user (both online and on the phone). ... Chase doesn't even give authorized users a separate card number, and Citi has to be requested specifically to add the SSN.
Lying on a credit application can be a costly mistake. Report your income, debt, employment status and housing costs correctly. Chances are, your lender won't verify these items. But it has every right to, and, if it does, you could end up paying beaucoup bucks and/or spending time in a concrete cell.
You can get a credit card with a salary of Rs. 12,000, but you would have limited options. Each lender would have their own criteria of qualifying for a credit card. Lenders would want to know if you will be able to pay your credit card bills on time every month.
To avail this card, one should be the account holder of the bank. To avail this card, the salaried individual must have gross income of at least Rs 1,20,000 per annum and a self-employed individual must earn at least Rs 10,00,00 per month in order to be eligible.