No, the American Express Platinum card doesn't have any preset spending limit. That does not give cardholders unlimited purchasing power, though. It means American Express won't give you a specific credit limit once you're approved for the card.
Both titanium and platinum cards charge an annual membership fee for the rewards and benefits they offer. An annual membership fee charged on the titanium card is usually higher than the platinum card.
The Platinum Card® from American Express was introduced as a charge card, meaning your balance was due in full every month. However, cardholders can now carry a balance on certain purchases with American Express's Pay Over Time feature, which allows the card to function more like a traditional credit card.
Platinum credit cards offer greater spending power through noticeably high or uncapped credit limits. Better earn rates. Platinum cards gives cardholders the ability to earn two to three reward points per dollar spent, whereas with standard reward cards they can expect to earn no more than one point per dollar spent.
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.
According to Weiss, one of the most recommended cards for high-net-worth individuals is The Platinum Card® from American Express . While this card comes with a wide range of perks that make it seem too good to be true, it also comes with an annual fee of $695 (See Rates), which is higher than most other credit cards.
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.
The Capital One Platinum maximum credit limit can be as high as $3,000 according to online cardholder reports, but it will depend entirely on the specifics of each applicant's credit and their overall financial situation. Most cardholders get credit limits of at least $300, though.
The Capital One Platinum Credit Card is a fine choice for those with fair or average credit. The $0 annual fee makes it possible to build credit at no cost. However, the APR on the card is on the high side, so it's best to pay your bill in full every month to avoid interest charges.
Key Takeaways. 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.
Platinum Card Options
The card has no annual fee, though the APR is a steep 26.99% (Variable) on purchases and balance transfers. Depending on your credit, your credit limit may start low, but you may be considered for a higher limit in as little as six months.
The highest level American Express card is the Centurion card, which is also known as the 'black 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.
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.
'Black credit card' is the catch-all term usually used to describe the most exclusive credit cards available to the wealthiest individuals. They are given out by banks to high-earning, big-spending customers and offer impressive perks and very high or unlimited credit.
Which Capital One Card Has the Highest Credit Limit? Among consumer cards, the Capital One Venture Rewards Credit Card comes in first, with reports of a $50,000 credit limit, outflanking the other consumer cards from this issuer.
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.
Credit Limit Increase
With the Platinum Mastercard, you'll automatically be considered for a higher credit limit in as little as six months. Capital One will review your account and notify you if you've been approved for additional credit.
Having a platinum credit card used to mean that your credit card was more exclusive and elite than a normal credit card. Now, there are platinum credit cards offered for every level of creditworthiness, from bad to excellent, and the word “platinum” has more to do with marketing than a card's benefits and features.
The Capital One Platinum Credit Card is one of the best starter credit cards on the market. Capital One Platinum is a great credit card for people who are new to credit because it has a $0 annual fee and reports to the major credit bureaus each month.
EDITOR'S OVERVIEW. The Capital One Quicksilver Cash Rewards Credit Card is the winner over the Capital One Platinum Credit Card. The Quicksilver Card's best features include 1.5% cash back on all purchases, a $200 bonus for spending $500 in the first 3 months, and intro financing of 0% for 15 months.
A Platinum card is a credit card which, as its name suggests, is a card with more prestige and benefits than a gold or regular credit card. Credit cards follow the same logic as the valuing of precious metals!
The black card and how to get one
The card is "by invitation only", and to even be considered you'll need to have spent $250,000 on another Amex charge card over the past year. Needless to say, this requires a very high level of income.