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.
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.
The Platinum Card is destined for frequent travelers who intend to fully leverage the rich set of luxury travel benefits and Platinum Concierge service. In the right hands, the classic status card's staggering annual fee is well justified.
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.
The Centurion® Card from American Express, sometimes referred to as the Black Card, may be the hardest credit card to get because you need a special invitation from Amex to apply and there's a high financial bar to getting the card. It's been reported the card requires a $7,500 "initiation fee" and a $2,500 annual fee.
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.
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.
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.
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.
The highest level American Express card is the Centurion card, which is also known as the 'black card.
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.
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.
Yes, American Express does a hard inquiry when you apply for a loan. This credit report inquiry will likely drop your credit score by about 5 to 10 points, but you'll be able to get back on track with a few months of on-time payments.
Which Credit Bureau Does American Express Use? American Express appears to primarily pull credit reports from Experian, but this doesn't mean it doesn't occasionally pull from one or both of the other major consumer credit bureaus as well.
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.
Yes, you can easily upgrade your Amex Gold card to the Amex Platinum card by calling the customer service number on the back of your Amex Gold card or using the chat feature on the American Express website.
Active duty military servicemembers can upgrade the American Express Green card to another Platinum Card® from American Express and pay no annual fees on multiple Amex Platinum cards.
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.
In some cases, American Express may require supporting documents so it can further review the application. If you're approved, you'll get your new American Express Platinum card in about 7-10 business days. If the application is denied, you can request a reconsideration by calling (877) 399-3083.
New American Express Platinum cardholders may not see any new credit account info on their credit report for one or two billing periods after getting a card. If you'd like to review your up-to-date credit score and TransUnion credit report, you can sign up for a free account on WalletHub.
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.
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.
Call the retention line: You can ask Amex to waive the annual fee by calling (800) 452-3945. However, it's important to understand that this approach may not be successful. American Express typically does not waive annual fees entirely, but it may offer a side benefit to offset the Platinum card's $695 annual fee.
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.