The American Express Platinum, Gold, and Green Cards have no preset spending limit.
The Platinum Card® from American Express offers over $1,400 in statement credits each year. You'll want to maximize these credits to justify paying the $695 annual fee. Terms apply.
You Should Have a High Annual Income
Amex doesn't disclose a minimum annual income to qualify for the American Express Platinum card, though you will need to demonstrate the ability to pay off most purchases by the due date each month. Online forums suggest you will need an annual income of around $50,000+ to qualify.
The Platinum Card® from American Express has swept all three of the data-driven luxury card honors at the 2024 TPG Awards, claiming the titles of Best Card for Lounge Access, Best Credit Card Lounge Network and Best Luxury Hotel Collection — and it's no shock why.
Personal Income and Business Income
On average, those with an Amex Platinum card or Amex Business Platinum card tend to have high incomes — though a high income is by no means a requirement. We recommend that your annual income be at least $50,000 or higher before applying for the Amex Platinum card.
The Platinum Card® from American Express, with its annual fee of $695, stands out among premium cards on the market. It offers access to high-end airport lounges, elite status in certain hotel loyalty programs, and multiple credits each year for travel, shopping and entertainment.
Amex has about 70 million proprietary cards in circulation, of which 70% are fee-bearing cards. Platinum and gold make up less than 10% of that, Nash estimated.
However, you must fulfill the minimum annual income criteria for the American Express® credit card you are applying for. In general, you require a minimum income of Rs. 4.5 lakh or above if you are salaried, and Rs. 6 Lakh or above if you are self employed.
If you love a VIP experience and globe trot regularly, then the Amex Platinum is a fantastic option. But if you're not overly fussed about luxury travel or only travel a few times each year, the Amex Gold offers better value and more rewards-earning opportunities.
Undoubtedly, the most high-profile payment card in the world is often considered the American Express Centurion Card, commonly known as the “Amex Black Card.” However, true exclusivity goes beyond mere recognition; it embodies a luxury and distinction that few can access.
If you have a Platinum Charge Card, you can add one complimentary Platinum Supplementary Card and up to four complimentary Gold or Green Supplementary Cards. Gold and Green Supplementary Cards only receive the insurance benefits, Amex Offers, and the opportunity to earn you Membership Rewards points.
The credit card that gives you the highest available credit is the Chase Sapphire Preferred® Card because it reportedly offers a maximum credit limit of $100,000. Chase Sapphire Preferred reserves its maximum credit limit for the highest-income individuals with good credit or better, though.
If you do not pay your balance in full each month by the date set out in your statement we'll charge interest on any unpaid interest that has fallen due even where you pay the minimum payment. This is called 'compounding' and means that you are paying interest on interest.
To request a credit limit increase on your American Express Card, log into your account and navigate to the credit limit increase request form or simply call the number on the back of your Card.
If you have a Consumer or Business Green, Gold or Platinum Card, your Card does not have a credit limit. Instead, your Card has no preset spending limit unless you have been previously notified otherwise.
You'll want a credit score of at least 670 for the best approval chance. However, having a pristine credit score doesn't guarantee your approval; Amex considers other factors, such as your income and history with Amex.
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.
The Platinum Card® from American Express is a prestigious metal card designed for big spenders who travel often, and it offers generous perks. For example, it provides a substantial initial bonus, valuable ongoing rewards, concierge service, and airport lounge access.
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.
Due to higher transaction fees than other cards, some merchants won't accept Amex cards. You can't get an Amex card without at least a good (670 or higher) credit score. Annual fees for Amex cards can be high. You must pay the balance on Amex charge cards in full each month, so you can't use them to “borrow” money.
The Amex Gold offers some of the highest returns on grocery and dining purchases while the Amex Platinum unlocks premium perks like airport lounge access and numerous travel and shopping statement credits.
The Amex Platinum Card is only worth the annual fee if you'll use enough benefits to recoup the fee. You could easily offset the fee with the statement credits alone, but this card also offers the chance to earn boosted rewards on travel purchases, too.