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The American Express Platinum Card® continues to be one of the greatest credit cards among the many Amex credit cards that have been improved recently. With benefits valued at over $1,400, the Amex Platinum card also boasts an attractive welcome bonus offer. But is the Amex Platinum hard to get? We’ll break down the approval factors below.
New Welcome Offer: If you apply for the American Express Platinum Card®, you may be eligible for a massive 100,000 or 125,000 point welcome bonus. See if you qualify for the Amex Platinum 100,000 or 125,000 offer (no hard credit pull): CardMatch™.
Plus, there is a great public welcome bonus to consider too. After spending $8,000 on purchases made with American Express’s Platinum Card® during the first six months of your card membership, you will receive 80,000 Membership Rewards® Points.
Terms apply to American Express benefits and offers. Enrollment may be required for select American Express benefits and offers. Visit americanexpress. com to learn more.
With a substantial $695 annual fee, the American Express Platinum Card is a high-end travel rewards credit card. But it also comes with a ton of perks, like access to airport lounges, travel credits, first-class hotel status, and a sizeable welcome bonus.
But before you apply for this prestigious card, you may be wondering: how much income do you need for Amex Platinum?
Amex normally looks for applicants with a strong credit score (720 or higher) and a mid-to-high income, though there isn’t an official income requirement. But there are no strict guidelines, so even if your income is lower than average, you might still be accepted.
The Amex Platinum income requirements and other variables that may affect your chances of approval are broken down in detail below:
Credit Score:
- Generally: A credit score of 720 or higher is recommended.
- Lower Scores: Approvals have been reported with scores in the 600s, especially if you have a long-standing relationship with Amex.
- Improving Your Score: If your score needs a boost, consider strategies like becoming an authorized user, utilizing goodwill letters, or moving revolving debt to installment debt.
Income:
- No Set Requirement: There’s no official income requirement, but Amex typically targets applicants with mid-to-high incomes.
- Average Income: Platinum Cardholders generally have high incomes, but approvals have been reported with incomes in the $50,000 range or below.
- Spouse/Family Income: You can include the income of your spouse and/or family members if it’s reasonably accessible to you.
Other Factors:
- Credit History: Building a positive credit history with Amex before applying can increase your approval odds. Consider starting with an easier-to-get Amex card like the Green Card.
- Age: Waiting until you’re 21 or older can improve your chances, as Amex may have concerns about your income and credit history at younger ages.
- Authorized User: If your credit score or income falls short, consider adding someone with a higher income or credit score as an authorized user.
- Upgrade from Another Amex Card: Upgrading from an existing Amex card can be a smart strategy to establish your relationship with Amex and potentially avoid the annual fee for the first year.
Additional Resources:
- Amex Platinum Requirements (Income, Credit Score) [2021] – UponArriving
- Target Market Determination (TMD) for American Express Platinum Card
Remember:
- No Guarantees: Even if you meet the recommended income and credit score, there’s no guarantee of approval.
- Application Rules: Be aware of Amex’s application rules, such as the once-per-lifetime rule for welcome bonuses.
- Consider Alternatives: If you’re unsure about your approval odds, consider other premium travel rewards cards with lower annual fees or easier approval requirements.
By understanding the Amex Platinum income requirements and other factors, you can make an informed decision about whether to apply for this prestigious card.
Global Dining Collection
Certain restaurants reserve a table specifically for American Express card members. You may book these tables through the Amex Platinum Concierge.
Additionally, cardholders have access to special events and experiences at some restaurants, such as kitchen tours.
Is Amex Platinum Hard To Get?
The credit score needed for the American Express Platinum is generally above 700. The average score, according to Credit Karma, is 715, so getting the Amex Platinum card isn’t too difficult. However, several applicants with credit scores in the 600s have also been approved, even as low as 643.
If your credit score is borderline 700, you might wait until your score crosses that threshold. That way, you can be considered to have good or above-average credit. Paying off existing credit card debt, repaying a loan, and refraining from applying for new credit accounts are a few strategies to rapidly raise your credit score. This includes refraining from applying for new credit card accounts, as each one will result in a few points being deducted from your score.
You can still be approved for American Express’s Platinum Card® even if your credit score is in the 600s; it all depends on the quality of your credit. If you have a low debt-to-income ratio and haven’t applied for many new credit accounts recently, your chances of being approved will be higher. This tells American Express that while you might have a low score, you can responsibly manage your credit.
Your chances of being approved could be harmed by opening too many new accounts because the reviewer may believe you are going on a spending binge and won’t be able to make the monthly payment. Even though American Express does not follow Chase’s strict 5/24 rule—which states that if you apply for five new credit cards in the last 24 months, your application will be denied—having too many recent applications can still be cause for concern.
You can only receive a welcome bonus on American Express cards once per lifetime. This is very important concerning the American Express Platinum requirements.
How much income do you need for Amex Platinum?
FAQ
Does Amex Platinum require proof of income?
What is the income requirement for the Amex Platinum Card?
Is it hard to qualify for Amex Platinum?
How much income do you need for AMEX Platinum?
The income needed for the Amex Platinum is not something American Express publicly discloses, but having a steady source of income is a must in order to get this card. You need to demonstrate the ability to pay the card’s $695 annual fee and the entire balance in full, when applicable.
Is the American Express Platinum card hard to get?
It is hard to get the American Express Platinum card because you need a credit score of 700 or more and a high income to qualify for approval. As difficult as it is to get, the American Express Platinum card can be worth owning thanks to its substantial rewards and benefits. American Express Platinum card isn’t the hardest Amex card to get, though.
What credit score do you need to get American Express Platinum?
American Express generally requires a good to excellent credit score to qualify for The Platinum Card® from American Express. Terms apply. You’ll want to have at least a 690 credit score before applying for the card. So, you may need to work on building your credit score before applying for the card.
How much money do you need to get a Platinum Card?
One thing that is clear is that there is no annual spend requirement for the Platinum like there is for the American Express Centurion Card, also known as the Amex Black Card. The Black American Express card usually requires at least $250,000 in spend per year just to receive an invitation to apply.