Credit cards are useful for people of average wealth because they allow them to make extra purchases, accumulate points, and receive rewards in general. However, the extremely wealthy have access to cards that provide them with opulent benefits, enabling them to continue funding their lavish lifestyles. Many of these exclusive credit cards come only through invitation or by achieving specific benchmarks.
American Express cards are renowned for their prestige and premium benefits leading many to believe they’re exclusively for the wealthy. While it’s true that some Amex cards, like the Centurion® Card, cater to high-net-worth individuals the majority are accessible to a broader range of income levels.
So, how much do you need to earn to qualify for an American Express card? The answer isn’t a simple one, as several factors come into play:
1 Credit Score:
Your credit score is the most crucial factor in determining your eligibility for any credit card, including American Express. Generally, Amex cards require good or excellent credit scores (700 or above). However, some reports suggest approvals for individuals with scores as low as 670, depending on other factors.
2, Income:
While American Express doesn’t disclose specific income requirements, having a higher income increases your approval odds. Reports suggest that an income of $60,000 or more is more likely to get you approved, though lower incomes may still be considered depending on your credit score and other factors.
3. Debt-to-Income Ratio:
Your debt-to-income ratio (DTI) measures how much of your income goes towards debt payments. A lower DTI indicates a better ability to manage debt, making you a more attractive candidate for credit card approval.
4. Spending Habits:
American Express cards typically cater to higher spenders. The average Amex cardholder spends significantly more than users of other card networks. While this doesn’t mean you need to be a big spender to get approved, demonstrating responsible spending habits can be advantageous.
5. Card Type:
Different Amex cards have varying eligibility requirements. Charge cards, which require full payment each month, may be more challenging to qualify for than traditional credit cards with revolving credit lines.
6. Application History:
Having a history of responsible credit card usage and timely payments can improve your chances of approval.
Beyond Income: Dispelling the Myth
While income plays a role, it’s not the sole determinant of Amex card eligibility. Many factors are considered, and individuals with moderate incomes can still qualify for certain cards with good credit scores and responsible financial management.
Remember:
- Always check the specific eligibility requirements for the Amex card you’re interested in.
- Focus on building a good credit score and managing your finances responsibly.
- Consider your spending habits and choose a card that aligns with your needs.
Additional Resources:
- American Express Credit Card Application Criteria: https://www.americanexpress.com/us/customer-service/faq.card-application-criteria-qualifications.html
- Is American Express for Rich People?: https://wallethub.com/answers/cc/is-american-express-for-rich-people-2140736497/
By understanding these factors and taking proactive steps to improve your financial profile, you can increase your chances of qualifying for an American Express card and enjoying its exclusive benefits.
What Credit Card Do the Super Rich Use?
Extremely wealthy people use a wide range of credit cards, many of which have stringent requirements to apply for, like invitation-only or a high minimum net worth. Such cards include the American Express Centurion (Black Card) and the JP Morgan Chase Reserve.
American Express Centurion Card
Known as the “Amex Black Card,” the American Express Centurion Card is the world’s most exclusive credit card. Since its launch in 1999, American Express has maintained a low profile, which has elevated its standing in the eyes of customers.
Because the Centurion card is so exclusive, American Express will not disclose all of the card’s information or explain how to apply for one. Credit Karma reports that in order to qualify for an American Express card, you must make at least $1 million in income annually and spend at least several hundred thousand dollars on the card.
You also need to have certain spending habits, according to Condé Nast Traveler, with Amex giving preference to customers who frequently buy luxury goods, dining, events, and travel.
Initially, you had to be invited by American Express to get the card. More recently, however, you are allowed to apply if you are already an American Express cardholder. Should your application be accepted, there will be a $10,000 upfront cost and a $5,000 yearly fee. The annual percentage rate (APR) for cash advances is the prime rate plus 21. 99% and capped at 29. 99%. There is also a pay-over-time feature that allows you to carry a balance and pay interest on it.
The Platinum Card from American Express is another well-known card that offers opulent perks but isn’t as elite as the Black Card.
American Express does not specify the benefits and advantages of the Black Card anywhere. However, Condé Nast Traveler, interviewing cardholder Brian Kelly, CEO of the Points Guy, claims that the card provides elite traveling status in airports, which allows you to bypass security and enter private waiting areas. It also offers Centurion International Arrival Services, which helps you exit the plane and handles customs and immigration.
Other offerings include the Centurion Dining Program, which offers difficult-to-get tables at upscale restaurants as well as exclusive wine tastings and tours, and the Centurion Hotel Program, which offers reservations, upgrades, and on-property credits.
Kelly’s favorite program is Centurion Concierge, which gave him access to a personal concierge who handled everything from last-minute prime tickets to a sold-out Celine Dion concert to private tours across the globe and invitations to Amex cardholder events featuring famous chefs and tennis players. Additionally, the concierge played a crucial role in helping to quickly alter travel arrangements in case of emergency, assist in escaping a volcanic eruption on Bali, and handle unforeseen travel restrictions.
Watch This Before Applying For American Express | (Major Updates, Rules & Guide)
FAQ
Is it hard to get an American Express card?
Is American Express a bank for rich people?
Does Amex have an income requirement?
What credit score do I need to get an Amex card?
While there is no set score that will guarantee that you will be approved for an Amex card, you will generally need good to excellent credit to qualify for the best (premium) American Express cards. Leading credit bureau Experian defines a good credit score as 670 or better and a very good credit score as 740 or better.
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.
Is Amex a good credit card?
If the answer is no, then your American Express options are limited. AmEx cards offer high rewards and generally require at least good credit. If you currently have poor or average credit, then you may want to consider looking at a different issuer that offers options for a more diverse range of credit scores.