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Since both cards offer fantastic benefits and lucrative point earnings, you might think that it can be exceptionally difficult to be approved for them. But are the Amex Platinum card and the Amex Business Platinum card as exclusive as they are made out to be?
As with credit cards, when youâre applying for the Amex Platinum card or the Amex Business Platinum card, the issuing company (American Express, in this case) considers factors such as your credit score, length of credit history, and your income. Keep in mind that these cards, unlike typical credit cards, allow you to carry a balance for certain charges, but not all.
Hereâs a breakdown of those factors to help you determine your chances of being approved for the Amex Platinum card or the Amex Business Platinum card.
The Amex Platinum Card is one of the most coveted rewards credit cards. With luxury perks like airport lounge access, hotel elite status, and up to $1,400 in annual statement credits, it’s easy to see why.
But with a $695 annual fee (see rates & fees), many wonder – how much income do you need to get approved for the Amex Platinum?
While American Express does not disclose income requirements, reports show that you generally need a middle to high income to qualify. However, there is no set income threshold.
Income Needed for Amex Platinum Approval
American Express does not publish a minimum income requirement for the Platinum Card However, most reports show approved cardholders earn around
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$70000 to $100.000 minimum
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$125.000+ average
So while a high income helps, you may be able to get approved with under $100k. Factors like your credit score, history with Amex, and credit utilization also play a role.
Supplementary Income
Thanks to the 2009 CARD Act, you can report total household income when applying, including:
- Spouse’s income
- Family member income if reasonably accessible to you
So combining incomes can help meet any estimated income requirements.
No Minimum Spend Unlike the Centurion Card
While there are rumors of a minimum income requirement for the Platinum Card, there is no annual spending threshold you have to meet like with the invite-only American Express Centurion Card.
The “black” Centurion card requires cardholders to spend $250k+ per year after getting approved.
Improving Your Chances
If your income falls slightly below estimates, here are some tips to boost your odds of approval:
- Lower credit utilization below 10%
- Have excellent credit score of 750+
- Get added as an authorized user on someone else’s card
- Apply for a different Amex card first to establish history
Building a relationship with Amex before applying for the Platinum Card can help a lot if you are on the borderline for income requirements.
Income Needed for the Amex Platinum Business
The business version of the Platinum Card has different qualifications. Reports show that you may need:
- Minimum of $1 million in annual business revenue
- 2+ years in business
However, for the consumer Platinum Card your personal income is the key factor, not business revenue.
Amex Platinum Card Perks
While being approved requires meeting undisclosed income requirements, the rewards are well worth it:
- Up to $1,400 in statement credits
- Access to over 1,300 airport lounges
- Fine Hotels & Resorts benefits
- Uber credits and Saks Fifth Avenue credits
- 5x points on flights and hotels
Meeting Amex’s income requirements for approval can unlock all of these luxury perks and more. While a high income helps, you don’t need to be ultra-wealthy to be approved if other factors in your application are strong.
For rates and fees of The Platinum Card® from American Express, click here.
How To Check Your Credit Score
Credit: Song_about_summer via Adobe Stock
To know if your credit score is high enough for the Amex Platinum card or the Amex Business Platinum card, you need to know what your credit score is in the first place. But how do you find your credit score?
If you already have a credit card account open, then you likely already have access to your credit score. Most credit card issuers offer a free monthly credit monitoring service that informs you how your score fluctuates month to month.
You can also easily open an account on a site like Credit Karma Credit Karma is a free online service that helps you keep track of your credit score, gives you a breakdown of each factor, and monitors for fraudulent activity. You can also check your credit score for free at each of the 3 credit bureaus (TransUnion, Equifax, and Experian).
If youâre applying for the Amex Business Platinum card using an employer identification number (or EIN), as opposed to your Social Security number, then Amex will perform a check of your business credit score. But what is a business credit score, and what makes it different from your personal credit score?
For starters, your business is tracked by its name, address, and EIN. Personal credit scores are private, but business credit scores are publicly available and can be viewed by anyone by visiting business credit reporting agencies like Dun & Bradstreet, Equifax Business, and Experian Business. Finally, your business credit score is on a scale of 1 to 100.
Though business and personal credit scores use different numbering systems, they effectively function the same as having a great business credit score will help you get approved for small business credit cards, take out business loans at lower rates, and qualify for lower insurance premiums.
Other Approval Considerations
Aside from your credit score, there are several other factors that can heavily influence whether a bank will approve you for a new card.
American Express Platinum Approval Odds – What Credit Score Needed for Amex Platinum Credit Card?
FAQ
What income do you need for an Amex Platinum?
What salary do you need to qualify for an Amex Platinum Card? There isn’t a published income requirement for the Amex Platinum Card.
What is the average salary for American Express Platinum card?
Early-2020s statistics from American Express showed Amex Platinum Card holders had an average household income of about $474,000 a year and boasted a net worth of about $4.3 million.
Does Amex Platinum require proof of income?
American Express has not publicly disclosed the income needed for the Amex Platinum card, but you must have a steady source of income 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.
Can I get Amex Platinum with low income?
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.
How much money do you need to qualify for American Express Platinum?
There are no published salary requirements in order to qualify for The Platinum Card® from American Express. B ut the more you earn, the better. If you make nearly $100,000 a year and have good credit, you should have no issue getting approved.
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 going for it.
Are You a good fit for the American Express Platinum Card?
Even if this card seems like it would compliment your travels well, you may not be an ideal fit for this card. 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.
Is AMEX Platinum a good credit card?
Among the numerous Amex credit cards that have undergone enhancements in recent months, The Platinum Card® from American Express continues to stand out as one of the best cards. 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?
How hard is it to get the AMEX Platinum Card?
According to Credit Karma, the average score is 715, so it’s not incredibly hard to get the Amex Platinum card. 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.
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.