American Express Platinum card income requirements aren’t public knowledge, but applicants with an annual income of $100,000 and above tend to have the best odds of approval, according to anecdotal evidence. Some forums, however, report people getting the Platinum card with an annual salary of $40,000-$50,000.
Officially, Amex just requires that applicants demonstrate an ability to afford the card’s $550 annual fee and pay the entire balance in full, when applicable. Generally, the higher one’s annual income and the lower one’s debt, the better the chance of being approved. But in addition to the Amex Platinum card income requirements, American Express considers factors such as your credit score, payment history and debt-to-credit ratio, among others.
No, the American Express Platinum card doesn’t have any preset credit limit. That does not give cardholders unlimited purchasing power. It means American Express won’t give you a specific credit limit once you’re approved for the card. Rather, they calculate your purchasing power based on how much you spend on the card as well as your income, any debt you carry, and your overall creditworthiness.… read full answer
While “no preset limit” can sound enticing, it can actually be quite dangerous. Credit utilization is a major factor in how your credit score is calculated. Essentially, “credit utilization” refers to how much of your credit limit you’re using each month. The less you use up, the better it is for your credit score. However, cards that have no preset limit make it extremely difficult to determine your credit utilization. They have the potential to hurt your credit score as a result.
You also have to consider things in even more practical terms. If you don’t know what your credit limit is, you won’t know when you’re approaching it. That could leave you in a tough spot in an emergency situation and make it difficult to buy high priced items with confidence. Thankfully, many cardholders have reported getting emails or calls from Amex early on, saying they were approaching their spending threshold and would need to make a payment before being allowed to make any more purchases.
The best thing to do when trying to figure out how much you can spend on your American Express Platinum card is to start small and gradually increase your spending over time. You will have to pay your balance in full every month, anyway, since the American Express Platinum card is a charge card. Many cards offering “no preset limit” are charge cards.
The American Express Platinum card credit score requirement is 700 or higher. This means applicants need a good credit score or better to be approved for the American Express Platinum card in most cases.
American Express Platinum card’s credit score requirement isn’t the only thing that determines whether you’ll be approved, though. Your credit history, income and any debt you’re carrying will also play a role in your approval odds. In fact, reports around the internet suggest you can get approved with a 640 credit score if you have high enough income.… read full answer
If you don’t meet the American Express Platinum card credit score requirement, there are plenty of other credit cards you can get. They likely won’t be from American Express, though, since Amex cards require good or excellent credit. Once you get a credit card, be sure to make all of your payments on time, and only use a portion of your credit limit. This will help raise your credit score so you can get approved for a card like American Express Platinum card in the future.
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