What's the American Express Platinum interest rate?

The American Express interest rate is 17.74% (V) to 29.74% (V), depending on the card and on your overall creditworthiness. Some cards also offer a 0% introductory interest rate, lasting for a specified number of months. An American Express card with a 0% interest rate allows you to finance big-ticket purchases for several months without the costly interest charges.... read full answer

The Amex cards that offer 0% intro APRs include:

• Amex EveryDay: 0% for 15 months intro on purchases
• Amex Blue Cash Everyday: 0% for 15 months intro on purchases
• Amex Cash Magnet Card: 0% for 15 months intro on purchases
• Amex EveryDay Preferred: 0% for 12 months intro on purchases
• Blue Cash Preferred: 0% for 12 months intro on purchases

Business owners have two American Express introductory 0% interest rate credit cards at their disposal. Both American Express Blue Business Plus and Amex Blue Business Cash offer 0% for 12 months intro APR on purchases.

American Express interest rates by card:

• Amex EveryDay: 17.74% - 28.74% (V)
• Amex EveryDay Preferred: 17.74% - 27.74% (V)
• Amex Blue Cash Everyday: 18.74% - 29.74% (V)
• Amex Cash Magnet Card: 18.74% - 29.74% (V)
• Blue Cash Preferred: 18.74% - 29.74% (V)
• American Express Blue Business Plus: 17.99% - 25.99% (V)
• Amex Blue Business Cash: 17.99% - 25.99% (V)

You will need at least good credit to qualify for an American Express credit card with a 0% interest rate. American Express will also review your payment history, employment, income, your level of debt, and other factors. If you’re applying for a business credit card, your personal credit history will play a significant role in the evaluation process.

The American Express Platinum card credit score requirement is 700 or higher. This means applicants need good credit or better to be approved for the American Express Platinum card in most cases. If you don’t know where you stand, you can check your credit score for free, right here on WalletHub. To gauge your odds of approval, you can also check to see whether you pre-qualify for American Express Platinum card offers.... read full answer

The American Express Platinum card 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 slightly lower credit score if you have high enough income.

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. The best credit cards for fair credit also have rewards that fit various spending habits. Once you get a credit card, be sure to make all of your payments on time, and try to keep your credit utilization below 30%. This will help raise your credit score so you can get approved for a card like American Express Platinum card in the future.

Yes, Amex Platinum is worth it for travelers with good credit who spend a lot and can take advantage of the card’s benefits. Amex Platinum benefits include a TSA PreCheck or Global Entry fee credit, airport lounge access, up to $200 in Uber credits per year and up to $200 in airline fee credits annually, and more. The card’s initial bonus of 80,000 points after you spend $6,000 in the first 6 months also goes a long way toward making the card worth its $695 annual fee.... read full answer

For the first year alone, you could wind up with at least $1,600 in net value (rewards and other perks, minus the $695 annual fee). The American Express Platinum card’s second year will have the same annual fee, but the total value of your benefits in year two would only be about $800 if you spent the same amount on the card as year one, according to WalletHub's research.

To really make money with this card after the first year, you’d have to spend a lot more. That said, many of the card’s perks are ongoing. You’ll benefit more if your purchases qualify for Amex Platinum’s ongoing bonus rewards rates, and if you utilize Amex Platinum’s complimentary Gold status in the Marriott Bonvoy and Hilton Honors hotel loyalty programs (enrollment required).

All in all, Amex Platinum is a good card for big spenders who travel all the time and can wring every drop of value out of its benefits. But it’s far too expensive for light spenders and occasional travelers.