American Express Platinum card’s requirements for approval state that an applicant must be at least 18 years old with a physical U.S. address and a Social Security Number, Tax Identification Number or passport. Other requirements include a credit score of 700 or higher (good) and proof of a steady income. American Express doesn’t publicly disclose a specific annual income requirement.
Another American Express Platinum card requirement is that you must give American Express permission to pull a copy of your credit report. You will also need to complete an application. It’s important that any information you enter on the application is complete and accurate. Knowingly submitting false information on a credit card application is a federal crime.
The Amex Platinum credit score requirement is 700 or higher for good approval odds. Applicants need a good credit score or better to be approved for the American Express Platinum Card in most cases.
Amex Platinum’s credit score requirement isn’t the only thing that determines whether you’ll be approved, though. Your 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 Amex Platinum credit score requirement, there are plenty of other credit cards you can get. They likely won’t be from American Express, though, since all 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 Amex Platinum in the future.
The American Express Platinum card has no pre-set 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. Most Amex Platinum cardholders report a credit limit of $2,500 or so for the first several months, from what they can tell.… read full answer
While “no pre-set 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 pre-set 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 Amex 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 Amex Platinum is a non-traditional credit card. Many cards offering “no pre-set limit” are charge cards.
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