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 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.
To gauge your odds of approval, you can also check to see whether you pre-qualify for American Express Platinum card offers. Unlike an actual application, pre-qualification is only based on a soft inquiry on your credit report, and does not affect your credit score. Just keep in mind that while pre-qualification indicates good odds of approval, it does not guarantee it.
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.
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.
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