Chip Lupo, Credit Card Writer
@CLoop
A platinum credit card is a type of card that is supposedly more exclusive and rewarding than a standard credit card, and it may offer high-end benefits such as airport lounge access. Issuers often use the platinum designation to differentiate a card with superior features from the rest of their products. Far from being unique, platinum cards are available for all levels of creditworthiness and there is no universal standard for the benefits they must offer.
More Info about the Platinum Credit Cards
The first-ever and best-known card to bear the "platinum" name was launched by American Express in 1984. American Express Platinum Card® is not made of precious metals, despite what the name might suggest. Instead, it is made of shiny stainless steel and a mix of other metals, which gives an appearance worthy of the name. The Platinum Card® was designed to cater to the needs and desires of their wealthiest customers. It offers a myriad of exclusive benefits, including access to elite airport lounges and concierge services.
Many issuers have since come out with their own "platinum" cards. Currently, there are over 300 platinum cards available on the market, though few of them offer premium benefits. If you're looking to apply for a platinum credit card, check out WalletHub's most recent picks for the best platinum credit cards
Popular Platinum Credit Cards
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Initial Bonus Offer
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Airline Miles
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No Annual Fee
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Newcomers
People also ask
Who qualifies for a platinum card?
Anyone can qualify for a platinum credit card as long as they are 18+ years old and have enough income to afford the monthly bills. However, some platinum credit cards are more difficult to obtain, often requiring a credit score of 700+ and a high annual income.
Although issuers will usually look at your credit history, income, and existing debts, the exact eligibility criteria depend on the card. There are many platinum credit cards available, with...
read full answer by Chip Lupo, Credit Card WriterDoes the American Express Platinum Card® have a credit limit?
The Platinum Card® doesn’t have any preset spending limit, but 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.
Things to Consider About Platinum Card®'s No Preset Spending Limit
Credit Utilization
... read full answer by Rhonda Stewart, WalletHub Loans AnalystHow much income do you need for the American Express Platinum Card®?
You need enough income to afford monthly bill payments on the American Express Platinum Card®. While the terms and conditions of the American Express Platinum Card® do not disclose a specific minimum income requirement, the higher your income is, the more likely you are to be approved. Your income will also play a big part in determining your credit limit, with higher incomes generally leading to higher limits.
Keep in mind that the income you list on a card application doesn’t necessarily...
read full answer by Joseph Bulebush, WalletHub AnalystDid we answer your question?
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