What is a platinum credit card?

Anyone can qualify for a platinum credit card as long as they are at least 18 years old and have enough income to afford monthly bill payments, though some platinum credit cards are harder to get than others. For instance, the American Express Platinum card requires a 700+ credit score and at least $50,000 in annual income, according to anecdotal reports.… read full answer

Although issuers will usually look at your credit history, income, and existing debts, the exact eligibility criteria depend on the card. There are currently over 300 platinum credit cards available, with options for all levels of creditworthiness.

Popular Platinum Credit Cards by Credit Score Requirement

• The Platinum Card® from American Express: Good Credit
• Wells Fargo Business Platinum Credit Card: Good Credit
• Wells Fargo Platinum card: Good Credit
• Capital One Platinum Credit Card: Limited History Credit
• The First Progress Platinum Elite Mastercard® Secured Credit Card: Bad Credit

To see if you qualify for your platinum credit card of choice, you can start by checking your latest credit score for free on WalletHub.

No, the American Express Platinum card doesn’t have any preset spending 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 spending 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.

No, there aren’t any official American Express Platinum card income requirements. Because American Express doesn’t publicly disclose this information. But an income is a must in order to get this card. And you need to demonstrate the ability to pay the card’s $695 annual fee and the entire balance in full, when applicable.… read full answer

Having said that, it is also worth noting that you need at least good credit for approval. And apart from your credit score and income, Amex will also take various other factors into consideration, like your credit history and any debts you might have.