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.
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
When invite-only cards aren’t a good option, some millionaires choose premium travel rewards cards such as American Express Platinum card and Chase Sapphire Reserve. People with at least good credit who are approved for either card can expect lucrative bonuses, generous rewards on purchases, and other perks that will more than offset their hefty annual fees. The American Express Platinum card charges $695 a year to own, and Chase Sapphire Reserve likewise carries a big price tag with its $550 annual fee.
Millionaire business owners may also get good use from a business credit card such as the The Business Platinum Card® from American Express, a top choice for frequent travelers who don’t mind shelling out $695 a year for all the high-end perks the card offers. The Ink Business Preferred® Credit Card is another attractive option for business owners with seven-figure incomes, as the card offers stellar rewards on business-related purchases and a significantly lower annual fee ($95) than American Express Business Platinum card.
How to Accept an Offer to Upgrade from Capital One Platinum to Capital One Quicksilver Online
Click “Upgrade Now” on the notice in your online account or email, followed by “Finalize Now.”
Check the box stating you agree to the terms.
Click “Upgrade Card” to complete the process.
Upgrade offers do not affect your credit score. If you call customer service to request an upgrade, however, Capital One will pull a copy of your credit report to see if you qualify. This will cause a slight decrease in your credit score, but only temporarily.
What Happens Once You Upgrade from Capital One Platinum to Capital One Quicksilver
Once you’ve qualified to upgrade Capital One Platinum to Capital One Quicksilver, you should receive your new card in about 7 to 10 business days. Unless it’s stated differently in your upgrade offer, you will keep your current card number with no changes to either your APR or credit limit.
You can use the Capital One Platinum and utilize Capital One Quicksilver’s features and benefits until the new card arrives. However, when you upgrade, you are not eligible for the Capital One Quicksilver’s $200 initial bonus.
What to Do if You Don’t Qualify for an Upgrade to Capital One Quicksilver
If you don’t qualify for an upgrade from Capital One Platinum to Capital One Quicksilver, consider the Capital One QuicksilverOne Cash Rewards Credit Card instead. Its credit requirements are similar to the Capital One Platinum’s, but it offers 1.5 - 5% cash back on all purchases. There’s also a $39 annual fee.
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