Who qualifies for a platinum card?

Millionaires use credit cards like the Centurion® Card from American Express, the J.P. Morgan Reserve Credit Card. These high-end credit cards are available only to people who receive an invitation to apply, which millionaires have the best chance of getting. For example, in the case of the Amex Centurion Card – also known as “the Black Card” – you reportedly need to charge at least $100,000 across Amex credit cards every year to even qualify for an invite. The Platinum Card® from American Express is another … read full answerexclusive credit card that millionaires tend to prefer. Also, this card isn’t invitation-only.

Credit Cards That Millionaires Use

• Centurion® Card from American Express
• J.P. Morgan Reserve Credit Card
• The Platinum Card® from American Express
• Chase Sapphire Reserve®
• Citi Chairman Credit Card

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.

Yes, you can upgrade from Capital One Platinum to the Capital One Quicksilver Cash Rewards Credit Card either with an offer from Capital One through your online account or by requesting it over the phone, by calling the number you see on the back of your card. Capital One tends to offer upgrades on accounts that are at least six months old with a history of timely payments and low … read full answercredit utilization.

How to Accept an Offer to Upgrade from Capital One Platinum to Capital One Quicksilver Online

1. Click “Upgrade Now” on the notice in your online account or email, followed by “Finalize Now.”
2. Check the box stating you agree to the terms.
3. 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.