Who qualifies for a platinum card?

Having a platinum credit card used to mean that your credit card was more exclusive and elite than a normal credit card. Now, there are platinum credit cards offered for every level of creditworthiness, from bad to excellent, and the word “platinum” has more to do with marketing than a card’s benefits and features.… read full answer

Notable Platinum Credit Cards

• PenFed Platinum Rewards Visa Signature® Card: Best for Excellent Credit
• The Platinum Card® from American Express: Best for Good Credit
• Capital One Platinum Credit Card: Best for Fair / Limited Credit
• The First Progress Platinum Elite Mastercard® Secured Credit Card: Best for Bad Credit

These are only a few of the 300+ credit cards with the word “platinum” in their name currently on the market. For more platinum card suggestions, check out WalletHub’s breakdown of the best platinum credit cards of 2022.

Millionaires use credit cards like the Centurion® Card from American Express, the J.P. Morgan Reserve Credit Card, and The Platinum Card® from American Express. 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.… read full answer

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 good-to-excellent 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. American Express Platinum card charges $695 a year to own, and the 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 American Express Business Platinum card, a top choice for frequent travelers who don’t mind shelling out $695 a year for all the high-end perks the card offers. Chase Ink Preferred 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.