Credit Cards (US)
Do you need a good credit score for an Amex Platinum?
The American Express Platinum card is now one of the most sought-after cards on the market. So, read on to learn about the credit score for an Amex Platinum card!
Find out if you need a good score for an Amex Platinum!
Are you considering signing up for an American Express Platinum card and wondering if it’s right for you? You may wonder what credit score you need for the Amex Platinum card.
Also, you may wonder what else you need to qualify or the rewards of having a Platinum card. Well, look no further – we have all the information you’ll need in this post!
Here we will explain how to get approved for an Amex Platinum, the benefits of having one, and whether or not your credit score needs to meet a certain threshold.
So, keep reading if you want to find out more about being an Amex Platinum cardholder and the credit score you need for an Amex Platinum card!
What perks can you get with an Amex Platinum?
You can get many incredible perks when using the Amex Platinum card. For example, you can earn up to 125,000 Membership Rewards® points for the current welcome offer.
However, this welcome bonus has some terms, such as you can only earn the points after you spend $6,000 on purchases in your first 6 months with the card.
Moreover, you can have the chance to unlock $1,500 per year as statement credits you earn on eligible purchases (terms apply).
In addition, here is a list of some of the best perks this card offers:
- $200 back on statement credits every year on prepaid Fine Hotels + Resorts or The Hotel Collection (booking through American Express Travel);
- $200 airline fee credit for select airlines to receive in statement credits per calendar year (use it for incidental fees charged by the airline to your card);
- $155 Walmart+ credit on eligible purchases;
- $240 Digital Entertainment credit for eligible purchases;
- Terms apply.
These are just some of the best perks this card can offer. You can find many others if you qualify to get this card!
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What fees do you need to pay to use an Amex Platinum card?
You can get many incredible perks when you qualify for the Amex Platinum card. However, you’ll also need to be able to pay for the fees this card charges.
Therefore, here are some of the fees you’ll need to pay for this card (as of the current fees charged in January 2023):
- $695 annual fee;
- 20.24% to 27.24% variable APR for Pay Over Time features;
- 29.49% variable APR for cash advances;
- Either 5% or $10 of each cash advance amount, whichever is greater;
- Up to $40 for late payment fees and returned payment fees;
- There are no foreign transaction fees;
- Terms apply.
As we mentioned, these are just some of the fees you’ll need to pay when using this card. So, make sure you can pay them before you start the application process.
What is the credit limit for the Amex Platinum card?
There is no set credit limit given to those who are granted the American Express Platinum Card. Also, instead of a credit limit, there is the requirement that all invoices be paid in full at the end of each billing period.
However, in no way does this imply that the Amex Platinum card has an unlimited credit limit.
Therefore, American Express will give you a price range you can afford based on your past monthly spending and your stated income.
So, if you plan on making a large payment, you can phone beforehand to verify if it will be accepted.
Moreover, this card is for those with more money in hand. So, if you have what it takes to apply for the American Express Platinum card, you’ll be able to manage how much you need for your limit by contacting them.
Is it hard to get an Amex Platinum card?
If your credit is good enough, American Express will issue you The Platinum Card®, which grants you instant access to some of the most lavish travel privileges available to credit card holders.
Moreover, the decision that American Express makes about your application will depend on a variety of variables.
For example, your application can depend on your current income, debt-to-income ratio, and credit history, which are all potential considerations.
In addition, you can’t forget that if you have already received an Amex Platinum bonus offer, you will not be eligible for any other bonus offers in the future.
There are, however, other American Express credit cards that could be able to provide you with a sign-up bonus.
What are the requirements to get the Amex Platinum card?
You’ll need to meet some requirements if you want to apply for the American Express Platinum credit card. However, they do not disclose any official income requirements, for example.
But, as we all know, this is a card for those with more money; you’ll need a high annual income to qualify for this card.
Also, you need to meet the credit score requirements and have at least 18 years of age to apply for this Amex card. Moreover, having debts may not look good on your application.
In addition, you’ll need to make sure you can pay for this card’s fees and the hefty annual fee it charges.
What credit score do you need for an Amex Platinum card?
People with high credit scores will have more chances to qualify when applying for the Platinum Card® from American Express.
Moreover, you need a credit score of 700 or better to have more qualifying chances with this Amex card. Therefore, the average candidate has a score of 715 points.
In addition, most lenders need borrowers to have a credit score of 643 or above before approving their credit card application, but some borrowers have been approved with scores as low as 643.
Now that you’ve learned more about the Platinum Card® from American Express, you can find out if it is the best choice for your finances.
Also, you may need to increase your credit score for more chances to get an Amex Platinum.
And if you’d like to set your excellent credit score as a new goal, we can give you a helping hand. The following article contains useful tips to improve your credit score and get the credit card of your dreams.
About the author / Victória Lourenço
Reviewed by / Aline Barbosa
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