The Amex Platinum is one of the most prestigious travel credit cards you can own. Trying for an American Express credit card lets you establish a relationship with Amex. Plus, it can make it easier to add the Amex Platinum Card to your wallet in the near future.
Unlike some of the other cards on this list, The Platinum Card® from American Express is an elite card, but it's not invite-only. This accessible card is one of the best credit cards for millionaires.
Platinum Amex Card: An Overview. American Express “precious metal” cards, whether Gold or Platinum have a reputation of prestige. The Gold card and the Platinum card both offer a range of benefits to card holders, and they both have annual fees that are significantly higher than the average credit card fee.
No,. American Express is not specifically for rich people, even though it does have a high level of status in many people's minds. Applicants need good or excellent credit scores of 700+ to qualify for Amex credit cards, and you don't need to be rich to have a good credit score.
Person Income/Business Income
Before applying for the Amex Platinum, we recommend that your annual income be at least $50,000. The Amex Business Platinum card gives you more wiggle room because you can still qualify for an Amex small business card even if you have a low business income or are just starting.
American Express generally requires a good to excellent credit score to qualify for The Platinum Card® from American Express. Terms apply. You'll want to have at least a 690 credit score before applying for the card. So, you may need to work on building your credit score before applying for the card.
The Platinum Card® from American Express requires good to excellent credit to qualify. This is typically defined as a credit score of 690 or better.
What are the most prestigious credit cards? The most prestigious credit cards are the Centurion® Card from American Express, the J.P. Morgan Reserve Credit Card, and the Citi Chairman Card because all 3 cards are invitation-only.
The Platinum Card® from American Express
This card is undoubtedly the #1 card for luxury travel benefits. From the best lounge access (of any card) to statement credits, to complimentary elite status, you can't go wrong.
Members get perks such as complimentary room upgrades and opportunities to earn free nights faster. Global Entry or TSA PreCheck Credit. Receive application fee credits for Global Entry ($100) or TSA PreCheck ($85) once every four years. These programs expedite airport security screening.
Why American Express Platinum Is a Status Symbol. High-end travel benefits: Includes airport lounge access, discounts on private jets, automatic hotel elite status, car rental privileges, Global Entry or TSA PreCheck application fee credits, and more.
The main reason why Amex cards are so expensive is that many American Express credit cards offer generous rewards rates and high-end perks, which warrant steep annual fees. Amex cards are targeted toward people with good credit and high incomes who are likely to charge large amounts to their cards every month.
The annual fee for the Amex Blue Cash Preferred card is $0 intro annual fee for the first year, then $95 , while the annual fee for the Amex Platinum card is $695. Since the Amex Platinum card is $600 more each year, you'll want to make certain that all of the benefits you receive from the card are worth it for you.
American Express targets these affluent cardholders through a '“spend-centric” model that focuses on generating revenues primarily by driving spending on its cards. That's where rewards come in. In just 2022, Amex spent almost $17 billion providing services and rewards to its card members.
The Platinum Card® from American Express has no preset spending limit, so the sky's the limit on this card. However, as a charge card, Amex expects you to pay your entire credit card debt every month. The card charges a high annual fee to offset its many benefits and rewards.
Centurion® Card from American Express
Why It's One of the Most Exclusive Credit Cards: The most exclusive, prestigious credit card is without a doubt the American Express Centurion Card, otherwise known as the Amex Black Card.
You'll get all of the travel perks from the Platinum and big rewards rates on everyday spending categories with the Gold. Ultimately, the Gold can help you rack up Membership Rewards to pay for travel, while the Platinum can make the actual travel experience more enjoyable. You're following Jae Bratton.
Amex Platinum ultimately offers more value, though. For example, its benefits include airport lounge access, while the Amex Gold Card's perks do not. When it comes to ongoing rewards on purchases, Amex Platinum has a higher maximum earning rate and better travel rewards. But Amex Gold provides more everyday value.
The American Express Platinum card is made of stainless steel and weighs 18.5 grams, compared to a traditional card made of plastic, which only weighs 5 grams. Functionally, the metal American Express Platinum card doesn't work any differently than a plastic card, though it will be more durable.
While millionaires are less likely to have a cash back card than the average American, they're more likely to have every other major type of credit card, including travel rewards cards, balance transfer cards, gas and grocery cards, and sign-up bonus cards.
The rarest credit card in the world is likely the Centurion® Card from American Express, also known as the “Black Card.” This card is available by invitation only, and you will reportedly need to spend at least $250,000 per year on other Amex credit cards and have an income of $1 million+ to get it.
If there's one card most associated with celebrities, it's the American Express Business Centurion Card, often referred to as the Amex Black Card. It's an invite-only card, and although you don't need to be famous to get it, the spending requirement for an invite is rumored to be at least $250,000 per year.
Most American Express Platinum card purchases must be paid in full each month. You can only carry a balance from month to month with select eligible charges using the card's Pay Over Time feature, with interest. These charges will be included in a different balance, up to a limit.
They will request tax returns and bank statements. What they're looking for is to make sure the income you reported on the application is true. The process typically takes 2-3 weeks, and you're assigned a specialist to talk to.
You can upgrade your Amex Gold card to the American Express Platinum card by making a request over the phone at (800) 528-4800.