Is Amex for rich only?
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.
Can poor people get an Amex?
Unlike some other issuers, American Express does not offer cards geared toward people who have poor credit or who are rebuilding their credit. In other words, you'll likely need a score in at least the "good" range to qualify for an AmEx card. Other American Express cards will usually require even higher scores.
Why is American Express for rich people?
It offers access to Centurion Lounges, hotel benefits, Delta Medallion status, and personal concierge. Plus, you can earn 1 point per $1 in Membership Rewards. A black credit will always have a certain amount of mystique because of the secrecy and exclusivity of the Centurion® Card from American Express.
Is Amex considered prestigious?
Yes, the American Express Platinum card is considered a prestigious credit card, as it's geared for big spenders who travel often and can take advantage of the card's many benefits.
What income do you need for Amex?
If you make near $100,000 a year and have good credit, you should have no issue getting approved. But, applicants with annual incomes as low as $40,000 have also been approved if they have a low debt-to-income ratio and pay their other credit cards in full every month.
That one rich passenger with her American Express platinum card 💰
Does Amex approve everyone?
Although American Express doesn't specify any minimum credit score requirements, you'll need good credit (or better) to qualify, which means a FICO score of at least 670. A premium Amex card — say, the American Express Gold Card — likely requires a “very good” FICO score, somewhere in the range of 740 and above.
Does Amex care about income?
Similar to most other credit cards, when applying for the Amex Platinum card or the Amex Business Platinum card, American Express takes factors into consideration like your credit score, length of credit history, and your income.
Why is Amex so hard to get?
Yes, it's hard to get an American Express card because they all require good or excellent credit for approval. But American Express isn't the only credit card company to target people in the highest tiers of the credit score scale. Barclays and Wells Fargo do too, for example.
What is the hardest Amex to get?
The hardest Amex card to get is the Centurion® Card from American Express. Also known as the “Black Card,” this Amex card is hard to get because it is available by invitation only, and potential candidates are rumored to need an annual income of at least $1 million.
Who is Amex biggest competitor?
American Express's main direct credit card competitors are Mastercard, Visa, and Discover. While Mastercard and Visa have a different business model than American Express, they all compete in the credit card space. Financial institutions that issue credit cards also compete with American Express for consumer business.
What card do billionaires use?
The credit card billionaires are most likely to use is the Centurion® Card from American Express, also known as the Amex Black Card, which has unique benefits and is reserved for high-net-worth individuals. Some of the rich and famous people rumored to have the card include Jerry Seinfeld and Halle Berry.
Why do places not like Amex?
The answer is simple: stores want more money in its pockets. American Express charges stores, or merchants, higher fees than other credit card networks like Visa, Mastercard, and Discover. When you buy items with your Amex card instead of another credit card, your favorite store will be charged a higher fee.
What's the big deal about Amex?
Amex cards are special because they offer lots of rewards and other perks, and they're reserved for people with high credit scores. In addition, American Express is one of only two major card networks to issue its own credit cards, and it's a rare credit card issuer that offers charge cards.
Why does nobody accept Amex?
The different fees often make or break a deal for a merchant. This is why many merchants, especially small businesses, don't accept American Express. American Express' interchange fee is just too high. Providers like Visa and Mastercard charge between 1.15% and 2.5%, while Amex charges merchants between 1.43% and 3.3%.
What is the minimum salary required for American Express credit card?
However, you must fulfill the minimum annual income criteria for the American Express® credit card you are applying for. In general, you require a minimum income of Rs. 4.5 lakh or above if you are salaried, and Rs. 6 Lakh or above if you are self employed.
Is American Express the only black card?
Besides the Black and Platinum Cards, American Express offers a line of 17 other cards.
Which Amex is the easiest to get?
When applying for the Amex Blue Card, try to have a good credit score, which is a FICO® Score of 670 or above. This is one of the easiest Membership Rewards cards to open, and even consumers with average credit scores have a decent chance of approval.
Is Amex strict?
Compared to other banks, the American Express rule is straight-forward, yet strict. For each American Express card, you only have one opportunity to earn a welcome bonus. Or, as it's better known, Amex applies a “once per lifetime” rule.
Is Amex harder to get than Visa?
But in terms of comparing eligibility requirements for Visa, Mastercard, and American Express, American Express may be the hardest issuer to qualify for as most cards require applicants to have a “good” credit score of at least 670 to qualify.
How does Amex verify income?
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.
Does Amex want gross or net income?
Store cards in particular are likely to ask for this number. But most credit card issuers – including American Express, Citi, Discover and Chase – instead ask for gross income, which refers to the total amount you make a year, before deductions.
Is it hard to get an Amex Platinum card?
Yes, it is hard to get the American Express Platinum card because applicants need a 700+ credit score and a high income to qualify for approval. But if you have good or excellent credit and make a lot of money, you have a good shot.
Why would anyone get an Amex card?
American Express is good because its credit cards offer customers a wide selection of bonus rewards in popular purchase categories. American Express credit cards also have an assortment of lucrative welcome offers, introductory 0% APR offers, and luxury travel benefits.
What does Amex look for when approving?
Amex doesn't publish a minimum credit score and no credit score is a guarantee of approval, but we estimate you'll need a score in the good or better range, typically 670 or higher on the FICO scoring system.
What does Amex look at for approval?
In addition to having good to excellent credit and the rules on how many cards you can have or apply for, American Express will also review credit report information including your payment history and credit utilization. Bottom Line: You will need good to excellent credit to be approved for an Amex card.