- According to Weiss, one of the most recommended cards for high-net-worth individuals is The Platinum Card® from American Express .
- While this card comes with a wide range of perks that make it seem too good to be true, it also comes with an annual fee of $695, which is higher than most other credit cards.
Despite, Why are Amex cards hard to get?
It’s generally harder to get an American Express card than it is to get a credit card from many other major issuers simply because all of Amex’s credit card offers require good or excellent credit for approval.
Following this, What is the highest credit limit on American Express?
What is the highest limit you can apply for? Our Platinum Credit Cards can have a maximum credit limit of up to $50,000. All other Credit Cards have maximum limits of up to $25,000. However, your limit will depend on your financial circumstances and the Card you choose.
What is the hardest American Express card to get? The Centurion® Card from American Express, sometimes referred to as the Black Card, may be the hardest credit card to get because you need a special invitation from Amex to apply and there’s a high financial bar to getting the card. It’s been reported the card requires a $7,500 “initiation fee” and a $2,500 annual fee.
Still, Is Amex platinum hard to get? It will be difficult for the average person to get the American Express Platinum card because of the card’s 700+ credit score and reportedly high income requirements. Another reason why the American Express Platinum card may be hard to get is because of the card’s daunting $695 annual fee.
What is the minimum income for American Express?
What does your credit score need to be for the Amex Platinum card? While there is no set score needed, we recommend you have a credit score of at least 720, 2 years of clean credit history, and an income of at least $50,000 per year to apply for the Amex Platinum card.
What credit card is better than American Express?
Chase Sapphire Preferred vs. Amex Gold
| Benefits | Chase Sapphire Preferred | American Express Gold Card |
|---|---|---|
| Credits | $50 annual Ultimate Rewards Hotel Credit | $120 annual dining credit ($10 a month) at participating restaurants; $120 annual Uber credit ($10 a month) |
• Jun 3, 2022
How much income do you need for Amex Gold?
American Express does not disclose a specific income requirement, but it will need to be enough to make payments on the card and to afford the $250 annual fee.
Why Amex is not accepted everywhere?
Many retailers don’t accept American Express because they have their own branded credit cards they’d prefer you to use. In addition, due to a higher fee AMEX charges its retail partners (than Visa or Mastercard), many opt out of accepting an American Express credit card.
Is American Express better than Visa or Mastercard?
Winner: Visa American Express has long charged higher credit card processing fees than other payment networks. To avoid those more expensive fees, some merchants have opted not to accept American Express cards. It’s accepted in over 170 countries; however, Visa is accepted in over 200 countries.
Does Mcdonalds take Amex?
Yes, McDonald’s takes American Express cards. McDonald’s accepts American Express, Visa, Mastercard and Discover cards. Customers can swipe or insert their card into the reader at checkout, or use their contactless-enabled Amex to pay.
Does Amazon take American Express?
Amazon Pay accepts credit and debit cards. Credit cards currently accepted include Visa, Mastercard, Discover, American Express, Diners Club, and JCB. The Amazon.com store card is available for use with selected merchants.
Why are Amex fees so high?
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.
What is the downside of American Express?
With any good, there is always the bad. Drawbacks of American Express include the notorious annual fees. Although an annual fee is almost expected, the actual fee itself varies.
Is American Express a hard card to get?
It’s generally harder to get an American Express card than it is to get a credit card from many other major issuers simply because all of Amex’s credit card offers require good or excellent credit for approval.
Why do shops not accept American Express?
Some retailers refuse to take Amex cards as payment because of the higher fees they have to pay to process the transactions compared to Visa and MasterCard – so it can mean you could be caught short. The firm justifies these costs with a premium services for merchants and access to a premium type of customer.
What is the highest credit limit ever given?
The highest credit card limit you can get is over $100,000 according to anecdotes from credit card holders. But like most credit cards in general, even the highest-limit credit cards will only list minimum spending limits in their terms. The best high limit credit cards offer spending limits of $10,000 or more.
Is Amex a status symbol?
Some of the oldest players in the Credit Card space have long understood the use of branding Credit Cards as status symbols. The best among them Amex which built a multibillion dollar empire by telling its user they were special. And that their card symbolised this special status.
How many credit cards are too many?
How many credit accounts is too many or too few? Credit scoring formulas don’t punish you for having too many credit accounts, but you can have too few. Credit bureaus suggest that five or more accounts — which can be a mix of cards and loans — is a reasonable number to build toward over time.
Which is the easiest Amex card to get?
Easiest American Express Cards to Get
- Blue Cash Everyday® Card from American Express.
- The Amex EveryDay® Credit Card from American Express.
- Delta SkyMiles® Blue American Express Card.
- Hilton Honors American Express Card.
Is Amex or Visa better?
Winner: Visa In fact, Visa is one of the most accepted payment networks in the world. American Express is accepted by 99% of the merchants that accept credit cards, but it’s still not as widely accepted as Visa. American Express has long charged higher credit card processing fees than other payment networks.
Is Amex hard to get?
The card is so hard to get, you have to be invited to even apply. While Amex doesn’t really have published requirements to procure such an invite, it’s reported that you’ll need to spend at least $350,000 a year on your credit cards to be considered.
Why is Amex not accepted?
Why Isn’t American Express Accepted Everywhere? If you have an American Express card, then you may have visited merchants who accept other credit cards, but not your Amex. The reason has to do with the interchange fees charged by the credit card payment networks such as Visa, Mastercard, Discover and American Express.
What places do not accept American Express?
Places Where American Express is Not Accepted: Cuba, Sudan, South Sudan, Iran, Syria. Major Retailers That Accept American Express: Amazon, IKEA, Sears, Target, Walmart, Lowe’s, Apple, Best Buy, Staples, CVS. Major Retailers That Don’t Accept American Express: Costco, small non-chain stores/restaurants.
What is the highest Amex card?
The highest level American Express card is the Centurion card, which is also known as the ‘black card.
