Quick Answer: Is Amex Platinum Worth It?

Is Amex Platinum prestigious?

The Platinum Card® from American Express is arguably the most prestigious card on the market.

New cardholders can earn a welcome bonus of 75,000 Membership Rewards® Points and the card earns up to 5x Membership Rewards points on eligible travel purchases..

What is the hardest credit card to get?

Hardest Credit Cards To Get of 2020:Hardest Overall: Centurion® Card from American Express.Luxury Travel: J.P. Morgan Reserve Credit Card.Rewards: U.S. Bank Altitude Reserve Visa Infinite® Card.Business: Wells Fargo Business Elite Signature Card®Travel: Bank of America® Premium Rewards® credit card.More items…

What is the most prestigious credit card?

The top 5 most prestigious credit cards in the worldCenturion® Card from American Express. This Amex card is widely acknowledged as the most prestigious invitation-only black card in the world.J.P. Morgan Reserve Card. … Dubai First Royale Mastercard. … Coutts Silk Charge Card. … Sberbank Visa Infinite Gold Card.

Who has a black card?

The American Express Centurion Card, known informally as the Amex Black Card, is an invitation-only charge card issued by American Express. An invitation is extended to Platinum Card holders after they meet certain criteria. The Centurion Card comes in personal, business, and corporate variants.

How do you get an 800 credit score?

5 Habits to Get 800+ Credit Scorepay your bills on time – all of them. Paying your bills on time can improve your credit score and get you closer to an 800+ credit score. … don’t hit your credit limit. … only spend what you can afford. … don’t apply for every credit card. … have a credit history. … what an 800+ credit score can mean.

Is it worth getting the American Express Platinum Card?

While the current welcome offer alone is worth more than $1,000 (based on TPG valuations) and the luxury perks — including travel credits, elite status and lounge access — can add several hundred dollars a year to its long-term value, most people considering the Amex Platinum will fixate on one number: the $550 annual …

Is Amex platinum worth it in India?

This is the most important benefit you get with the platinum card. The combination of Gold Elite status & 100k welcome bonus points makes this card highly valuable. Considering you stay 10 nights a year with 5 successfull upgrades, you can get minimum of Rs. 20k value from this.

Does Amex Platinum improve credit score?

If you check your credit report for an Amex charge card, you’ll see that there is no utilization calculated: In many ways, this means that charge cards share one of the best benefits of business credit cards, namely that purchases you make don’t directly affect your personal credit report.

What can you do with a 800 credit score?

An 800-plus credit score shows lenders you are an exceptional borrower. You may qualify for better mortgage and auto loan terms with a high credit score. You may also qualify for credit cards with better rewards and perks, such as access to airport lounges and free hotel breakfasts.

Is Amex Platinum better than gold?

The American Express Gold Card also is the better choice for people who spend a lot on dining. On the other hand, the American Express Platinum Card tops Amex Gold in terms of total rewards value. Amex Platinum offers more bonuses and also provides more points on travel purchases.

Why is American Express so expensive?

“The reason that American Express charges a higher average merchant fee than Mastercard and Visa is due to the fact that they operate on a different business model,” Outar says. Some major American Express cards are charge cards, which means cardholders pay their balance in full each month and aren’t charged interest.

What’s the credit limit on Amex Platinum?

You’re guaranteed a credit limit of at least $10,000 with this card, but it comes with a $550 annual fee and requires excellent credit. If you’re a high spender, though, the points you’ll rack up can be well worth it.

Who is eligible for Amex Platinum?

What does your credit score need to be for the 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.

Can I downgrade my Amex platinum to gold?

Let’s start by making one thing clear: If you do decide to downgrade your Platinum card, you need to close it and then open an American Express Gold Card rather than call Amex and request a downgrade. A product change will not entitle you to the welcome offer for the Gold Card, and you don’t want to miss out on that.

How many credit cards are too many credit cards?

Close no more than one credit card every six months, McClary says. “You want to be very careful about how you do it,” he says. “Understand that even if you don’t close them all at once – you just take them one at a time – it’s still going to have a negative impact on your credit score,” he says.

What credit card do millionaires use?

American Express Centurion Card The American Express Centurion Card is the most exclusive credit card in the world and is commonly known as the original black card. Launched in 1999, American Express has kept it in a shroud of uncertainty, giving it a very high level of status in the minds of consumers.

How do I get my Amex Platinum fee waived?

To get American Express Platinum’s annual fee waived, call the American Express retention department at 1 (800) 452-3945. State that you’re considering cancelling or switching cards because of the high annual fee.

Is Amex platinum hard to get?

The Amex Platinum can be a hard credit card to get. It does have a high annual fee of $550 (See Rates & Fees). … It largely depends on your credit history. If you have a credit score in the 700s or upper 600s, you might be able to apply for one in as little as six months, provided you have never missed a payment.

Is American Express for rich?

The Platinum Card from American Express is a charge card, meaning your balance is due in full every month. This is both good and bad. As a rich person, you should have your credit card on auto pay each month. … But usually, AMEX will waive the fee once a year if you are a good customer.

Who is a trillionaire?

A trillionaire is someone whose wealth is greater than one trillion dollars (or other currency).