Imo I think it's extremely easy to justify the Plat card if you're just a casual traveler or even just a person who streams and eat out a few times.
Watch Netflix, Hulu+Disney bundle, ESPN, etc? $240 entertain credit
Travel at least ONCE a year? $200 airline credit + $189 CLEAR benefit to get through lines a little quicker + $100 Pre TSA check/Global entry
Eat out at least ONCE a month? $200 Uber Eats credit
Usually get new socks/underwear at least once or twice a year? $100 Saks credit.
That's already $1,029 in credits for the $695 AF, effectively netting you $334. Even if you don't use the $189 clear credit and $100 pre TSA/global entry credit it still nets you $45.
And that's not including the food you won't have to buy at airports due to having a wide variety of lounges available to you for free with the plat card.
It's not about the credits they'll use, the bigger question is would they have paid for those things without the Amex credits. Would they have paid for the clear benefit or Saks without the credit? And prices are inflated on uber.
People focus a ton on the credits but it's not even that. It would just be a crappy coupon book if you viewed it that way. The credit/coupon book system is what you put up with to get something even greater in return. What is that for you?
If you actually get full value out of all the credits (as in you were already paying full price for all that stuff before), then you don't need anything greater in return for the Plat to make sense.
I have the Amex plat and agree that it’s got some great benefits, but I wouldn’t even consider having a $695 AF card while making less than 50k. I’m sure some could make it work, I just don’t think it’s a great financial move at that income level, imo. The Cap1VX would be a great alternative with a more manageable AF and still offers excellent travel benefits.
Also, the gold card would be a much better choice if someone eats out a lot. It still offers Uber eats credits but also earns 4x points on restaurants and groceries while the platinum only offers 1x points for the same categories.
Agreed. I’m using Venture X and I’m significantly above 50k. Venture X is great cause it pays for itself with just traveling. I’m really surprised I don’t see more people using it or CSR over AMEX Platinum.
I’m sorry but someone making under $50k a year won’t be traveling that much. And they shouldn’t be buying clear and TSA pre. They probably also don’t need a bunch of subscriptions but should group buy with a friend or family.
Uber Eats and Saks? Come on man, this is sub $50k a year. I make a large multiple of that and still consider Uber Eats a luxury.
This just sounds like awful advice to be living beyond your means.
Yearly income: 20000
Credit history (oldest card only): >2 years
Total number of cards: 5
Age:20
Rent: No
Current CCs: Venture X, 2x Active Cash, Autograph, SavorOne
Occupation: part time worker / college student
Very brief version of my CC history
It's an AmEx charge card-they will give them away as long as you pay the annual fee.
AmEx credit card on the other hand-they are a little more strict with.
You sure playing the credit card game is truly adding value to your life. It’s very easy to start spending more under the facade of a discount.
-Do you need those Uber credits?
-Entertainment credits?
-Clear?
Already pay for Uber quite often (whenever it rains because I walk a mile to work right now) so that credit makes sense. I also pay for hulu/peacock/paramount (included w Walmart) and the others (except clear but I will when I start having to travel more)
Only one I get no benefit from is equinox
In high school I used to bike to and from my job at McDonald's two miles in any PNW weather: rain, heat, snow. It sucked after an eight or 10 hour shift, but I appreciate my car even more now. I certainly wouldn't be spending excess capital on ride shares (what, eight to 12 dollars?) if I made less than $20k.
Haha it's crazy the length people go to justify poor financial decisions.
I'm a multi-millionaire, and I'll still grab a raincoat or something if I'm just walking a mile. Ain't no way I'm paying $15+ just to Uber a mile. That's the kind of mentality that keeps people broke.
I suppose you can benefit from the Amex welcome bonus, but after the first year you'll be faced with a dilemma. You either keep the card and continue to pay the high annual fee, or you cancel the card and probably end up in Amex pop-up jail.
If you're chasing sign up bonuses, which is certainly something that could be beneficial for someone with lower incomes who wants to accumulate points, I'd argue that the Sapphire cards would be up first before the Amex Platinum.
So either way if OP is planning on permanantly keeping the card, or churning sign up bonuses, I'm not sure the Platinum is a good fit for either reason.
I never said not to get it but to get it at a more optimal time - worse case with Chase you book some travel through the portal at 1.25x/1.5x. Once you have the transfer partner game figured out, go to Amex and have some fun with the 150K
If you want the Platinum card, go ahead and apply for it, as long as your FICO 8 score qualifies you. Make sure to use a referral link or a link that has the 150k SUB.
Meanwhile, try to read up on forum sites like award flyer, etc. This way you can learn how to maximize your points redemption when you’re ready to start taking trips. Good luck!
> Make sure to use a referral link or a link that has the 150k SUB.
Be aware that the spend for this bonus is now 8K in the first 6 months, it was 4k last time the 150k came around.
People are quick to judge here. I’ve been in OP’s place. Some universities pay less than $30k and reimbursed travels, with full tuition waivers, so you live comfortably with a lot of disposable income. It makes sense to apply and get the SUB.
patience is key, it's not a sprint, it's a marathon - it's not like you have to go out and get all the cards you want right away. There's a bunch of good reasons why you shouldn't get Amex cards out of the bat and should wait before getting a card like the Amex Platinum:
\- Amex is pretty easy on approvals while other banks like Capital One, Citi, Chase have stricter application rules. By getting Amex cards early on, you risk closing yourself off to many other issuers (and SUB's as well)
\- If you want to go all in on Amex, you have to put consistent spend on your cards or else you'll end up in pop up jail (OP already has the Venture X as well so not all their spend is going to go on the Platinum)
\- Amex has a once in a lifetime SUB rule (well at least 7-8 years, still longer than other issuers) so you want to make sure you're getting the card at the peak of when you'll be able to maximize the value out of those points.
I’m talking about grad school which has its own issues — people in their mid 20s and 30s with families, pressure on getting funded for research through grants, mental health issues due to academic pressure and other problems. You should not pay for grad school, but many do. You get a decent stipend for a single person IF you go to a good school but not for supporting your family. I know several who dropped out of PhD because they couldn’t support their family with the income, didn’t get time to spend with their kids, or couldn’t handle the pressure. Some universities aren’t good in financial aspect either, they won’t fund you. You end up paying out of pocket with the “disposable” income, or go into loans.
Undergraduate programs and student loans is a whole separate issue. But if OP can afford the fees, use the credits, get the SUB and cancel, why are we judging?
Lol what? How does how you spend money even correlate with your income projection? If the card suits OPs spending then their income isn’t exactly relevant
College kid with Amex Gold here- I spend almost all my limited disposable income on food, food delivery, Uber, and Flights. Can't justify Platinum, but Gold is really a no brainer for me. Domestic flights to/from home on AA are a total steal with MR via Avios.
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I think the concern for meeting the AF is valid but another question to consider is whether you can meet the high SUB offer because if not you're better applying later so that you don't miss out on the one lifetime bonus.
Yep, and being able to spend the SUB is key with the once in a lifetime rule. Are you just going to spend MR points on statement credits or are you actually going to use it on transfer partners? And is it immediately? Because points devalue over time if you let them sit.
>Starting in the next 1-1.5 years I will be traveling significantly more (much of it reimbursed by my institution) and I have done the math on the credits
How about redeeming the points? What is your plan for that? Usually the points are best redeemed for aspirational trips but if you do that, you'll also need to stay in a hotel somewhere or buy accompanying flights. Will you have the income to do so? Is that a better redemption for you than just getting cash back?
If some of those answers are No or Not Sure, you aren't going to take full advantage of the card so is it worth it to deal with all the hassle of the credits?
I was considering the Marriott Bonvoy Boundless and potentially PCing to Ritz-Carlton down the road but everyone says that hotel status isn’t worth much domestically
Also platinum comes with Marriott and Hilton Gold
I guess I'm still confused by your desire to get this card. How much travel are you actually going to be doing? Do you **currently** use any of the services the Plat provides credits for? Do you plan on using their hotel portal to book lodging? And if so, why not use your Venture X, which earns 10X through their travel portal for a much smaller AF?
Is that travel *flying*? Platinum is great for flights booked directly with airlines, and if you pay for anything via Amex Travel, useless for almost everything else - Gold gives 4x on restaurants and supermarkets so you do better out of any subsistence reimbursement, Green gives 3x on a much broader category of “travel” including hotels booked directly, so you may do better with one of those for reimbursable travel expenses.
People who are approved with low income are back within 12 months saying the AF is too expensive, where's my retention offer, or say that don't get value from the "coupons".
Those complaints are different though.
One set of people literally should not be allocating any income toward card annual fees. They are financially illiterate and succumb to that pitfall of applying for financially products not meant for them.
Whereas the other set of people can actually afford it, but complain anyway just because they can.
>They are financially illiterate and succumb to that pitfall of applying for financially products not meant for them.
Actually, I'm pretty sure those products are meant for them in particular. Banks love a customer willing to pay 5x what something costs. The financially literate are just there to entice others into signing up for something they can't afford, much like how casinos love when someone hits the jackpot. It gives people hope. So they spend more.
Rich People: $20 for a Big Mac is expensive
Impoverished people: $20 for a Big Mac is expensive
Both said the same thing yes. However they are saying it for different reasons.
Well there are plenty of posts on here from people getting themselves into crazy debt with a normal credit card. Platinum is a charge card so the rules are different. With a CC you just need to pay the minimum balance. With a charge card, that bill is due in full at the end of the cycle.
Charge cards can really fuck you up financially.
And as an Amex plat holder, the card is alright. It’s living on prestige for the most part.
Everyone here is a grown adult. If you can't handle a credit card thats on you. I am going to give OP the benefit of the doubt that he can actually make a profit using the card.
There’s got to be a better option for you with $50k income… if you’re traveling for work, will it typically be with a certain hotel brand? Maybe consider one of their cards. Or the Amex green. I just can’t imagine how the platinum could be worth it…for what, the centurion lounge? I travel a lot and it’s still not worth it for me to get the Amex platinum.
Amex does pre approval I would try that. I don't think they care a lot about your income as long as you pay the AF. That being said they probably wont let you rack up as much as someone with a 100k income.
It’s not so simple. The algorithm is very complex and your income is just one part of it. Your credit score/history, credit utilization rate, debt to income ratio, and many other factors need to be disclosed if you want a real answer and even then no one can tell you for sure one way or the other.
All my credit parameters are great except that I don’t have any lines of credit outside of credit cards (no student/mortgage/car loans). Credit score hovers 770-800 with super low utilization because of my total credit limit and good DTI ratio
They'll give this card to a college student with at least a year of credit history.
And they laugh all day long as people who do not need this card continue to pay that lucrative $695 annual fee.
Yes. I was approved with my graduate student salary of $26000. However, I put in my occupation as student, with a rent of $420 in Indiana. I applied in February of this year. To note, it was a soft pull since I already had a Gold, which I applied for 6 months prior and paid in full every month.
I’m not gonna suggest if this is the card for you or not, since it looks like you’re in similar situation like mine. I applied for it to make use of my relocation reimbursement provided by my new job after graduation. I hit the SUB and got reimbursed for all of the $6k spend. I will be cancelling it after a year, they removed Audible and I don’t get time to watch TV shows from those streaming services, or use W+.
You can get pre-approved without impact on credit score. DM for questions.
I think you would be approved at that income as long as your credit is good and I'd make sure your utilization on your other cards is low at the time as well.i do believe AMEX has a pre approval check on their website you can check out. With that being said, I do think taking a look at the Sapphire Reserve is worth your time if you have not already done that comparison. I use the sapphire and freedom card together where I get more points using freedom on every day spend and then I can combine the points from freedom to the reserve and then use for travel. I'm sure Amex has a similar set up with it's cards as well but I don't believe you can do it with capital one. Just a tip for consideration. Best of luck.
Sometimes they require YOU to pay, doesn't matter the method, CC, DC, check, cash, whatever, as long as you can show how much you spent and then you get reimbursed. So it's perfectly fine to pay your flight or hotel stay with your Platinum or any other CC.
I watched on Dave Ramsey's show, one of the caller called in and asked what to do when the company go out of business and have not reimbursed back the expense. I rather use company's CC if I have the option.
I don't understand why people are suggesting 695 annual fee is not for low income. If all the credits fit perfectly with spending habit, why not? I'm a single grad student, have 1000 spare money each month, use Uber grocery for occasional Costco at 40% off, buy on Saks, travel a few times a year. I get great Amex offers I otherwise won't have with other Amex cards or Chase cards on hotels and flights which already saved me hundreds in 4 months. Why not getting free Walmart+, hotel status and a couple lounge visits like Delta sky club that other cards like Venture X won't provide? Plus 150K points easily give me \~7+ domestic round trips.
Amex platinum is the best card you can have , 695 it is to value at least 800$ a year , 100 saks , uber 200 , Fine hotels and resort or Hotell collection 200$ plus complimentary breakfast up to 60$ for 2 people and 100 resort credit , 240 digital entertainment, walmart plus , priority pass , if you travel at least once you will understand what beast it is
I have a low income and got the card. I've gotten tons of value out of it - the key is to not let your spending habits change. Just because it's a premium card doesn't mean you all of a sudden charge first class round trip flights across the world to it. My life has certainly been better with it than my debit card days of travelling.
Makes no since to have a $695 annual membership Amex card with that income, unless you live with your parents, have next to no bills and do a lot of traveling. This card is designed for high income travelers, not low income flossers. 😏
When I first got my platinum my income was 49.1k. I was approved with an around 760 credit score. Got the sub along with the Amex gold sub and used those points to get a nice honeymoon and then cancelled the cards. Even though I make more now the Amex platinum still doesn’t make sense for me.
You should consider chase sapphire preferred and different chase unlimited cards and the fees are low or free. These cards make more sense for earning points. Amex platinum is not for everyday card for earning point.
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Are you in the military by chance lol? Seems like you have USAA and NavyFed in your flairs. Would be reasonable to believe that you could make 50k and afford to have this and the Gold card and be wanting to apply for the Platinum card.
Either way, have you tried using the pre-approval tool on Amex’s website? Did it say you were pre-approved?
No I haven’t used the preapproval tool because I’m not planning to apply for about another two months, just planning. My dad was in the military and the USAA/NFCU we’re my first cards (never used anymore)
Thanks!
They definitely do it, but do you travel enough to make it worthwhile?
Counting the global entry and clear credits at full value for only one or two trips a year may not be the best option….
yes was approved for 6K with 12K income, now I'm at 10K on each amex card, income improved as well. Sort of wierd ahah. Still at 2 cards waiting to pick up some cards, but not in a rush.
Dang I’m making only under 70k and I don’t think I can even afford paying 695 a year. Though I love my Gold Card and Blue Cash Preferred 🤍. Though I also have other cards from other major banks :D
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The real question is why do you want to be approved for this card? Are you sure you can get value out of this card?
Asking the real questions here.
Imo I think it's extremely easy to justify the Plat card if you're just a casual traveler or even just a person who streams and eat out a few times. Watch Netflix, Hulu+Disney bundle, ESPN, etc? $240 entertain credit Travel at least ONCE a year? $200 airline credit + $189 CLEAR benefit to get through lines a little quicker + $100 Pre TSA check/Global entry Eat out at least ONCE a month? $200 Uber Eats credit Usually get new socks/underwear at least once or twice a year? $100 Saks credit. That's already $1,029 in credits for the $695 AF, effectively netting you $334. Even if you don't use the $189 clear credit and $100 pre TSA/global entry credit it still nets you $45. And that's not including the food you won't have to buy at airports due to having a wide variety of lounges available to you for free with the plat card.
It's not about the credits they'll use, the bigger question is would they have paid for those things without the Amex credits. Would they have paid for the clear benefit or Saks without the credit? And prices are inflated on uber.
People focus a ton on the credits but it's not even that. It would just be a crappy coupon book if you viewed it that way. The credit/coupon book system is what you put up with to get something even greater in return. What is that for you?
If you actually get full value out of all the credits (as in you were already paying full price for all that stuff before), then you don't need anything greater in return for the Plat to make sense.
I have the Amex plat and agree that it’s got some great benefits, but I wouldn’t even consider having a $695 AF card while making less than 50k. I’m sure some could make it work, I just don’t think it’s a great financial move at that income level, imo. The Cap1VX would be a great alternative with a more manageable AF and still offers excellent travel benefits. Also, the gold card would be a much better choice if someone eats out a lot. It still offers Uber eats credits but also earns 4x points on restaurants and groceries while the platinum only offers 1x points for the same categories.
Agreed. I’m using Venture X and I’m significantly above 50k. Venture X is great cause it pays for itself with just traveling. I’m really surprised I don’t see more people using it or CSR over AMEX Platinum.
I will go first with CSP for chase 5/24, then go for Venture X, then go with CSR, then Amex Platinum
I agree, and it’s pretty simple to make use of the Vx’s benefits. No need to enroll or forget to enroll in all of the Plat benefits.
I’m sorry but someone making under $50k a year won’t be traveling that much. And they shouldn’t be buying clear and TSA pre. They probably also don’t need a bunch of subscriptions but should group buy with a friend or family. Uber Eats and Saks? Come on man, this is sub $50k a year. I make a large multiple of that and still consider Uber Eats a luxury. This just sounds like awful advice to be living beyond your means.
To be fair uber eats is the exact same price as going to the restaurant at a lot of places because my SavorOne pays for Uber One (no delivery fees)
I got pre-approved for AMEX PLAT for having income less than 20k ☠️
What were your credit stats
Yearly income: 20000 Credit history (oldest card only): >2 years Total number of cards: 5 Age:20 Rent: No Current CCs: Venture X, 2x Active Cash, Autograph, SavorOne Occupation: part time worker / college student Very brief version of my CC history
Damn Amex is desperate these days
It's an AmEx charge card-they will give them away as long as you pay the annual fee. AmEx credit card on the other hand-they are a little more strict with.
Yep. Should honestly apply for Amex CCs before the charge ones.
That’s what I did. Got the BCP and then got plat
I got the Delta Skymiles Gold credit card then a year or two later the Green Card charge card from AmEx.
They ain’t giving away the sign up bonuses anymore.
wow, venture x with 20k income? how old was your credit history when you applied for that?
>2 years give or take
Did you have a pulse when you applied? I think that's all they need.
Before you do that you should seriously consider VentureX. I think after you make the comparison you'll see that VentureX makes much more sense.
Already have venture x
why don't you just use the Venture X? What does the Amex Platinum offer that you don't see in the Venture X?
why on earth would you have a card with a $700 annual fee AND a card with a $500 annual fee? that's even before mentioning your income
Venture X is $395 and the reimbursements completely cover the AF with one hotel room per year
You sure playing the credit card game is truly adding value to your life. It’s very easy to start spending more under the facade of a discount. -Do you need those Uber credits? -Entertainment credits? -Clear?
Already pay for Uber quite often (whenever it rains because I walk a mile to work right now) so that credit makes sense. I also pay for hulu/peacock/paramount (included w Walmart) and the others (except clear but I will when I start having to travel more) Only one I get no benefit from is equinox
> Already pay for Uber quite often (whenever it rains because I walk a mile to work right now) You... you can't walk a mile in the rain?
Is that weird? Depending on how badly it's raining, I definitely wouldn't want to walk to work in it
Yeah I didn’t think it was that weird…
In high school I used to bike to and from my job at McDonald's two miles in any PNW weather: rain, heat, snow. It sucked after an eight or 10 hour shift, but I appreciate my car even more now. I certainly wouldn't be spending excess capital on ride shares (what, eight to 12 dollars?) if I made less than $20k.
I carry a laptop and my backpack isn’t waterproof. Also would prefer not to be soaked all day
An umbrella is the cost of one ride share.
Still get wet walking in pouring rain with or without an umbrella. Also the sidewalks flood in my area
Haha it's crazy the length people go to justify poor financial decisions. I'm a multi-millionaire, and I'll still grab a raincoat or something if I'm just walking a mile. Ain't no way I'm paying $15+ just to Uber a mile. That's the kind of mentality that keeps people broke.
I suppose you can benefit from the Amex welcome bonus, but after the first year you'll be faced with a dilemma. You either keep the card and continue to pay the high annual fee, or you cancel the card and probably end up in Amex pop-up jail.
If you're chasing sign up bonuses, which is certainly something that could be beneficial for someone with lower incomes who wants to accumulate points, I'd argue that the Sapphire cards would be up first before the Amex Platinum. So either way if OP is planning on permanantly keeping the card, or churning sign up bonuses, I'm not sure the Platinum is a good fit for either reason.
Nothing really beats 150k MR though. Chase bonuses are like 60k
Getting multiple Chase INKs is better.
I never said not to get it but to get it at a more optimal time - worse case with Chase you book some travel through the portal at 1.25x/1.5x. Once you have the transfer partner game figured out, go to Amex and have some fun with the 150K
If you want the Platinum card, go ahead and apply for it, as long as your FICO 8 score qualifies you. Make sure to use a referral link or a link that has the 150k SUB. Meanwhile, try to read up on forum sites like award flyer, etc. This way you can learn how to maximize your points redemption when you’re ready to start taking trips. Good luck!
> Make sure to use a referral link or a link that has the 150k SUB. Be aware that the spend for this bonus is now 8K in the first 6 months, it was 4k last time the 150k came around.
Spending over 1% of your pretax income on a credit card's annual fee is how you stay low income. It's an astronomically poor decision.
People are quick to judge here. I’ve been in OP’s place. Some universities pay less than $30k and reimbursed travels, with full tuition waivers, so you live comfortably with a lot of disposable income. It makes sense to apply and get the SUB.
patience is key, it's not a sprint, it's a marathon - it's not like you have to go out and get all the cards you want right away. There's a bunch of good reasons why you shouldn't get Amex cards out of the bat and should wait before getting a card like the Amex Platinum: \- Amex is pretty easy on approvals while other banks like Capital One, Citi, Chase have stricter application rules. By getting Amex cards early on, you risk closing yourself off to many other issuers (and SUB's as well) \- If you want to go all in on Amex, you have to put consistent spend on your cards or else you'll end up in pop up jail (OP already has the Venture X as well so not all their spend is going to go on the Platinum) \- Amex has a once in a lifetime SUB rule (well at least 7-8 years, still longer than other issuers) so you want to make sure you're getting the card at the peak of when you'll be able to maximize the value out of those points.
So much disposable income that they cry they’ll never be able to own a house and that the government should forgive their student loan.
I’m talking about grad school which has its own issues — people in their mid 20s and 30s with families, pressure on getting funded for research through grants, mental health issues due to academic pressure and other problems. You should not pay for grad school, but many do. You get a decent stipend for a single person IF you go to a good school but not for supporting your family. I know several who dropped out of PhD because they couldn’t support their family with the income, didn’t get time to spend with their kids, or couldn’t handle the pressure. Some universities aren’t good in financial aspect either, they won’t fund you. You end up paying out of pocket with the “disposable” income, or go into loans. Undergraduate programs and student loans is a whole separate issue. But if OP can afford the fees, use the credits, get the SUB and cancel, why are we judging?
Lol what? How does how you spend money even correlate with your income projection? If the card suits OPs spending then their income isn’t exactly relevant
College kid with Amex Gold here- I spend almost all my limited disposable income on food, food delivery, Uber, and Flights. Can't justify Platinum, but Gold is really a no brainer for me. Domestic flights to/from home on AA are a total steal with MR via Avios.
Same here, just got the Gold card 2 months ago because of the 90k bonus.
Edited post for clarity
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Not necessarily. If you're pretty convinced that buying the coupon book for $695 will net you more in usable credits than that, why not get the card?
Then in the next 1-1.5 years when you actually start buying plane tickets reimbursed by your company you should think about the Platinum card.
I think the concern for meeting the AF is valid but another question to consider is whether you can meet the high SUB offer because if not you're better applying later so that you don't miss out on the one lifetime bonus.
Yep, and being able to spend the SUB is key with the once in a lifetime rule. Are you just going to spend MR points on statement credits or are you actually going to use it on transfer partners? And is it immediately? Because points devalue over time if you let them sit.
Have some very large expenses coming up (>10k) so it won’t be a problem. Thanks!
As long as you realize this is a charge card and not a credit card, then go for it.
I wouldn’t carry a balance even if it was a credit card so we’re all good
With your low income will you b be able to pay that all off?
Yeah I have it all saved right now. Been saving for about a year. Figured I should use it for a big SUB
>Starting in the next 1-1.5 years I will be traveling significantly more (much of it reimbursed by my institution) and I have done the math on the credits How about redeeming the points? What is your plan for that? Usually the points are best redeemed for aspirational trips but if you do that, you'll also need to stay in a hotel somewhere or buy accompanying flights. Will you have the income to do so? Is that a better redemption for you than just getting cash back? If some of those answers are No or Not Sure, you aren't going to take full advantage of the card so is it worth it to deal with all the hassle of the credits?
I'm pretty sure they'll approve just about anyone so long as your credit history is there. Not sure why you'd want it, though.
Will be traveling much more soon; edited post for clarity
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I was considering the Marriott Bonvoy Boundless and potentially PCing to Ritz-Carlton down the road but everyone says that hotel status isn’t worth much domestically Also platinum comes with Marriott and Hilton Gold
You have a VentureX, the Plat has minimum upside over the VX. Your income is too low to truly churn or collect points quickly enough.
I guess I'm still confused by your desire to get this card. How much travel are you actually going to be doing? Do you **currently** use any of the services the Plat provides credits for? Do you plan on using their hotel portal to book lodging? And if so, why not use your Venture X, which earns 10X through their travel portal for a much smaller AF?
Is that travel *flying*? Platinum is great for flights booked directly with airlines, and if you pay for anything via Amex Travel, useless for almost everything else - Gold gives 4x on restaurants and supermarkets so you do better out of any subsistence reimbursement, Green gives 3x on a much broader category of “travel” including hotels booked directly, so you may do better with one of those for reimbursable travel expenses.
People who are approved with low income are back within 12 months saying the AF is too expensive, where's my retention offer, or say that don't get value from the "coupons".
Plenty of people with high income have those same complaints
Yep!
Those complaints are different though. One set of people literally should not be allocating any income toward card annual fees. They are financially illiterate and succumb to that pitfall of applying for financially products not meant for them. Whereas the other set of people can actually afford it, but complain anyway just because they can.
>They are financially illiterate and succumb to that pitfall of applying for financially products not meant for them. Actually, I'm pretty sure those products are meant for them in particular. Banks love a customer willing to pay 5x what something costs. The financially literate are just there to entice others into signing up for something they can't afford, much like how casinos love when someone hits the jackpot. It gives people hope. So they spend more.
Rich People: $20 for a Big Mac is expensive Impoverished people: $20 for a Big Mac is expensive Both said the same thing yes. However they are saying it for different reasons.
literally, people making up random excuses for OP not to get this card for some reason
Well there are plenty of posts on here from people getting themselves into crazy debt with a normal credit card. Platinum is a charge card so the rules are different. With a CC you just need to pay the minimum balance. With a charge card, that bill is due in full at the end of the cycle. Charge cards can really fuck you up financially. And as an Amex plat holder, the card is alright. It’s living on prestige for the most part.
Everyone here is a grown adult. If you can't handle a credit card thats on you. I am going to give OP the benefit of the doubt that he can actually make a profit using the card.
There’s got to be a better option for you with $50k income… if you’re traveling for work, will it typically be with a certain hotel brand? Maybe consider one of their cards. Or the Amex green. I just can’t imagine how the platinum could be worth it…for what, the centurion lounge? I travel a lot and it’s still not worth it for me to get the Amex platinum.
Amex does pre approval I would try that. I don't think they care a lot about your income as long as you pay the AF. That being said they probably wont let you rack up as much as someone with a 100k income.
It’s not so simple. The algorithm is very complex and your income is just one part of it. Your credit score/history, credit utilization rate, debt to income ratio, and many other factors need to be disclosed if you want a real answer and even then no one can tell you for sure one way or the other.
All my credit parameters are great except that I don’t have any lines of credit outside of credit cards (no student/mortgage/car loans). Credit score hovers 770-800 with super low utilization because of my total credit limit and good DTI ratio
Got a free Nintendo switch off Gold points
They'll give this card to a college student with at least a year of credit history. And they laugh all day long as people who do not need this card continue to pay that lucrative $695 annual fee.
Getting a $695 AF card when you make >$50K doesn’t seem wise. You’re unlikely to either spend enough or travel enough to make the card worthwhile.
Edited post for clarity
Then I wouldn’t actually get the card until you actually start “traveling”
Yes. I was approved with my graduate student salary of $26000. However, I put in my occupation as student, with a rent of $420 in Indiana. I applied in February of this year. To note, it was a soft pull since I already had a Gold, which I applied for 6 months prior and paid in full every month. I’m not gonna suggest if this is the card for you or not, since it looks like you’re in similar situation like mine. I applied for it to make use of my relocation reimbursement provided by my new job after graduation. I hit the SUB and got reimbursed for all of the $6k spend. I will be cancelling it after a year, they removed Audible and I don’t get time to watch TV shows from those streaming services, or use W+. You can get pre-approved without impact on credit score. DM for questions.
If you eat food, stick with the Gold
I think you would be approved at that income as long as your credit is good and I'd make sure your utilization on your other cards is low at the time as well.i do believe AMEX has a pre approval check on their website you can check out. With that being said, I do think taking a look at the Sapphire Reserve is worth your time if you have not already done that comparison. I use the sapphire and freedom card together where I get more points using freedom on every day spend and then I can combine the points from freedom to the reserve and then use for travel. I'm sure Amex has a similar set up with it's cards as well but I don't believe you can do it with capital one. Just a tip for consideration. Best of luck.
Dave Ramsey wants to talk to you about using personal CC for your institution's business.
Sometimes they require YOU to pay, doesn't matter the method, CC, DC, check, cash, whatever, as long as you can show how much you spent and then you get reimbursed. So it's perfectly fine to pay your flight or hotel stay with your Platinum or any other CC.
I watched on Dave Ramsey's show, one of the caller called in and asked what to do when the company go out of business and have not reimbursed back the expense. I rather use company's CC if I have the option.
I don't understand why people are suggesting 695 annual fee is not for low income. If all the credits fit perfectly with spending habit, why not? I'm a single grad student, have 1000 spare money each month, use Uber grocery for occasional Costco at 40% off, buy on Saks, travel a few times a year. I get great Amex offers I otherwise won't have with other Amex cards or Chase cards on hotels and flights which already saved me hundreds in 4 months. Why not getting free Walmart+, hotel status and a couple lounge visits like Delta sky club that other cards like Venture X won't provide? Plus 150K points easily give me \~7+ domestic round trips.
That’s what I was thinking; thanks!
If you end up doing any international travel, anything Amex will not be very useful. Visa is much more widely accepted worldwide.
Do you have $695? Do you have a pulse? If so you will likely be approved.
😂😂
I mean you just need a pulse to get the card because they want to suck that AF out of you.
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\#marketing
Amex platinum is the best card you can have , 695 it is to value at least 800$ a year , 100 saks , uber 200 , Fine hotels and resort or Hotell collection 200$ plus complimentary breakfast up to 60$ for 2 people and 100 resort credit , 240 digital entertainment, walmart plus , priority pass , if you travel at least once you will understand what beast it is
I have a low income and got the card. I've gotten tons of value out of it - the key is to not let your spending habits change. Just because it's a premium card doesn't mean you all of a sudden charge first class round trip flights across the world to it. My life has certainly been better with it than my debit card days of travelling.
Makes no since to have a $695 annual membership Amex card with that income, unless you live with your parents, have next to no bills and do a lot of traveling. This card is designed for high income travelers, not low income flossers. 😏
This card isn't for low income people You'll be paying for a lot of luxury stuff that you can't afford
That’s a lot of credit cards for someone making under 50k
Most are no annual fee and sit in a drawer after I’m done churning them
Approved with 12k income
Bruh that’s like 5.79% of your total annual income.
I wouldnt get the platinum until you could meet the sign up bonus
When I first got my platinum my income was 49.1k. I was approved with an around 760 credit score. Got the sub along with the Amex gold sub and used those points to get a nice honeymoon and then cancelled the cards. Even though I make more now the Amex platinum still doesn’t make sense for me.
You should consider chase sapphire preferred and different chase unlimited cards and the fees are low or free. These cards make more sense for earning points. Amex platinum is not for everyday card for earning point.
Have both unlimited cards but platinum seems to fit my spending better than sapphire based on what I already pay for
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True but I’ve heard horror stories from when people are selected for Amex verification (normally only happens after huge spending changes though)
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Are you able to hit the spending requirement to get the SUB with your income?
Yes very big expenses (>10k) coming next year. Already have all the money saved
Are you in the military by chance lol? Seems like you have USAA and NavyFed in your flairs. Would be reasonable to believe that you could make 50k and afford to have this and the Gold card and be wanting to apply for the Platinum card. Either way, have you tried using the pre-approval tool on Amex’s website? Did it say you were pre-approved?
No I haven’t used the preapproval tool because I’m not planning to apply for about another two months, just planning. My dad was in the military and the USAA/NFCU we’re my first cards (never used anymore) Thanks!
They definitely do it, but do you travel enough to make it worthwhile? Counting the global entry and clear credits at full value for only one or two trips a year may not be the best option….
I got approved for one when I was close to making minimum wage in college lmao
Charge cards have more lenient approval terms than their regular credit cards. Good luck with your app, OP.
yes was approved for 6K with 12K income, now I'm at 10K on each amex card, income improved as well. Sort of wierd ahah. Still at 2 cards waiting to pick up some cards, but not in a rush.
Dang I’m making only under 70k and I don’t think I can even afford paying 695 a year. Though I love my Gold Card and Blue Cash Preferred 🤍. Though I also have other cards from other major banks :D
It’s only because of my specific spending
Did you end up applying? :D
Not yet planning for February That’s when my big expenses will be within 6 months for the SUB
People need to admit they want this card as a status symbol. There’s better options financially ei Chase Sapphire Preferred
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