Tiger Brokers

What Credit Score Do You Need to Get the Amex Platinum Card?

Motley Fool
03 Feb

KEY POINTS

  • A FICO® Score of 670 or higher is generally good enough.
  • However, Amex considers several other factors, including your income.
  • There are ways to improve your score fast and get a better idea of whether you'll be approved.

The Platinum Card® from American Express is a premium travel card with a big annual fee ($695, see rates and fees) -- and even bigger potential rewards.

Between its generous perks and a current welcome offer of 80,000 Membership Rewards points (or potentially more for some applicants), after spending $8,000 in the first 6 months (terms apply), the Amex Platinum Card is getting a lot of buzz.

So what does it take to get your hands on this coveted travel card? There's no FICO® Score that will guarantee approval, but there's a rough target you should aim for. And it's not the only factor Amex will consider when weighing your application.

Ratings Methodology

The Platinum Card® from American Express

Apply Now for The Platinum Card® from American Express

On American Express' Secure Website.

Terms apply

Rates & Fees

Rating image, 4.50 out of 5 stars.
4.50/5Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.50 out of 5 stars.
4.50/5Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Credit Score:Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Recommended Credit Score required for this offer is: Good/Excellent (670-850)
Apply Now for The Platinum Card® from American Express

On American Express' Secure Website.

Terms apply

Rates & Fees

Credit ScoreCircle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Good/Excellent (670-850)

Intro APR

Purchases: n/a

Balance Transfers: n/a

APR

See Pay Over Time APR

RewardsCircle with letter I in it. Earn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year and earn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel. Earn 1X Membership Rewards® Points on other purchases. Terms and limitations apply.

1X-5X Membership Rewards® Points

Annual Fee

$695

Welcome OfferCircle with letter I in it. Earn 80,000 Membership Rewards® Points after you spend $8,000 on eligible purchases on your new Card in your first 6 months of Card Membership.

80,000 Membership Rewards® Points

  • This luxury travel card has some of the most prestigious perks you'll find — access to over 1,400 airport lounges, elite status with Hilton and Marriott Bonvoy (enrollment required), and spending credits worth over $1,500 in value every year. Just be ready for the hefty annual fee, which can be offset in the first year with a welcome bonus worth $800 in points. Terms apply.

    • Big welcome offer
    • Substantial spending credits
    • Airport lounge access
    • Hotel benefits
    • Flexible travel points
    • Annual fee
    • Limited bonus categories
    • Spending credits can be complicated to manage
    • Earn 80,000 Membership Rewards® Points after you spend $8,000 on eligible purchases on your new Card in your first 6 months of Card Membership.
    • Earn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year and earn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel.
    • $200 Hotel Credit: Get up to $200 back in statement credits each year on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings through American Express Travel using your Platinum Card®. The Hotel Collection requires a minimum two-night stay.
    • $240 Digital Entertainment Credit: Get up to $20 back in statement credits each month on eligible purchases made with your Platinum Card® on one or more of the following: Disney+, a Disney Bundle, ESPN+, Hulu, The New York Times, Peacock, and The Wall Street Journal. Enrollment required.
    • The American Express Global Lounge Collection® can provide an escape at the airport. With complimentary access to more than 1,400 airport lounges across 140 countries and counting, you have more airport lounge options than any other credit card issuer on the market. As of 03/2023.
    • $155 Walmart+ Credit: Save on eligible delivery fees, shipping, and more with a Walmart+ membership. Use your Platinum Card® to pay for a monthly Walmart+ membership and get up to $12.95 plus applicable taxes back on one membership (excluding Plus Ups) each month.
    • $200 Airline Fee Credit: Select one qualifying airline and then receive up to $200 in statement credits per calendar year when incidental fees are charged by the airline to your Platinum Card®.
    • $200 Uber Cash: Platinum Card® Members can get out and about and explore their local area with $15 in Uber Cash for US rides each month, plus a bonus $20 in December. That can be up to $200 in annual Uber savings. Simply download the Uber app and add your Platinum Card® to your Uber account to get started. Available to Basic Card Member only. Effective 11/8/2024, an Amex Card must be selected as the payment method for your Uber or Uber Eats transaction to redeem the Amex Uber Cash benefit.
    • $199 CLEAR® Plus Credit: CLEAR® Plus helps to get you to your gate faster at 50+ airports nationwide and get up to $199 back per calendar year on your Membership (subject to auto-renewal) when you use your Card. CLEARLanes are available at 100+ airports, stadiums, and entertainment venues.
    • Receive either a $120 statement credit every 4 years for a Global Entry application fee or a statement credit up to $85 every 4.5 years for a TSA PreCheck® (through a TSA official enrollment provider) application fee, when charged to your Platinum Card®. Card Members approved for Global Entry will also receive access to TSA PreCheck at no additional cost.
    • Shop Saks with Platinum: Get up to $100 in statement credits annually for purchases in Saks Fifth Avenue stores or at saks.com on your Platinum Card®. That's up to $50 in statement credits semi-annually. Enrollment required.
    • Unlock access to exclusive reservations and special dining experiences with Global Dining Access by Resy when you add your Platinum Card® to your Resy profile.
    • $695 annual fee.
    • Apply with confidence. Know if you're approved for a Card with no impact to your credit score. If you're approved and you choose to accept this Card, your credit score may be impacted.
    • Terms Apply.
Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Trip delay and cancellation insurance and cell phone protection underwritten by New Hampshire Insurance Company, an AIG Company. Extended warranty, purchase protection, car rental insurance, and baggage insurance underwritten by AMEX Assurance Company.

A FICO® Score of 670 might be enough -- or not

According to FICO, the king of credit scores, a FICO® Score of 670 to 739 is "good." And being in the "good" range or higher is enough to qualify you for many of the best credit cards.

However, when deciding whether to approve your application, Amex will also consider:

  • Your income and income sources
  • Your history with Amex (if any)
  • Other information in your credit report, such as your payment history and debt-to-income ratio

In short, Amex cares about your "ability to repay," not just your FICO® Score, so it looks at your financial situation as a whole.

If your FICO® Score is a bit below 670, you may still qualify for the Amex Platinum Card if you have a high income and a pristine record of paying credit card bills on time. On the other hand, you may have a score of 750-plus but still be denied due to your income or certain red flags in your credit history.

An 80,000-point welcome offer, plus up to 5X points on travel, are just the tip of the iceberg. Click here to learn more in our full Amex Platinum Card review.

How to get approved for the Amex Platinum Card

There's no surefire way to get approved for the Amex Platinum Card or any other card, but there are a few steps you can take to enhance your credit profile before applying:

  • Check your credit report for errors. There's a chance your credit report includes mistakes, like accounts in good standing reported as delinquent, or even fraudulent accounts opened by someone else in your name. If there's an error that's hurting your score, you can call the credit bureau to clear things up.
  • Pay off any credit card debt. Carrying a lot of credit card debt is a serious drag on your credit score. The good news is that paying off a lot of debt at once can quickly and dramatically improve your score.
  • Don't apply for several credit cards at once. This is a red flag that signals you may not be very responsible with credit cards. Try to space out your credit card applications by at least three months.

Start by seeing if you're pre-approved

If you're interested in applying for the Amex Platinum Card, you can first fill out a pre-approval form on the Amex website. There won't be a hard pull on your credit report, which means there's no effect on your score. Amex will match you with certain cards that it thinks would be a good fit for you.

Note that getting pre-approved does not guarantee you'll get the card once you submit a real application, but it can serve as a good indicator.

If you apply for the card and get denied, give it some time while you work on improving your credit score. After all, no just means "not right now" -- it doesn't mean not ever.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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