Does Amex platinum have to be paid off every month?

You must pay at least the Minimum Payment Due by the Payment Due Date each month. The Minimum Payment Due includes all charges that were not added to a Pay Over Time and/or Cash Advance or Plan balance, plus a portion of your Pay Over Time and/or Cash Advance balance, any interest accrued, and any Plan Payment Due.

What happens if I don't pay Amex Platinum in full?

Late Payment

$38 if you do not pay the Amount Due (Minimum Payment Due if you have a Pay Over Time balance) on a billing statement before the next Closing Date. For each following Closing Date that an amount past due remains unpaid, we may charge a fee of the greater of $38 or 2.99% of any past due Pay In Full amounts.

Do you have to pay American Express in full every month?

What will I be required to pay each month? You have the option to carry a balance each billing cycle, though a minimum amount is due. Payment is required in full each month in order to avoid late/penalty fees.

What happens if you only pay the minimum payment on Amex Platinum?

Minimum Payment Warning: If you make only the minimum payment each period, you will pay more in interest and it will take you longer to pay off your balance. For example: If you make no additional charges and each month you pay..

Does the Amex Platinum card have pay over time?

Pay Over Time is included as part of your Card, so you can use it when you need to – and still earn rewards on those purchases. When it's time to pay your bill, you can pay your balance in full, the minimum due, or any amount in between.

Do I have to pay off my Amex Platinum every month?

Can you carry a balance on an Amex Platinum?

You cannot carry a balance on the Amex Platinum card. In order to be able to continue using the card, you have to pay your balance off in full every single month.

Is Amex platinum worth it after first year?

The Amex Platinum Card is only worth the annual fee if you'll use enough benefits to recoup the fee. You could easily offset the fee with the statement credits alone, but this card also offers the chance to earn boosted rewards on travel purchases, too.

What is the average income for Amex Platinum?

Salary Needed for Amex Platinum Credit Card

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.

What income do you need for Amex Platinum?

Annual income of $100,000 or more. Aged 18 years or over.

How do I avoid paying Amex Platinum annual fee?

Call the retention line: You can ask Amex to waive the annual fee by calling (800) 452-3945.

Is Amex Platinum hard to get?

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 at least good credit and make a lot of money, you have a decent shot at getting approved.

Is Amex Gold or Platinum better?

Amex Platinum ultimately offers more value, though. For example, its benefits include airport lounge access, while the Amex Gold Card's perks do not. When it comes to ongoing rewards on purchases, Amex Platinum has a higher maximum earning rate and better travel rewards. But Amex Gold provides more everyday value.

Why is my Amex minimum payment so high?

If you're carrying a balance on your credit card, the card issuer typically calculates your minimum payment each month as a percentage of what you owe — and that figure will rise if you're charging more to the card each month and growing the balance.

Does Amex Platinum really have no limit?

If you have a Consumer or Business Green, Gold or Platinum Card, your Card does not have a credit limit. Instead, your Card has no preset spending limit unless you have been previously notified otherwise. No preset spending limit means the spending limit is flexible.

How do I downgrade my Amex Platinum to no fee?

To downgrade the American Express Platinum card, call customer service at (800) 528-4800 or the number on the back of your card. There is no option to downgrade online or via mail.

Does Amex check your annual 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.

Who is the Amex Platinum worth it for?

The Amex Platinum card is well worth it for frequent travelers who want luxury travel and lifestyle perks, and who can regularly take advantage of the card's premium benefits.

What is a good credit score for Amex Platinum?

The Platinum Card® from American Express requires good to excellent credit to qualify. This is typically defined as a credit score of 690 or better.

What is special about Amex Platinum?

The Amex Platinum is a premium credit card that offers a welcome bonus, luxury perks, and other value-added services. Cardholders benefit from Uber credits, airfare discounts, bonus points, cashback and much more. Unlike typical credit cards, this card allows you to carry a balance for certain charges, but not all.

Why is Amex Platinum so expensive?

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.

Is 150k AmEx Platinum worth it?

Make no mistake --- the Amex Platinum card is a premium card with a premium price tag. With amazing benefits like best-in-class airport lounge access, hotel elite status, and tremendous value in annual statement credits, it can easily prove to be one of the most lucrative cards in your wallet year after year.

Is AmEx platinum a heavy card?

Most widely available premium rewards cards are 12 grams or heavier. The Platinum Card® from American Express weighs 18.5 grams, while the Chase Sapphire Reserve® weighs 12.6 grams. How much does the AmEx Platinum weigh? The Platinum Card® from American Express weighs 18.5 grams.

What is the minimum payment on a $5000 credit card balance?

What is the minimum payment on a $5,000 credit card balance? The minimum payment on a $5,000 credit card balance is at least $50, plus any fees, interest, and past-due amounts, if applicable.

Is it better to pay Amex in full?

At-A-Glance. Paying your credit card balance in full and on time each month can help you optimize your credit score and avoid certain fees. You'll pay more in interest if you make only the minimum payment each month, and late or missed payments can result in late fees – and may adversely affect your credit score.

Does Amex ever raise your limit?

In fact, showing you're a responsible card user can lead to a credit card limit increase as often as once every six to 12 months. Sometimes you have to ask. If you haven't received an automatic increase, it doesn't mean you're not eligible. You might just have to ask!