Is American Express for rich?

No,. American Express is not specifically for rich people, even though it does have a high level of status in many people's minds. Applicants need good or excellent credit scores of 700+ to qualify for Amex credit cards, and you don't need to be rich to have a good credit score.

Do millionaires use American Express?

Millionaires use credit cards like the Centurion® Card from American Express, the J.P. Morgan Reserve Credit Card, and The Platinum Card® from American Express.

What card do millionaires use?

1. American Express Centurion Card. The American Express Centurion Card is the most exclusive credit card in the world and commonly known as the “Amex 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.

Is it hard to get an American Express card?

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.

Is Amex Platinum for the rich?

The Platinum Card is destined for frequent travelers who intend to fully leverage the rich set of luxury travel benefits and Platinum Concierge service. In the right hands, the classic status card's staggering annual fee is well justified.

That one rich passenger with her American Express platinum card ?

Why is American Express so popular?

American Express is special because it is a luxury credit card brand, known for offering elite rewards and having exclusive approval requirements. American Express also is among the country's largest credit card issuers by purchase volume, and it is one of the four major payment networks.

Why 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 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.

Does American Express ask for proof of income?

No, American Express does not verify income on most credit card applications or credit line increase requests. Amex will generally require income verification only if something seems out of the ordinary, such as a 21-year-old claiming to have an annual income of $150,000.

How much income do you need for Amex Platinum?

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.

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.

How good is American Express?

American Express is one of the leading card issuers in the United States. It's known for its top-notch customer service and some of the best rewards available. From ultra-elite business travel cards to everyday rewards, American Express has credit cards that are a good choice for many different types of cardholders.

Who qualifies for a black American Express?

Although Amex doesn't publish requirements for the card—or its perks, for that matter—it typically extends black card invitations only to high earners who have spent and paid off between $350,000 and $500,000 across all of their American Express accounts in a calendar year.

Where do billionaires keep their money?

Most billionaires are surprisingly cash poor on a relative basis. The average billionaire only holds 1% of their net worth in liquid assets like cash because the vast majority of their fortunes are usually tied up in business interests, stocks, bonds, mutual funds and other financial assets.

What credit card do celebrities use?

Stars Love Amex, But Not The “Black Card”: 19 of the 27 celebrity wallets we examined contain an American Express credit card. The Amex Green Card and the Gold Rewards Business Card are the most popular, by far.

Can you buy a house with an American Express card?

Absolutely not. Kipp says that this is one of the top misconceptions about the program. The only involvement from American Express is the bonus you get after closing; you aren't actually using your credit card to purchase the house, nor are you using it to pay any deposits, title costs or mortgage fees.

How does Amex know your 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.

Why does Amex want my income?

Amex wants to protect itself from anyone they feel is likely to default on payments. They want to be sure that cardholders have the income available to cover their spending habits. In the process of a financial review, Amex will request access to review specific documents that confirm your income, like your tax return.

Does Amex cards have a limit?

Typically, your AmEx spending limit is three times your highest paid-in-full balance over the last six months. They are also pretty good about allowing you some flexibility if you call them ahead of time to inform them of pending charges (I've done this with $8,000 business expenses without any issues).

Is it hard to get Amex Platinum?

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.

How do you get American Express 75k gold?

You can qualify for a welcome bonus of up to 75,000 points on the American Express Gold Card after spending $4,000 within the first three months of card membership. That's another 15,000 points more than the standard bonus and the highest offer we've ever seen for this card.

Is Amex Platinum better than gold?

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.

Who in BTS has a Black Card?

BTS' Jin and Jungkook

The total bill clocked in at around US$730, according to Kpopstarz and Jin paid for it all with his Hyundai black card. The youngest BTS member was also spotted by fans trying to buy snacks from a vending machine.

What celebrities have a Black Card?

But we have it on good authority that celebrities including Beyoncé, Oprah Winfrey, and Jerry Seinfeld, who reportedly received the first-ever Black Card, all carry it. Collectively there are thought to be fewer than 20,000 AmEx Centurion cardholders around the world.

What is the highest level of American Express cards?

The highest level American Express card is the Centurion card, which is also known as the 'black card.