Thinking of getting a Platinum (details inside)

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
20 posts
shhyfz
Green Member
Green Member
 
Posts: 10
Joined: Wed Mar 27, 2013 6:55 pm
Location: Canada

Thinking of getting a Platinum (details inside)

Postby shhyfz » Wed Mar 27, 2013 7:02 pm

I am thinking of getting an AMEX card and not sure if I am qualified for a Platinum.

So i am a full-time student(age of 19) and my credit history of around 2 years. I currently hold a credit card of 5k limit and never miss a payment. I think the only chance I have for the Platinum is my assets(around 600k in my bank account) I not sure if that helps my application(I mean does AMEX as access to my bank account balance).

Should I try on Platinum or should I start from something lower.

(I do have a part time job which makes me around 12k a year)


Robrus1
Centurion Member
Centurion Member
 
Posts: 797
Joined: Tue Oct 02, 2012 3:25 pm
Location: Texas

Postby Robrus1 » Thu Mar 28, 2013 12:51 pm

2 years of history, a 5K limit card, and your assets help. Your income hurts, but I think you'd be approved. As long as you don't have a bunch of inquiries, you will probably be ok, but I would call to apply so that you can tell a person about your assets. If you apply online and enter 12K for income, and your age, you are less likely to be approved.
Amex Platinum
Amex BCP 21K
Amex SPG 5K
Barclaycard Arrival Plus WEMC 5K
Chase Sapphire Preferred 23.5K
Credit Union 10K
Discover IT 7.75K

Moneytalks
Centurion Member
Centurion Member
 
Posts: 438
Joined: Sat Feb 04, 2012 8:22 pm
Location: United States

Postby Moneytalks » Thu Mar 28, 2013 4:20 pm

I think you have to be 21, but I may be wrong. You have a solid profile otherwise, good luck and let us know what happens
Wallet: Amex BCE & Chase Freedom. (Credit Card dieting since 2014)

Sevenfeet
Centurion Member
Centurion Member
 
Posts: 532
Joined: Thu Jan 17, 2013 7:20 pm
Location: United States

Postby Sevenfeet » Thu Mar 28, 2013 5:43 pm

Yours is a special case I think. Normally you'd be turned down flat but there aren't many teens out there with $600K(!!) in the bank. I think there is a place on the application to list additional assets and that's where you'd do it. Be prepared for them to come back with proof.

BTW, why do you want a Platinum card anyway? Is it just to have it? I know you have money but wealthy people stay wealthy by not having to spend it. There are cheaper ways to build a relationship with American Express. If you plan on traveling a lot on your own, especially overseas, then it might make more sense.
Cards:
American Express Platinum (NPSL)
Penfed Platinum Reward Visa ($28K)
Chase Freedom Visa ($25K)
Fidelity American Express ($20K)
American Express Blue Cash Preferred ($20K)
Bank of America Cash Rewards MasterCard ($20K)
Citi Thank You Preferred Visa ($9.5K)
Chase Sapphire Preferred ($7.5K)
US Bank Cash + Visa Signature ($7K)
Discover IT ($4K)

shhyfz
Green Member
Green Member
 
Posts: 10
Joined: Wed Mar 27, 2013 6:55 pm
Location: Canada

Postby shhyfz » Fri Mar 29, 2013 11:27 am

Thanks. Which number should I call to apply?

shhyfz
Green Member
Green Member
 
Posts: 10
Joined: Wed Mar 27, 2013 6:55 pm
Location: Canada

Postby shhyfz » Fri Mar 29, 2013 11:30 am

Actually I didn't find any place on the app that lets me to enter my assets (I am in Canada).

Well, I don't travel a lot and don't even spend that much money every month(1K?) So i am not sure if the annual fee is worth it($699). I just feel that having the card might looks cool. Do you think there is an better card out there for me?

AMEXPlatino86
Centurion Member
Centurion Member
 
Posts: 244
Joined: Mon Feb 18, 2013 5:51 pm
Location: New York, NY

Postby AMEXPlatino86 » Fri Mar 29, 2013 1:49 pm

Not to switch the conversation but are there different standards to get AMEX cards in Non-US countries?
Wells Fargo Platinum 2.100 (5/2011-cld 7/12/14)
AmEx Platinum (6/12)
Barclays Apple (6/12)
AMEX Gold Delta (5/13)
Marriott Rewards (7/14)

My credit score :cool:
EQ: unknown
EX: 762
TU: 752

Sevenfeet
Centurion Member
Centurion Member
 
Posts: 532
Joined: Thu Jan 17, 2013 7:20 pm
Location: United States

Postby Sevenfeet » Fri Mar 29, 2013 4:31 pm

shhyfz wrote:Actually I didn't find any place on the app that lets me to enter my assets (I am in Canada).

Well, I don't travel a lot and don't even spend that much money every month(1K?) So i am not sure if the annual fee is worth it($699). I just feel that having the card might looks cool. Do you think there is an better card out there for me?


Actually, yes. Here's the problem. We all want something blingy in our pocket that makes us feel better about ourselves. The problem is that the price of admission is way too high in this case. With your assets, Amex may grant you Platinum. But if you read what benefits that you actually will enjoy and use with the card, I would bet that few of them will be worth the cost of the annual fee. In fact, I doubt it would even be close.

I have an Amex Platinum and the only reason I carry it is because I travel for a living and it gives me access to Delta's Sky Clubs. Otherwise I'd have a hard time justifying carrying it and would likely downgrade back to a Gold which I carried since I had my first job out of college.

Starting a credit relationship with American Express is a good long term idea. But at your stage in life, a Green card is probably a good place to start, or maybe a Gold if you see yourself benefiting from the rewards program in a significant way. You'll have a real job at some point, maybe after grad school. At that point you can re-evaluate your needs and mate them to the products they provide.

I have no doubt that at some point you would benefit from Amex Platinum. But right now it just doesn't sound like financial sense. After all, isn't there something else you'd rather spend $699 CD on right now?
Cards:

American Express Platinum (NPSL)

Penfed Platinum Reward Visa ($28K)

Chase Freedom Visa ($25K)

Fidelity American Express ($20K)

American Express Blue Cash Preferred ($20K)

Bank of America Cash Rewards MasterCard ($20K)

Citi Thank You Preferred Visa ($9.5K)

Chase Sapphire Preferred ($7.5K)

US Bank Cash + Visa Signature ($7K)

Discover IT ($4K)

shhyfz
Green Member
Green Member
 
Posts: 10
Joined: Wed Mar 27, 2013 6:55 pm
Location: Canada

Postby shhyfz » Sat Mar 30, 2013 10:28 am

In Canada they require 60k annual income and no bankruptcy records.

Bksuper
Centurion Member
Centurion Member
 
Posts: 257
Joined: Sun Oct 14, 2012 10:22 pm
Location: California

Postby Bksuper » Sat Mar 30, 2013 9:54 pm

Your income should be higher than $12k if thats what you make from working part time. You can include investment income, so if you've got $600k in a bank account paying say 1% APR thats about $6k/year in interest you can include. Your deposit (if its not in multiple banks) is only FDIC insured up to $250k, so you might want to have some of it (what you don't need liquid and can't afford to lose) invested. Even safe investments can net 3-5% APR on some of your money. If you averaged 3% between investments and a high yield savings account thats 18k per year in investment income + 12k per year from working, so 30k per year annual income, more if you have additional sources relating to being a student and paying for school. Include that on the application and you'll stand an even better chance.
Sole Ownership Cards:
1st Financial Bank Platinum Student Visa, $500 CL, Open Since 3/2012
Citi Forward Student Visa, $6k CL, Open Since 10/2012
Costco TrueEarnings Amex, $6k CL, Backdates to 1/2012
SallieMae Rewards Barclay Mastercard, $2.5k CL, Open Since 4/2013
Jointly Owned Cards (co-owner with mom, not AU, used and paid only by me):
Chase Amazon Rewards Visa Signature, $2k CL, Open Since 8/2012
US Bank Cash+ Visa Signature, $13.5k CL, Open Since 10/2012
Authorized User (Parents Pay/Use)
Costco TrueEarnings Amex $29.4k CL, AU since 11/2012



Return to “American Express”

Who is online

Users browsing this forum: No registered users and 2 guests