topic Re: AMEX Centurion Card in Credit Cards

AMEX Centurion Card

Charmante — Thu, 09 Apr 2020 17:41:58 GMT

Does anyone have one?

I have a few questions...

It's a beautiful card -- but my point of the post is this:

I was told that because it is a card of status that AMEX will disregard most credit requirements and establish you as a Centurion Card Holder after VERY THOROUGHLY verifying you make a MINIMUM of $1,000,000 annually...

Has anyone done this?

I own a VERY successful business and could easily exceed this requirement. Although I only technically allot myself $100k annually that is for tax reasons and could easily raise that for this purpose...

It would give me an easy step into the limits I'm having to spend 3 years working toward...

BUT ALSO was told the Centurion Card does NOT report to the Credit Reporting Agencies...? This would lessen the appeal of going through all those Income Hoops -- as it would be a great card to possess BUT wouldn't help me build for other bank's benefits...

Please advise if you are familiar...

Thank you...

Re: AMEX Centurion Card

Anonymous — Thu, 09 Apr 2020 17:49:51 GMT

@Charmante wrote:
Does anyone have one?

I have a few questions...

It's a beautiful card -- but my point of the post is this:

I was told that because it is a card of status that AMEX will disregard most credit requirements and establish you as a Centurion Card Holder after VERY THOROUGHLY verifying you make a MINIMUM of $1,000,000 annually...

Has anyone done this?

I own a VERY successful business and could easily exceed this requirement. Although I only technically allot myself $100k annually that is for tax reasons and could easily raise that for this purpose...

It would give me an easy step into the limits I'm having to spend 3 years working toward...

BUT ALSO was told the Centurion Card does NOT report to the Credit Reporting Agencies...? This would lessen the appeal of going through all those Income Hoops -- as it would be a great card to possess BUT wouldn't help me build for other bank's benefits...

Please advise if you are familiar...

Thank you...

These things are often discussed on Flyertalk. See e.g. https://www.flyertalk.com/forum/american-express-membership-rewards/2002068-2020-has-anyone-actually-received-centurion-card-invite.html

The main thing seems to be spend on Amex cards rather than income (e.g. in that thread several million on Amex Biz Plat)

And a lot of holders question whether it is really worth it with added fees and few added useful benefits!

Re: AMEX Centurion Card

Anonymous — Thu, 09 Apr 2020 18:13:14 GMT

My boss has one and he couldn't get one until he was spending around 500k a year on his Amex card. He did that for three years and they still wanted financial info in his case.

back then you had to wait for an invite but I've heard you may be able to request the card now.

even though it's a centurion card his spend level on it is around 500k so it's definitely not unlimited. He did buy a 200k boat with it and it went through no issue so it can be a powerful spend card but you do have a high annual fee for the perks

from what Amex told him it's heavily based on what you've spent and paid in full on previous Amex cards

Re: AMEX Centurion Card

Charmante — Thu, 09 Apr 2020 18:30:03 GMT

Thank you both for the insight... Well I guess that loophole is not true. Lol You would think if you can verify a 7 or 8 digit annual income you could immediately achieve access to something more attractive than a Capital One QS or a Debit Card... Lol I guess...

Re: AMEX Centurion Card

Anonymous — Thu, 09 Apr 2020 18:48:33 GMT

Having money doesn't mean that you will pay your bills at all, much less on time, which is why credit history always has to be built over time for everyone. There are some exceptions with private banking institutions like JP Morgan and UBS when you have very substantial assets with them but regular banks and CUs are going to want you to establish history.

Re: AMEX Centurion Card

Anonymous — Thu, 09 Apr 2020 18:56:07 GMT

My Girlfriend had the Centurion for around 7 years. Her invite came after averaging 250k per year spend on her Platinum, and no income documentation was ever asked of her. She ended up closing the card because it really gave her no more value than the Platinum...

Re: AMEX Centurion Card

SFLSpotter9210 — Thu, 09 Apr 2020 19:30:40 GMT

Had a family member who had the business centurion. Their spend was substantial. They once made a 4+ million dollar purchase as a emergency after a hurricane.

But now for personal its reported you need to meet a minimum spending of 250k a year on personal and double that for business. I believe the major requirement is the spending every calendar year. It's the swipe fee their after.

Of course when your spending that kinda money consistently every month membership like they say has its privileges.

But the 7,500 initiation and 2,500 soon to be 5,000 starting April 2020 annual fee is kinda outrageous. It may work for some but at that level I doubt your flying commercially and need a concierge to escort you from plane to plane. My family member had their own planes so that was never a benefit they used.

I hope that helped you out some. There's allot of data online as well.

Re: AMEX Centurion Card

AverageJoesCredit — Thu, 09 Apr 2020 19:42:09 GMT

@Charmante wrote:
Thank you both for the insight... Well I guess that loophole is not true. Lol You would think if you can verify a 7 or 8 digit annual income you could immediately achieve access to something more attractive than a Capital One QS or a Debit Card... Lol I guess...

You would think but unfortunately it doesnt always work like that. You know how many people here on this forum make over 100k and cant get a cc with over $1k limit? We see it all the time. From my low income perspective, 100k a year is insanely alot of money to be msking yet many of them will argue its not, and depending on the circumstances, ie where they live,etc, i can see their point. But having money doesnt mean you should have the most elite cards just because, at least not in this credit game. Just my 2 cents

Re: AMEX Centurion Card

BronzeTrader — Thu, 09 Apr 2020 20:20:00 GMT

@Charmante wrote:
Does anyone have one?

I have a few questions...

It's a beautiful card -- but my point of the post is this:

I was told that because it is a card of status that AMEX will disregard most credit requirements and establish you as a Centurion Card Holder after VERY THOROUGHLY verifying you make a MINIMUM of $1,000,000 annually...

Has anyone done this?

I own a VERY successful business and could easily exceed this requirement. Although I only technically allot myself $100k annually that is for tax reasons and could easily raise that for this purpose...

It would give me an easy step into the limits I'm having to spend 3 years working toward...

BUT ALSO was told the Centurion Card does NOT report to the Credit Reporting Agencies...? This would lessen the appeal of going through all those Income Hoops -- as it would be a great card to possess BUT wouldn't help me build for other bank's benefits...

Please advise if you are familiar...

Thank you...

This cars is more for the celebrities like movie and sport stars who have a lot $$$ to burn and want the attention. It is a burden for most business owners since the net benefit is negative return.

AmEx clearly wants to generate some exposures with stars waiving the cards in front of press cameras, than some point guys who only want to optimize the rewards.

Re: AMEX Centurion Card

NRB525 — Thu, 09 Apr 2020 20:38:38 GMT

@Charmante wrote:
Thank you both for the insight... Well I guess that loophole is not true. Lol You would think if you can verify a 7 or 8 digit annual income you could immediately achieve access to something more attractive than a Capital One QS or a Debit Card... Lol I guess...

Do you have an AMEX Platinum already?

The Platinum gets you a lot of the perks that go with Centurion, and it seems a necessary runway requirement before moving to Centurion. It is where you show your volume of annual spend / pay. The NPSL structure of Platinum is identical to a Centurion... a Centurion with training wheels.

Re: AMEX Centurion Card

Creditaddict — Thu, 09 Apr 2020 22:24:56 GMT

@Charmante wrote:
Thank you both for the insight... Well I guess that loophole is not true. Lol You would think if you can verify a 7 or 8 digit annual income you could immediately achieve access to something more attractive than a Capital One QS or a Debit Card... Lol I guess...

I think the better question is if you can have a million-dollar salary, why you can't stay current with your bills have "A" American Express Card and other prime banks first!

Re: AMEX Centurion Card

elixerin — Fri, 10 Apr 2020 02:41:31 GMT

income is absolutely nothing to AMEX, i actually think it means more to Chase. I've linked a Financial account to the Platinum Card, attempted a spending power of $8,000(Fraction of what they can see with me after link), Declined. $5000 is the "limit" or at least what i tried and got accepted at... 100k+ spent and paid since January on just Plat, forget a centurion invite rather ive been getting AA'd up the ass (ask anyone on the forums, i posted a LOT). Met with CPA monday and will be attempting a voluntary Financial Review soon.

As you can see these are my issues with 300k+ reported to AMEX, always PIF, 700+ FICO's

Def 200% agreement with @Saeren's statement. AMEX sees money, doesn't mean you'll necessarily pay what you charged with them, that trust has to be earned. Only with current experience am i now realizing how legitimate this statement is.. Also he/she's a live example that this is how it works, 18.5K reported income can (and does) have about 5x my currently available credit

Best wishes on your Journey

FYI: i remember a couple months old post of an individual who had no credit for 18 or so years but through the Chase Private Relationship managed to secure a 60k+(i think)? Sapphire Reserve line, not quite the Centurion but not terribly far behind (status-wise, value-wise im sure you already know.) Also i can confirm (i wish through me xD) that Centurion card reports just like any charge card

Re: AMEX Centurion Card

Charmante — Fri, 10 Apr 2020 02:50:53 GMT

Because I was raised that cash is king. I've never had more than a couple cards my entire life and disregarded them as wastes of time... But today's world is no longer like it used to be. And I am trying to catch up. Now I am "new to credit" at 36. Smh...

Re: AMEX Centurion Card

Charmante — Fri, 10 Apr 2020 03:08:18 GMT

You made a lot of sense. You have me curious...

1) What does "Attempted a spending power of $8,000" mean?

2) You linked what accounts? You mean you linked a Chase bank account to an AXEX card or...?

3) 100k+ spent on a Platinum AMEX or Chase?

4) What does AA'd mean...? Lol

You make me feel behind on English. Lolol

ALSO your story about the man (or Woman) having NO credit for 18 years, then getting a $60,000+ Chase Sapphire Reserve Line... Wow!

1) $60,000+ SL?

2) What exactly IS the Chase Private Relationship...? How do I create one?

I feel like I REALLY should join Chase... I bank with a tiny little local bank. Not even $500m in assets. Lol

Walk me through this Chase Private Relationship process.

Thank you.

Re: AMEX Centurion Card

wasCB14 — Fri, 10 Apr 2020 03:13:56 GMT

I've never heard of Chase Private Relationship.

There is Chase Private Client ($250k minimum officially, maybe $100k in some cases).

There is JPM Private Client Direct (which I nominally seem to be grandfathered into, even though the account is closed) requiring something like $1M, maybe more now.

There is JPM Private Bank at $10M.

Re: AMEX Centurion Card

wasCB14 — Fri, 10 Apr 2020 03:20:21 GMT

It may be the case that personal Centurion cards report personally, while small business Centurion cards with a personal guarantee do not (so long as the card is paid as agreed). That would fit with the general "business cards don't report personally" practice at Amex.

Re: AMEX Centurion Card

NRB525 — Fri, 10 Apr 2020 13:42:38 GMT

@Charmante wrote:
Because I was raised that cash is king. I've never had more than a couple cards my entire life and disregarded them as wastes of time... But today's world is no longer like it used to be. And I am trying to catch up. Now I am "new to credit" at 36. Smh...

Can you list out the credit cards you already have? That gives a perspective on where you are in credit.

Bank, brand of card at the bank, month and year opened, and credit limit.

Also, with a successful business, where do you do your business banking?