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American Express Platinum Approval

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Regular Contributor

American Express Platinum Approval

Was bored and logged onto my AE account.  I noticed I had a "pre-approval" message for the AE Platinum so I input my yearly salary and the submit button.  Haven't had an inquiry in over a year so no biggie (I hope) and don't plan on applying for anything else credit wise until next year.  Got an instant approval e-mail (was kind of suprised I didn't get the 7-10 day notice). Really curious on what my limit will be.  I plan on just paying the yearly $550 fee and throwing this card up in my nightstand with all the other cards I recently paid down/paid off....lol

 

My question is, "Is there some type of exclusitivity with having the AE Platinum card?"  My credit profile is above average (borderline excellent) and my income is "substantial".

Message 1 of 29
28 REPLIES 28
Regular Contributor

Re: American Express Platinum Approval

Congratulations! I want the business personal platinum too but waiting on their elusive 100k sign up bonus.

 

Exclusivity / Perks: Centurian Lounges, most 3rd party lounges, upgrades at hotels, and first access on certain events. I'm sure there are more but these are just some off the top.


Built from 2015 - 2019
Message 2 of 29
Regular Contributor

Re: American Express Platinum Approval

Congratulations on your approval. $550 is a hefty fee to pay to sock drawer a card. In my opinion that card does not fall into that category, in fact no AF Card should.

Work In Progress:
Current Revolving Personal CL: ~$424K


Current Revolving Business CL: ~$103K

Gardening Until Dec 2019 or Until All Scores are back above 800s

Message 3 of 29
Regular Contributor

Re: American Express Platinum Approval

I agree.  I won't get any "perks" unless I use it....right?  lol  Since i can't carry a balance on this one, I have to be careful and spend within my limits every month.

Message 4 of 29
Regular Contributor

Re: American Express Platinum Approval


@Gladius wrote:

I agree.  I won't get any "perks" unless I use it....right?  lol  Since i can't carry a balance on this one, I have to be careful and spend within my limits every month.


It helped me to think of a charge card as a glorified debit card.


Built from 2015 - 2019
Message 5 of 29
Established Contributor

Re: American Express Platinum Approval

Are you going to be able to comfortably hit the $5k spend in the first 90 days? With that $550 annual fee it'd be a shame not to get that bonus. Since i opened up like 6 other cards at the same time, I went with the Ameriprise version of the Amex Platinum. The annual fee is waived year one but there's also no sign up bonus, but when you already have four other SUBs to hit, that's not necessarily a bad thing.
Chase UR: Amex MR:Citi TY:
Cash back:Travel:
Debit: + DCU savings acct for 5.12% APY for $1k
Message 6 of 29
Valued Contributor

Re: American Express Platinum Approval

You're going to sock drawer it??  A least meet the spending to get the bonus.

 

What was the bonus offer?




FICO 8 Scores EQ 704 / Goal 750, EX 706 / Goal 750, TU 724 / Goal 750

FICO 9 Scores EQ 726 / Goal 750, EX 683 / Goal 750, TU 726 / Goal 750
Message 7 of 29
Moderator

Re: American Express Platinum Approval


@Gladius wrote:

Was bored and logged onto my AE account.  I noticed I had a "pre-approval" message for the AE Platinum so I input my yearly salary and the submit button.  Haven't had an inquiry in over a year so no biggie (I hope) and don't plan on applying for anything else credit wise until next year.  Got an instant approval e-mail (was kind of suprised I didn't get the 7-10 day notice). Really curious on what my limit will be.  I plan on just paying the yearly $550 fee and throwing this card up in my nightstand with all the other cards I recently paid down/paid off....lol

 

My question is, "Is there some type of exclusitivity with having the AE Platinum card?"  My credit profile is above average (borderline excellent) and my income is "substantial".


Congrats on the appproval but regarding your comment ‘Really curious on what my limit will be’.  There is no limit on Amex charge cards like you see with revolving credit cards.  Each transaction is approved or denied on a case by case basis.  As you use the card and pay it off your ability to use it for larger charges will increase.  There is a ‘check spending limit’ that you can utilize to give you an idea if a charge will be approved or not but even that is just a guide.

 

As for just paying the $550 and sock drawering the card, I have to say that is a horrible idea and you should reconsider.  I’m curious if you know much about this card or if you applied just because you saw that you were preapproved.  If so, that was a mistake.  The Amex Platinum is a high end travel card that comes with quite a few benefits but they are only valuable if you travel..  As others stated you would be foolish not to meet the spend requirements to get the SUB as those MR points can also be very valuable.  Again though I hope you either have an existing MR earning card and are familiar with the rewards program or did quite a bit of research beforehand.  Far too many posters on this forum apply for high end travel cards without any idea on how to use the miles/points and end up with a card that is basically useless to them because they don’t travel or only do so infrequently.  I hope that you don’t fall into this category.

Message 8 of 29
Moderator

Re: American Express Platinum Approval


@Zolomon wrote:

Congratulations! I want the business platinum too but waiting on their elusive 100k sign up bonus.

 

Exclusivity / Perks: Centurian Lounges, most 3rd party lounges, upgrades at hotels, and first access on certain events. I'm sure there are more but these are just some off the top.


There is currently a 100k point SUB for the business Platinum now.  It requires a $10k spend to get all 100k

Message 9 of 29
Senior Contributor

Re: American Express Platinum Approval

Congrats on Approval

8-2019 / Fico 8 EX 8013 , EQ 8016 , TR 810
Amex ED 22k , CSP 17k , Discover iT 12.5k , Fifth Third Bank S2C 12k , BofA Cash Rewards 10k , Avianca Vida 10k , State Farm Good Neighbor Visa 10k , Citi DD 6k , Union Bank Rewards 5k
Message 10 of 29
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