AMEX Centurion Card

[Charmante]

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...

[longtimelurker]

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@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...

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

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!

[Anonymous]

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 

[Charmante]

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...

[Anonymous]

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. 

[Anonymous]

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... 

[SFLSpotter9210]

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. 

[AverageJoesCredit]

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@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...

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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

[BronzeTrader]

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@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...

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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.

[NRB525]

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@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...

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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.