Watch This Before Applying For American Express Credit Card | (Updated Rules & Guide)

TL;DR

American Express is a great option for credit cards due to their generous rewards and customer support. Understanding their rules, credit score requirements, and timing of applications can help maximize benefits.

Transcript

hi everyone welcome back to the channel in today's video we're gonna talk about exactly what you guys gonna know with regards to applying for an American Express card the minimum credit scores you should have before applying and what to do if you happen to get denied for one of these bad boys right here now although chase remains one of my favorite... Read More

Key Insights

• 👋 American Express offers valuable cards with good rewards and benefits, but it requires efforts to maximize rewards compared to other issuers.
• 💳 Diversifying credit cards and points can help minimize risks, as dependence on a single issuer may lead to potential problems.
• 💳 American Express has rules and limitations, such as a limit of five credit cards and distinction between credit cards and charge cards.
• 🧑‍🏭 Timing of applications, strategizing spending, and considering annual fees are crucial factors to maximize benefits and avoid debt.
• 💳 American Express has relaxed credit score requirements compared to its prestigious image, but applicants should focus on paying off existing credit card debt before applying.
• 🫥 Utilizing the reconsideration line can help reverse a declined application by explaining your situation to a live representative.
• 🥺 Applying for multiple cards simultaneously may increase the difficulty of meeting spending requirements and potentially lead to debt.

Questions & Answers

Q: What is the difference between credit cards and charge cards offered by American Express?

Credit cards have preset credit limits, while charge cards have no fixed limits but carry the risk of financial review and shutdown if misused.

Q: Can I apply for multiple American Express cards in one day?

Yes, you can apply for a credit card and a charge card on the same day, though it is not recommended due to the potential difficulties in meeting multiple welcome bonus spending requirements.

Q: Can I get a welcome bonus for an American Express card multiple times?

No, since 2014, American Express only allows one welcome bonus per card. If you cancel and reapply for a card, you will not receive the bonus again.

Q: What is the minimum credit score required for American Express cards?

Generally, a score of at least 670 is recommended for the American Express Gold Card, 700 for the American Express Platinum Card, and 670 for the American Express Green Card. However, some applicants have been approved with scores as low as 630 or 643.

Summary & Key Takeaways

• American Express offers valuable cards with good benefits and rewards, but it takes effort to maximize the membership reward points compared to other cards like Chase.

• Diversifying credit card issuers and points is important to minimize risks.

• American Express has rules for applying, such as a general limit of five credit cards and the distinction between credit cards and charge cards.