No, American Express is not specifically for rich people, even though it does have a high level of status in many people’s minds. Applicants need good or excellent credit scores of 700+ to qualify for Amex credit cards, and you don’t need to be rich to have a good credit score.
In addition, some forums even report approvals for people with incomes as low as $25,000 per year. An income of $60,000 or higher is more likely to get you approved, though.
Why Some People Think Amex is for the Rich
The Black Card
The rumor that American Express cards are for rich people might come from the fact that one card––the Centurion “Black” Amex––is, in fact, for rich people. This card is invitation only, and it’s rumored that you must spend at least $100,000 across your Amex cards annually to be considered, though it could be much more. There is also a hefty $5,000 annual fee that cardholders must pay each year.
Charge Cards
Another aspect of American Express credit cards that caters to the rich is the fact that some Amex cards, such as The Plum Card® from American Express, are charge cards. This means that cardholders must pay their balance in full each month, since they are not allowed to carry a balance on the card. These cards are clearly not intended for long-term borrowing, so they better suit the spending habits of those who can afford to pay their balance in full each month.
Average Spending Volume
Finally, it’s worth mentioning that the average spending volume on Amex cards is very high compared to other card networks. In 2018, for example, the average American Express cardholder spent $14,480. In contrast, the average spending across cards on the other 3 major networks that year was only $3,918.
This means that many American Express cardholders are heavy spenders, but it certainly doesn’t mean that low spenders can’t get approved for Amex cards.
This answer was first published on 01/20/21. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
FAQs
No, American Express is not specifically for rich people, even though it does have a high level of status in many people's minds. Applicants need good or excellent credit scores of 700+ to qualify for Amex credit cards, and you don't need to be rich to have a good credit score.
Are American Express cards for rich people? ›
The American Express Centurion Card, colloquially known as the Black Card, is a charge card issued by American Express. It is reserved for the company's wealthiest clients who meet certain net worth, credit quality, and spending requirements on its gateway card, the Platinum Card.
How rich do you have to be to get an American Express card? ›
American Express credit card approval odds are best for people with a good or excellent credit score of 700+, an annual income of $50,000+, and relatively little debt. Applicants will also need to be 18+ years old with a U.S. mailing address and an SSN or ITIN to get a American Express credit card.
Which credit card do rich people use? ›
Top Premium Cards and Annual Fees
| Card | Annual Fees |
|---|
| HDFC Diners Club International Black Card | Rs. 20,000 (First year) |
| Standard Chartered Emirates Platinum Card | Rs 13,999 (Second year onwards) |
| IndusInd Bank Indulge Card | Rs. 10,000 |
| SBI Signature Card | Rs. 4,999 (Second year onwards) |
1 more rowLuxury Perks: The American Express Platinum card includes various luxury benefits like concierge services and luxury hotel credits and perks. Credit Score Requirements: While having a high income is generally a factor in the application process, the card also requires at least good credit for approval.
Why do the wealthy use Amex? ›
American Express targets these affluent cardholders through a '“spend-centric” model that focuses on generating revenues primarily by driving spending on its cards. That's where rewards come in. In just 2022, Amex spent almost $17 billion providing services and rewards to its card members.
What is the #1 credit card to have? ›
The best credit card overall is the Wells Fargo Active Cash® Card because it gives 2% cash rewards on all purchases and has a $0 annual fee. For comparison purposes, the average cash rewards card in 2024 gives about 1% back.
What is the most powerful credit card in the world? ›
What is the most prestigious credit card in the world? The American Express Centurion Black Card * The card details on this page have not been reviewed or provided by the card issuer. , known as “the Amex Black Card,” has been touted to be the most exclusive credit card preferred by high-net-worth individuals.
What is a black card limit? ›
The American Express Business Centurion Card, better known as the "black card," has no pre-set spending limit and is typically offered only to high-net-worth individuals.
What is the hardest American Express card to get? ›
Why it's one of the hardest credit cards to get: The hardest credit card to get is the American Express Centurion Card. Known simply as the “Black Card,” you need an invitation to get Amex Centurion.
Instead, they can take loans against their shares. Securities based lending, securities based lines of credit, home equity lines of credit and structured lending are options for leveraging assets without selling them. These loans tend to have relatively low interest rates because they are collateralized.
Who has an Amex black card? ›
The Amex Centurion card is right for someone who charges hundreds of thousands of dollars a year to their Amex Platinum and can score an invite for the Platinum's elusive big sibling.
Do billionaires use credit cards? ›
Credit cards play a major role in the financial lives of wealthy Americans. While they use credit cards for similar reasons as other Americans, they also rely on credit cards to manage their finances, earn rewards, and take advantage of exclusive benefits that come with high-end credit cards.
What is the average income for Amex Platinum? ›
The average household income at the time combined for Platinum and Centurion cardholders was reported to be $741,170.
Why would a rich person use a credit card? ›
If a wealthy American must make a large purchase like a new car or a piece of expensive equipment, they may use their credit card to pay for it and then pay off the balance over time, rather than having to pay for it all upfront. This allows them to have more cash to finance investments or other opportunities.
Who is American Express card good for? ›
AmEx cards offer high rewards and generally require at least good credit. If you currently have poor or average credit, then you may want to consider looking at a different issuer that offers options for a more diverse range of credit scores.
What does having an AmEx say about you? ›
If you have an American Express card, people will know that you likely have good or excellent credit and above-average income. If you're not of retirement age, they may assume you have a good job, too. Some people might also think that you're a big spender.
Does AmEx look at income? ›
They will request tax returns and bank statements. What they're looking for is to make sure the income you reported on the application is true. The process typically takes 2-3 weeks, and you're assigned a specialist to talk to.
Is American Express an elite card? ›
The Centurion® Card from American Express is out of reach for most people, but Amex does offer other elite credit cards such as The Platinum Card® from American Express. Anyone can apply for the American Express Platinum card, though it does come with a $695 annual fee and requires at least good credit for approval.
