How Does Amex Platinum Saks Credit Work
. Furthermore, how do I use my Amex Platinum Saks credit?
The Business Platinum Card from American Express does not offer a to use at Saks. Click Here to learn more about the Platinum Card from American Express. Once you hold the card, you will need to log into your American Express account and activate the . To do this, head to the benefits tab.
Subsequently, question is, does Amex Saks online work? 1 to June 30. You need to enroll your Amex Platinum Card for this benefit to take effect, which you can do through your Amex account online. The terms state that this Amex Platinum statement is valid at Saks Fifth Avenue online or at locations in the U.S. and U.S. Territories.
In this manner, do you need good credit for Amex Platinum?
To apply for The Platinum Card® from American Express, you need to have a good or excellent credit score. This means you need a score of at least 700. The average applicant has a score of 715. Although, some applicants have been approved with a score as low as 643.
How do I maximize my Amex Platinum card?
The more you know about your credit card benefits, the more value you can get out of them.
Consider Getting Another Amex Credit Card First
If you are concerned about your credit score, you might consider getting another American Express credit card first. This can be a wise move if you dont own a credit card already. Your approval odds increase if you can responsibly manage a credit card.
The Amex Platinum is one of the most prestigious travel credit cards you can own.
Trying for an American Express credit card lets you establish a relationship with Amex. Plus, it can make it easier to add the Amex Platinum Card to your wallet in the near future. Several of the best no annual fee travel credit cards are offered by American Express.
Best Credit Cards For Middle Income Earners
In terms of credit cards, middle income earners are generally classified as individuals who make between $60,000- $79,999 annually or who have a combined household income of $100,000 or more. The types of credit cards that fall into this category tend to have more perks and benefits, higher welcome bonuses, but also high annual fees. These are our top credit card picks for middle income earners.
Current Promotion Expires: Credit score required: Min personal income required: Annual fees:
New TD® Aeroplan® Visa Infinite* cardholders can capitalize on a huge sign-up bonus.
Earn up to $1,250 in value including up to 25,000 Aeroplan points, no annual fee for the first year and additional travel benefits. Must apply by March 6, 2022.
- Earn a welcome bonus of 10,000 Aeroplan points when you make your first purchase with your new card
- Earn an additional 15,000 Aeroplan points when you spend $1,000 within 90 days of Account opening
- Earn a Bonus Buddy Pass that can score you a second ticket when you book an economy ticket. On the second ticket, you only pay the taxes and third-party charges. Youll receive the one-time use pass when you spend $1,000 within 90 days of Account opening, and you have a whole year to use it
- Enroll for NEXUS and once every 48 months get an application fee rebate, and share free first checked bags
- Plus, get an annual fee rebate for the first year.
Terms and conditions apply.
Age: Residency: Age: Residency:
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Amex Platinum Credit Card: An Overview
The Amex Platinum is a premium credit card that offers a welcome bonus, luxury perks, and other value-added services. Cardholders benefit from Uber credits, airfare discounts, bonus points, cashback and much more. Unlike typical credit cards, this card allows you to carry a balance for certain charges, but not all.
There is a catch, though: the Amex Platinum carries a $695 annual fee which is high compared to other options.
Many people are happy to pay the annual fee because of the incredible perks attached to the Amex Platinum. If youâre calculating whether the cost is worth it, potential applicants must understand whether their lifestyle and financial circumstances are a good fit for the Amex Platinum Card.
Amex Fine Hotels & Resorts
Amex Platinum cardmembers can access the Amex Fine Hotels & Resorts program. When you book participating hotels through Amex Travel, you’ll enjoy perks including room upgrades, free breakfast, late checkout, free Wi-Fi, and a unique amenity at each hotel, like a credit to use at on-property spas or restaurants.
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What Can You Do If You Don’t Get Approved
If you get a rejection, it may not be the end. Here are a couple of things you can do:
- Work on building your credit: If you still get denied, or you know you’re not quite there yet, then just work on building your credit.
- Work on paying off the balances on your other credit cards. Don’t miss or be late with any payments.
- You can ask for credit limit increases on your other cards, which will help with the credit utilization ratio.
- Consider applying for another AMEX card first. A prior relationship may help your odds.
Remember, you don’t have just one chance. You can apply again after your credit has improved. Terms and conditions apply.
That’s the great thing about working on building a good credit history. If you don’t qualify the first time, once you fix your credit, you have another shot at getting your American Express Platinum card. It pays to keep trying after you’ve improved your credit history.
Whats The Limit On A Black American Express Card
ThereÄôs no credit limit The American Express Black Card doesnÄôt have a pre-set spending limit, so cardholders can spend as much as they want every month. But thatÄôs only the case if they can afford it. The Centurion¬Æ Card from American Express is a charge card, so cardholders canÄôt carry a balance.
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How Much Credit Score Do I Need To Get The Amex Platinum
More the merrier, of course, but according to NerdWallet, having a score of 690 or higher is recommended.
If your score doesnt belong within this range, do not take it as a sign that you are discouraged from applying. You can easily apply online or by talking to a customer service rep on the phone. Perhaps you are such a high earner that your lower score may not even be a factor for American Express.
My advice would be to talk to a human as online applications often fail to provide the reason and context of your circumstances or remove any room for negotiation.
Does American Express Ask For Tax Returns
In the process of a financial review, Amex will request access to review specific documents that confirm your income, like your tax return. If Amex feels the income is not sufficient, they can either shut down your accounts or lower your credit limits to a limit that is more in line with your income.
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How Long To Wait
If you are getting ready to apply for your first American Express card and you decide to go with one of the easier options to get approved for then you might want to wait 6 months to a year to apply for the Platinum Card.
That should give Amex some time to learn to trust you.
Some like to wait even longer to establish their credit history, but generally 6 months to one year is enough time for banks to start trusting you a little bit.
Frequent Delta Flyers And People Whose Home Airport Has A Centurion Lounge
If you can fully utilize the statement credits on the Amex Platinum each year, the out-of-pocket cost for the card goes down to just effectively $195 a year minus the up to $200 annual airline credit, up to $200 Uber Cash and up to $100 Saks Fifth Avenue credit). Instead of thinking about this as an annual fee you pay to Amex for the privilege of spending money on its hunk of metal, think about it as an annual lounge membership fee. As a reminder, the Amex Platinum comes with a Priority Pass Select membership, access to Amexs global Centurion Lounges and access to Delta Sky Clubs .
- New York-LaGuardia : 2021
All the lounges are open except for Hong Kong, Las Vegas and Phoenix. Not only is the footprint of the Centurion lounge program growing theyre often a huge step up from regular airport lounges, including Priority Pass locations. Even some of Deltas Sky Clubs are surprisingly nice for domestic lounges, especially in airports such as Atlanta and Minneapolis where there arent great Priority Pass options. While it can be tough to put a value on an individual lounge visit, if you frequently pass through one of the cities mentioned above, it shouldnt be hard to get at least $50 a year out of the Amex Platinums thorough and diverse lounge benefits.
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Its Part Of A No Foreign
Its not uncommon to find travel cards that offer $0 fees on foreign transactions. What is more rare to find, though, is a bank that doesnt charge for ATM transactions when youre traveling internationally. Enter, Schwab.
The Schwab Bank High Yield Investor Checking® account gives unlimited ATM fee rebates worldwide and doesnt charge service fees or require account minimums. You can link a Schwab brokerage account to a Schwab checking account with one login and transfer funds between the accounts for free.
Pairing Schwab’s AmEx Platinum Card with its high-yield checking account gives fee-free access to credit and cash no matter where you travel.
What You Need To Get A Credit Card In Canada
If you want to increase your purchasing power while building your credit history at the same time, consider getting a credit card. Credit cards can be great financial tools as long as you use them wisely. Theyre also usually easy to apply for. While your financial track record is taken into account to determine your eligibility, there are other basic requirements to consider.
January 25, 2021 in Learn
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Is The Amex Platinum Worth The $550 Annual Fee
If you can meet the minimum spend to get the welcome offer on the Amex Platinum card and your credit score is good enough to qualify, the welcome bonus alone will offset the annual fee. The 75,000 points you earn for signing up are worth a minimum of $750 in travel.
Those points can be even more valuable if you transfer them to an airline frequent flyer program. Amex Membership Rewards transfer to 16 airline programs including:
- Aer Lingus
- Virgin Atlantic
All three airline alliances are represented in the mix, as well as a few foreign airlines that dont belong to an alliance so there are plenty of redemption possibilities.
You can also transfer your Amex Membership Rewards points to three hotel programs including Choice Privileges, Hilton Honors and Marriott Bonvoy. You can also use points for gift cards or other redemptions, but those are not usually a good value.
Which Amex Platinum Benefits Require Activation
Not all Platinum Card benefits are automatic several require you to activate or enroll before you can start using them. These include:
- Choosing an airline for the annual incidental fee credit
- Adding your card to your Uber account to receive your monthly Uber Cash
- Enrolling for the Saks credit
- Registering for Marriott and Hilton Gold status and rental car elite status
- Enrolling for the digital entertainment credit
- Signing up for Equinox through Amex
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Who Should Get The Amex Platinum
Those who want the ultimate luxury travel experience may benefit most from The Platinum Card from American Express. Sure, you can earn points toward free travel, but thats not the only thing that makes this rewards card so prestigious.
What you get on top of earning points is upgraded access and lucrative credits on offer. Instead of it just being about nearly free travel, cardholders can also gain access to upscale travel experiences that might be out of reach for non-cardholders.
For instance, you could skip the standard hotel room and instead unlock more than $500 worth of upgrades at over 1,000 luxury hotels through Amex Fine Hotels & Resorts. Or, you could make the airport less of a hassle by ducking into a Centurion Lounge to take a short nap and fill up on complimentary food and beverages. Keep in mind that some benefits do require enrollment.
The point being if you can take advantage of enough Amex Platinum benefits, you could offset the $695 annual fee. If, however, youre an occasional traveler who tends to lean more toward budget-friendly travel, you may want to consider a different card.
If you’re a business owner, you might also consider The Business Platinum Card® from American Express. These two Amex Platinum cards share many similar perks yet vary just enough that understanding how the Amex Platinum vs. Amex Business Platinum cards compare can be very helpful.
Why Do Eligibility Requirements Vary
Like most industries, the world of credit cards is full of different companies trying to make a buck in different ways. An old, established card issuer might only be interested in serving borrowers it deems the safest bets, but a smaller, younger card issuer might have found a way to serve other sectors of the market by looking more closely at borrowers situations, for example.
Some cards come with all sorts of intricate features and rewards, but a card issuer will usually want to recoup this expense by charging an annual fee or encouraging the cardholder to spend lots of money on the card. Cards aimed at those with lower incomes, by contrast, will often be pared-back and straightforward.
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How Much Does It Cost
The Amex Platinum is a premium card that comes with a $550 annual fee, but not everyone is willing to pay a yearly fee to hold a credit card and not everybody can meet the minimum spend required to get the welcome bonus.
The Amex Platinum is similar to other premium cards with fees in the $500 range like the Chase Sapphire Reserve and Citi Prestige cards, and while the costs and benefits differ the Amex Platinum is more popular, especially for status seekers and travelers.
This is generally not a good card for beginners because of its high annual fee, but if youre interested in it for the points and perks you might want to apply for an Amex Gold card which is one level below this card and has a $250 fee and a 60,000 point welcome offer when you spend $4,000 in the first six months.
If you dont spend enough to earn either the Gold or Platinum sign-up bonus and you dont need all the benefits of those cards, you can also consider the American Express Green card, which has a $150 annual fee and comes with a 45,000 point bonus after spending $2,000 in the first six months.
What Is The Best American Express Credit Card
While the best credit cards for you will depend on what you need out of your card, there are a few American Express cards that hit the top of most rewards card lists. First, The Platinum Card® from American Express is hands-down one of the best travel rewards cards, offering bonus rewards on hotel and airline purchases, as well as more than a dozen valuable travel perks like lounge access and Uber credits . Similarly, the Blue Cash Preferred® Card from American Express is one of the top cash back credit cards, offering bonus rewards in everyday categories that are hard to beat .
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Is It Worth Keeping The Amex Platinum
When the second year comes along, you should re-evaluate whether you want to pay $550 for the next year. Remember you wont get that 75,000 point sign-up bonus so that will not help offset the annual fee. But the many other perks like $600 in statement credits can. But only if you use them. And elite status at Marriott and Hilton have value, but only if you plan to stay at those properties. The same goes for airport lounge access. If you dont fly that often or there are no lounges in the network in the airports you use, then this benefit does not add much value.
If you can take advantage of many of the benefits offered it might be a good idea to hold onto the card. Also, if you do cancel the card and then reapply later because you missed the benefits, you may not be approved if your financial situation has changed. And a few last notes on cancelling a card, you will lose that line of credit in your overall credit availability and holding a card for only one year will also shorten your average length of credit so keep all this in mind before you decide to cancel the card as it can affect your credit score.
How To Get Approved For Amex Platinum Card
- Post author
Tantamount to an elevated societal status, securing an Amex Platinum Credit Card is perhaps the most coveted. And while it may feel this card is out of reach, it isnt as hard as you may imagine given a certain credit score, decent income level, and if youre willing to spare $695 on an annual fee .
Typically, American Express will encourage getting this credit card by incentivizing it with promotions, such as earning a bonus of 100k membership reward points if $6,000 or more are spent within the first six months of opening the new Amex Platinum account.
Side note: I can confirm that earning 125K membership reward is also possible by charging the same $6,000 within the first six months. Thats 25k more points, if youre able to negotiate.
In any case, many ask about how to get approved for an Amex Platinum.
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