American Express changes the minimum income requirements for its cards

In 2023, American Express brought back minimum income requirements for its UK personal and small business cards.

Between 2016 and 2023, the company took a more holistic view of your finances. After all, a single person living at home on a £25,000 salary has a totally different disposable income profile to someone who is married with two kids and a mortgage taking home £35,000. This approach ended in 2023.

The company has now tweaked the minimum income requirements, with some cards getting a lower limit. No limits have increased.

The previous limits were not exactly tough for anyone in a full time job. Even someone on minimum wage doing 40 hours per week would qualify for every American Express card except The Platinum Card and the British Airways American Express Premium Plus Card.

The winners from these changes are probably the retired or part-time workers, who may now find they earn enough to apply for specific products.

These are the new PERSONAL income requirements:

• British Airways American Express Credit Card – £15,000 (was £20,000)

• The American Express Rewards Credit Card – £15,000 (was £20,000)

• Amex Cashback Everyday Credit Card – £15,000 (was £20,000)

• American Express Preferred Rewards Gold Credit Card – £20,000 (unchanged)

• Amex Cashback Credit Card – £20,000 (unchanged)

• Nectar Credit Card – £20,000 (unchanged)

• Marriott Bonvoy American Express – £20,000 (unchanged)

• The American Express Business Gold Card – £20,000 (unchanged)

• British Airways American Express Accelerating Business – £20,000 (unchanged)

• The Platinum Card – £35,000 (unchanged)

• British Airways American Express Premium Plus Card – £35,000 (unchanged)

• The American Express Business Platinum Card – £35,000 (unchanged)

For the small business cards, the minimum income figure relates to the personal income of the person applying and not the profits of the business itself.

Limits have been falling in real terms for many years

If we go back to 2016, these levels are often substantially lower than they were, adjusting for wage inflation.

The Platinum Card was £40,000 in 2016 but is currently £35,000. With wage inflation it should be nearer £55,000.

The Marriott Bonvoy American Express Card required a £30,000 personal income in 2016 but is now £20,000, when wage inflation should have pushed it to nearer £40,000.

The only jump is the British Airways American Express Premium Plus Card, which was available on a £20,000 income in 2016 but now requires £35,000.

The other personal cards were £20,000 in 2016. Those which have now dropped to £15,000 would have been nearer £30,000 had the limit kept pace with wages.

For HfP readers, I suspect the biggest impact will be from people who earn between £15,000 and £20,000 who will now be considered for the free British Airways American Express Credit Card.