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Forums Payment cards American Express Amex Platinum minimum income?

  • Maples 182 posts

    I wonder if Gold will get updated too, lol. I had £10K as a uni student when I got accepted.

    NorthernLass 7,420 posts

    It feels a bit like shooting themselves in the foot – someone on £50k might have a large mortgage and lots of other outgoings, someone on £45k may have most of it as disposable income.

    Simey 134 posts

    How believable are these sources? Platinum was paraded around as now not having a minimum income, in fact AMEX was quite proud of removing the income related requirements from their applications and moved to an affordability model.

    So now they would undo that – for what? I’ll be trying my luck early June but I do not have a 50k salary either, however I am a BAPP holder so maybe something can work out there. Who knows.

    DonLee 212 posts

    And seems not only platinum has minimal income requirements now. All cards are having this but not sure what level

    DonLee 212 posts

    How believable are these sources? Platinum was paraded around as now not having a minimum income, in fact AMEX was quite proud of removing the income related requirements from their applications and moved to an affordability model.

    So now they would undo that – for what? I’ll be trying my luck early June but I do not have a 50k salary either, however I am a BAPP holder so maybe something can work out there. Who knows.

    Unless AMEX changes their current requirements, holding another card would not help at all. I have more than 5 data points to prove this

    hwqcgsw 28 posts

    How believable are these sources? Platinum was paraded around as now not having a minimum income, in fact AMEX was quite proud of removing the income related requirements from their applications and moved to an affordability model.

    So now they would undo that – for what? I’ll be trying my luck early June but I do not have a 50k salary either, however I am a BAPP holder so maybe something can work out there. Who knows.

    P2 has other Amex cards, applied for platinum, and got an instant decline, the email says it is because of income (stated much less than 50k during the application).

    Simey 134 posts

    Seems a bit messed up – don’t you think?

    As long as they don’t cancel existing cardholders for being below their new randomly generated limits.. should be good. Still, quite sad to hear this if it is true. Would HfP / Rob know much about this?

    ukdw 14 posts

    Can’t remember exactly what I put in during the application – but it may have been £49,900 (which will be a shame if they cut off at exactly £50k) – or I may have included a bit extra due to investment income/interest etc. My application went in on 11/5 and am not enjoying having to wait for an answer – I read somewhere that it can take up to 60 days which is bizarre these days.

    I have a flight next week, the week after and another two in Mid June – so was hoping to be able to take advantage of the lounge access perk for at least two or three of them. But I guess now I may end up being rejected.

    Quite difficult to know what income to put in when you are in flexible drawdown – as it’s pretty much whatever you want it to be. I actually drew down 12th of 100k/12 in April and May – so might be useful I guess if I get rejected and try to appeal it.

    At least the Barclays Avios that I applied for a few minutes after the AMEX referral was accepted straight away.

    FearlessTraveller 53 posts

    I wonder if Gold will get updated too, lol. I had £10K as a uni student when I got accepted.

    I hope not – because I’m about to apply for the gold (currently earning 15k part time).

    The thing is you never know. They may have stealthily reintroduced it.

    VALittleRed 122 posts

    Just another data point, referred said family member for Plat, income way below 50k but homeowner (no mortgage) and was also rejected, bit of a shame I guess but oh well.

    Simey 134 posts

    Salary as a figure to use as a vetting process is not the smartest, so I am not holding hope for getting approved at the start of June. Promo ends the 13th so I’ll let you all know about the outcome if I remember!

    Gothbe 47 posts

    My mum recently did a gold to platinum upgrade. I don’t think they asked for an income as part of the application. Income on original gold 12 months ago was 20k. My wife was turned down recently for platinum on £20k with additional household of £80k

    YC 221 posts

    From their pov, I feel like it makes sense. Majority of P2 are there to hit SUBs, use credits and close the card. All you need is 1 person in the household to get long term value from the card. U can also get a supp plat for P2. Speculating that putting in a min income is an easy way from a tech perspective of shutting off these ‘bad opens’.

    They might lose some good business from someone who earns <50k and gets overall long term value from the card. But with consumer duty coming up, they may have decided that this card is not suitable to the majority of this segment.

    TravellingJake 4 posts

    I was told the minimum salary was introduced 6 weeks ago so I wonder if it was in preparation for this increased SUB offer, in an effort to limit the number of successful applicants. Could explain why eligibility checker etc haven’t been changed, if they know the salary restriction is temporary. Pure speculation on my part.

    Considering applying again once the SUB returns to normal and see what happens. No hard credit check was done so nothing to lose.

    jj 515 posts

    If the minimum salary was introduced in the last few weeks, the most likely cause is regulation. 30 April was the deadline for much Consumer Duty activity, with changes being drip-fed into products throughout April for many financial businesses.

    Amex will have needed to conduct a fair value assessment (FVA) and a target market assessment (TMA) for the Platinum card. The FVA would have considered pockets of consumers that may not get fair value from the product, and the TMA would have defined the target customer base positively and negatively. Both the FVA and TMA would have proposed measures to ensure the ‘wrong’ borrowers have no access to the product.

    The Platinum Card is clearly targeted at well-heeled borrowers who travel frequently. The large annual fee is justified by benefits like worldwide travel insurance, airport lounge access, the FHR programme, hotel status, hire car status, and substantial discounts on various luxury goods. Amex’s own analysis for the FVA would inevitably have shown that card holders earning less that £50K simply do not have the financial resources to reliably earn more benefits from the card than the cost of the £650 fee. Introductory bonuses couldn’t feature in the FVA, as the fee is charged in subsequent years but no further bonus is payable.

    Failure to evidence and deliver fair value could create unpleasant regulatory outcomes for Amex and its management. If I were them, I would have been in a very great hurry to introduce a substantial minimum income threshold by 30 April.

    If you don’t like the outcome, don’t blame Amex. Blame Nanny.

    NorthernLass 7,420 posts

    What’s frustrating though, is that Amex applications only let you declare one specific source of income, whereas you could have 2 or more guaranteed income streams, e.g. pension plus part-time job which could take you well over the £50k figure. As it stands, you have to put the 2nd income in with the “household income”, which now doesn’t count towards the minimum requirement.

    VALittleRed 122 posts

    What’s frustrating though, is that Amex applications only let you declare one specific source of income, whereas you could have 2 or more guaranteed income streams, e.g. pension plus part-time job which could take you well over the £50k figure. As it stands, you have to put the 2nd income in with the “household income”, which now doesn’t count towards the minimum requirement.

    Personally I wouldn’t see an issue in putting the total personal income from both streams into your income and choosing the option that best reflects the majority of that income. And other household income for any one else in your family you live with.

    NorthernLass 7,420 posts

    I had wondered about that but it seems very clearly linked to whatever employer details you put in, and I’d be terrified of being accused of misrepresentation by Amex and being put on their naughty list.

    AnotherRandomPerson 16 posts

    What’s frustrating though, is that Amex applications only let you declare one specific source of income, whereas you could have 2 or more guaranteed income streams, e.g. pension plus part-time job which could take you well over the £50k figure. As it stands, you have to put the 2nd income in with the “household income”, which now doesn’t count towards the minimum requirement.

    https://cdn.discordapp.com/attachments/1108761411817054302/1108761454582186084/image.png

    They allow you to add multiple sources?

    (PS why is the report button so easy to press when trying to click quote)

    BuildBackBetter 705 posts

    What’s frustrating though, is that Amex applications only let you declare one specific source of income, whereas you could have 2 or more guaranteed income streams, e.g. pension plus part-time job which could take you well over the £50k figure. As it stands, you have to put the 2nd income in with the “household income”, which now doesn’t count towards the minimum requirement.

    As ARP posted above, its your total income (from all sources) that you need to put down in your application. Any income not earned by you but earned by someone like a spouse living with you is what falls under household income.

    NorthernLass 7,420 posts

    Well, I’ve clearly been doing it wrong all these years!

    Mainline421 5 posts

    I wonder if Gold will get updated too, lol. I had £10K as a uni student when I got accepted.

    I got approved for Gold on 1 April under similar circumstances, so would have to be a very recent change if so.

    AnotherRandomPerson 16 posts

    I wonder if Gold will get updated too, lol. I had £10K as a uni student when I got accepted.

    I got approved for Gold on 1 April under similar circumstances, so would have to be a very recent change if so.

    Well, I guess we will find out next Gold SUB 😀

    BuildBackBetter 705 posts

    Seems a bit messed up – don’t you think?

    As long as they don’t cancel existing cardholders for being below their new randomly generated limits.. should be good. Still, quite sad to hear this if it is true. Would HfP / Rob know much about this?

    Why is this messed up? Having a 50k minimum income is reasonable and logical. They forgot to update the requirements page which is the only problem.
    They are not a government where every change has to be debated in parliament!

    Simey 134 posts

    Seems a bit messed up – don’t you think?

    As long as they don’t cancel existing cardholders for being below their new randomly generated limits.. should be good. Still, quite sad to hear this if it is true. Would HfP / Rob know much about this?

    Why is this messed up? Having a 50k minimum income is reasonable and logical. They forgot to update the requirements page which is the only problem.
    They are not a government where every change has to be debated in parliament!

    On the basis that nothing has been communicated.
    On the basis that if people applied in early April / late March they’d have been accepted.
    On the basis that AMEX has done away with minimum income tied to their cards.
    On the basis that salary =/= loads of free cash to spend monthly.

    Just a few examples on why I don’t see this as logical. My partner and I both make less than 50k but together make a substantial sum, whilst living in N. Ireland our living costs are not overly high and afford multiple expensive holidays a year. So this card would’ve been perfect for us to utilise alongside my BAPP and her other cards. Anyhow, nothing to lose in trying an application before this promo closes.

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