Amex Platinum minimum income?

[sloth]

whilst I agree that Amex can do what they want and change acceptance criteria as they wish/see fit, surely if they have a minimum salary requirement dont they have to advise this before you apply so at least people are aware

[NorthernLass]

They don’t have to, but you would think that they would save themselves some time by doing so!

[sloth]

NorthernLass wrote:

They don’t have to, but you would think that they would save themselves some time by doing so!

but its also the fact that a credit search is being done when apparently the decision has already been made beforehand (if you earn <50k). so it impacts on the applicant

[JDB]

sloth wrote:

whilst I agree that Amex can do what they want and change acceptance criteria as they wish/see fit, surely if they have a minimum salary requirement dont they have to advise this before you apply so at least people are aware

The thing is that Amex doesn’t have absolute criteria, they look at a variety of things that change regularly and for very obvious reasons don’t specify what they are. The Platinum card is supposed to be Amex’s premier/flagship product that’s open for application (ie not Centurion) and it is very clearly aimed at ‘high rollers’, so it should really be self-excluding for lower salaries when, as @jj has identified above, regulators also don’t think it is a suitable product. Any pressure from the regulator in this regard probably suits Amex as they are not only tightening up anyway in response to tough economic times ahead but they are also acting in response to a significant number of low earner ‘hit and run’ applicants, pillaging the points after some rapid dodgy spending, use of credits and quick closure.

[BuildBackBetter]

JDB wrote:

they are also acting in response to a significant number of low earner ‘hit and run’ applicants, pillaging the points after some rapid dodgy spending, use of credits and quick closure.

Which is exactly the case for many complaining on here.

[BuildBackBetter]

Simey wrote:

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.

No need to get so worked up on this. If you are an edge case, you win some, lose some. Probably a lesson to plan and apply early when credit conditions are loose, as JDB says, if you really value the benefits long term.

[Maples]

Does anyone have a bang on £50K income to prove this theory we’ve ended up with?

[NorthernLass]

Why is it a theory? Someone posted above that they’ve had an email from Amex stating this.

[sloth]

To cooberate previous reports etc…One of my referees got declined over the weekend, income of 48k. When querying this they were told specifically income has to be >50k and that there was an internal memo that this requirement only came into force this month and no flexibility. Inference was the min earnings requirement was temporary though and to try again in couple of months….

[Simey]

sloth wrote:

To cooberate previous reports etc…One of my referees got declined over the weekend, income of 48k. When querying this they were told specifically income has to be >50k and that there was an internal memo that this requirement only came into force this month and no flexibility. Inference was the min earnings requirement was temporary though and to try again in couple of months….

Prob wasting my time firing in an application then. Not mentioning this on the application, only the usual “If you’re 18 and have an account in the UK you can apply and get an answer in 60s!” leaves a bad taste in my mouth is all.

[VALittleRed]

sloth wrote:

Inference was the min earnings requirement was temporary though and to try again in couple of months….

To me it clearly seems no coincidence this requirement coincides with the increased bonus offer.

[Skywalker]

Other financial products that are restrictive by way of income tend to make it clear so that people do not waste their time with applying (Barclays and HSBC Premier accounts for example).

Applicants should be clearly informed of this, if an income of <£50k p/a is the basis for an immediate decline – even if the marketing style appears to aim it at ‘high rollers’ as @JDB says.

@sloth: “Inference was the min earnings requirement was temporary though and to try again in couple of months….”

Very cynically, why do I get the feeling the £50k p/a income requirement will magically disappear after the 60k MR points has ended…? 🤔

[Skywalker]

VALittleRed wrote:

sloth wrote:

Inference was the min earnings requirement was temporary though and to try again in couple of months….

To me it clearly seems no coincidence this requirement coincides with the increased bonus offer.

Snap! 😄

[Simey]

Interesting. They didn’t enforce minimum incomes for other SUBs as far as I know – let’s hope this is not setting some strange new precedent about ad-hoc requirements that are not communicated as this seems to be a slippery slope long term!

[Spare]

Does anyone have the email of the CEO or it would be better to go directly to MCOL?

[JDB]

Spare wrote:

Does anyone have the email of the CEO or it would be better to go directly to MCOL?

The CEO will pass the email straight to the UK Executive Office which is, inter alia, the ‘escalations’ team. What is the legal basis for any claim are you proposing at MCOL? The FOS (that many here will dismiss) can generally look at wider fairness issues than MCOL and can award compensation for distress/inconvenience that a Court cannot.

[zapato1060]

Not in regards to me but what happens if “you put down 50k but earn less?”.

And is this new 50k min concerning BAPPs aswell or just Plat?

[VALittleRed]

zapato1060 wrote:

Not in regards to me but what happens if “you put down 50k but earn less?”.

And is this new 50k min concerning BAPPs aswell or just Plat?

You run the risk that they ask for proof. And if you can’t then you run the risk all your accounts are closed in the worst case scenario?

[JDB]

@VALittleRed – I don’t know how you can say the worst outcome is having your account closed (even though you put a ?).

A credit card application is a legal document and knowingly giving false information to obtain credit is fraud. Hopefully, one doesn’t need to spell out the potential consequences of that.

Are people really so desperate to get the Plat card that they need to resort to this?

[PeteM]

Spare wrote:

Does anyone have the email of the CEO or it would be better to go directly to MCOL?

This did make me laugh!

[jj]

zapato1060 wrote:

Not in regards to me but what happens if “you put down 50k but earn less?”.

And is this new 50k min concerning BAPPs aswell or just Plat?

Hey, let’s commit financial fraud to earn some points.

What a great idea! I’m sure it will end well.

[VALittleRed]

JDB wrote:

@VALittleRed – I don’t know how you can say the worst outcome is having your account closed (even though you put a ?).

Sorry my apologies, it seemed the most obvious thing that could happen but clearly not the worse as it’s fraud as you rightly say.

[NorthernLass]

I always played Devil’s Advocate when putting a prosecution file together as that way you can anticipate weaknesses in the case.

It’s never a good idea to lie on official documents but leaving the moral aspect aside for a moment, it would be interesting to see how the prosecution would prove beyond reasonable doubt that your annual income was below £50k, as would be required in a criminal case. Also, does Amex anywhere specify between which dates they require you to earn the £50k? It’s little details like this that make criminal cases such a minefield to prove.

Of course it’s not recommended and absolutely not advisable to potentially wreck your relationship with Amex and other lenders, as such information might end up being accessible via your credit record etc. It would be most unfortunate to be refused a mortgage because you wanted 60k MR points!

[jj]

It’s not about prosecution. No-one will take you to court over application fraud. Instead, they’ll load you onto CIFAS.

Then the bad stuff happens. Every other financial institution will see that you are dishonest, and you will be completely shut out of the credit system for years. Even your overdraft (if you have one) will be at risk.

Every lender that I have ever worked for has routinely reported confirmed application fraud to CIFAS. You have been warned.

[NorthernLass]

That was my point – I was just imagining what it would be like to even try to make a prosecution case for something like that! Old habits die hard and all.

As I said, you’re more likely to end up being refused a mortgage than going to prison.