Amex Platinum minimum income?

[Youllnever]

comeocome wrote:

For what is worth, I have a strong income but still got denied. Think their internal scoring system also cares about length of stay in the uk (new expat here).

Above the £50k threshold?

[LittleNick]

Somewhat off topic but got approved for Plat eventually agreeing to a credit limit card on all my cards, and interestingly they made me cut my credit limit on my existing cards by more than the credit limit they applied to the new plat card by a significant amount. They gave me less than 50% credit than the amount I cut it by. Obviously reducing risk.

[JDB]

LittleNick wrote:

Somewhat off topic but got approved for Plat eventually agreeing to a credit limit card on all my cards, and interestingly they made me cut my credit limit on my existing cards by more than the credit limit they applied to the new plat card by a significant amount. They gave me less than 50% credit than the amount I cut it by. Obviously reducing risk.

Provisions for credit losses in H1 2023 were US$2.253bn vs US$377m in H1 2022. Most of that will be in the US but it’s not a pretty picture in the UK where Amex has been very cavalier, particularly compared to other providers, until quite recently. Now having to shut the stable door…

[BBbetter]

comeocome wrote:

For what is worth, I have a strong income but still got denied. Think their internal scoring system also cares about length of stay in the uk (new expat here).

Could’ve used global transfer if available. Not just Amex, in general UK banks are hesitant to issue cards without a decent stay history.

[BBbetter]

LittleNick wrote:

Somewhat off topic but got approved for Plat eventually agreeing to a credit limit card on all my cards, and interestingly they made me cut my credit limit on my existing cards by more than the credit limit they applied to the new plat card by a significant amount. They gave me less than 50% credit than the amount I cut it by. Obviously reducing risk.

Its not off topic and has been repeated by many here before. People sit on large limits relative to salary and then complain they are being rejected. Disable auto increase in limits and review it every 6 months.

[BBbetter]

BJ wrote:

I find the very notion that amex and some readers may think that there is a strong causal relationship between the £50k threshold and (shall we say) type of card-holder and/or incidence of gaming is hilarious. I’d love to see the evidebce.

Well, amex clearly sees some link, otherwise they wouldnt have bothered removing pro rata refunds and increasing income requirements. The only step missing is removing retention bonuses and I cannot see that lasting long.

[JDB]

BBbetter wrote:

BJ wrote:

I find the very notion that amex and some readers may think that there is a strong causal relationship between the £50k threshold and (shall we say) type of card-holder and/or incidence of gaming is hilarious. I’d love to see the evidebce.

Well, amex clearly sees some link, otherwise they wouldnt have bothered removing pro rata refunds and increasing income requirements. The only step missing is removing retention bonuses and I cannot see that lasting long.

They have a specific issue with retention bonuses at the moment in that the inducements on offer appear incompatible with the newly introduced ‘value for money’ requirements. We will see how they get on with the FCA on this. Other providers complain about the hidden competition. What’s odd is that in the US market where regulation around cards is more lax than in the UK, retention offers are most commonly conditional which is very much the exception here currently. Also, the more people ask for them following reports, the greater the cost and likelihood of change.