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Watch This Before Applying For American Express Credit Card | (Updated Rules & Guide)



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hi everyone welcome back to the channel

in today's video we're gonna talk about

exactly what you guys gonna know with

regards to applying for an American

Express card the minimum credit scores

you should have before applying and what

to do if you happen to get denied for

one of these bad boys right here now

although chase remains one of my

favorite banks in terms of generosity

with the welcome bonuses they offer and

how easy it is to use their points

American Express is really a close

second in terms of the customer support

they offer and really the status and

benefits American Express is really a

close second for me not only do they

offer very good status benefits for

their cards their cards offer a good

amount of points as well it just takes a

little bit of work to be able to

maximize some of those membership reward

points compared to the altmer points

that you get with Chase now I think it's

good to mention that American Express

actually does a very good job with a

couple simple things that I really

appreciate as a credit card customer

that's really just having good customer

support I've never had an issue with

that now in addition to that I really

just appreciate the fact that we have

different competition we have other

credit card issuers that we can go to I

think that's good for anyone getting

into the game just to diversify say you

have all your cards with Chase and

something happens Chase T values their

points maybe they shut your account down

there could just be a lot of things that

go wrong

one of the best things to do if you're

trying to get into credit cards is to

really diversify everything that you

have diversify the points that you have

diversify the cards that you carry and

really the whole point of doing this is

just to minimize any type of risks that

may happen to your account now before

you guys apply for an American Express

card there's a couple things you guys

need to take into consideration just

like any other credit card issuer

there's always gonna be rules to it

Chase has their own set of rules like

the 5:24 rule or being able to apply for

a certain amount of cards or building a

relationship with them first before

applying for some other hire to your

Luxury cards American Express actually

has their own rules too now keep in mind

American Express is way more generous

with accepting new applicants so the

rules aren't as strict but there are

things that you guys do need to know now

keep in mind American Express has two

different type of cards they have credit

cards and they have charge cards I made

a video a long time ago on my channel

just talking about the differences but

generally all you need to know for the

differences between a charge card and a

credit card is the fact that charge

cards really don't have a set credit

limit like credit cards do whenever you

guys get a regular or typical credit

card it's going to say you have a $1,000

limit or a two

thousand dollar limit with charge cards

there really is no preset limit yes you

could figure out what that limit really

is but that's something that you guys

shouldn't do and the reason why I

shouldn't do that is because that can

lead to a financial review and shut down

- and American Express is one of the

companies that are very sensitive to

anyone trying to gain the system so if

American Express's algorithm detects any

fraudulent activity on your account

there's a chance that they can ask for a

financial review on your credit card

statement that's not something you guys

want because that can lead to a shutdown

or a decrease in your credit limits the

general rule of thumb with American

Express is five credit cards now this

isn't a rule that isn't set in stone but

this is really based off of data points

for a majority of credit card holders

there are people out there who have

multiple cards more than five cards with

American Express that may be five credit

cards and to charge cards but generally

if you have five cards with American

Express chances are you don't want to

push it and if you do want to apply for

another card you may want to cancel one

of the cards before applying for another

one now I know I always say don't cancel

credit cards it's bad for you there

actually are a couple exceptions to that

rule one of the exceptions would be when

you're trying to get another American

Express card your only other option is

really to downgrade or to cancel a card

if you're not trying to get over that

five credit card limit with American

Express so let's talk about numbers and

timings of applications for your

American Express card so with American

Express surprisingly you guys could

actually apply for two cards within one

day you could apply for a credit card

and a charge card just because they are

two different categories of cards now I

recommend people not to apply for two

cards at once if you don't have to but

this is really something that a lot of

other users have been able to do and get

away with now the reason why I don't

recommend you guys to apply for two

cards at the same time it's just because

this is a long-term game most people

have trouble hitting that welcome bonus

for just one card imagine hitting two

welcome bonuses within the span of three

months on average a welcome bonus you

have to spend three to five thousand

dollars if you end up spending six to

ten thousand dollars sometimes that's a

significant jump and other people may

not be able to hit it or if you do hit

it you may end up going in debt and that

is the last thing I want from you guys

now I usually recommend people to not

apply for cards within a 90-day period

but there are also data points that

people have been approved for two credit

cards with American Express within that

90-day period in the past American

Express actually allowed you to get

multiple welcome bonuses for that

credit card now since 2014 that has

actually been taken away so if you guys

are looking to apply for a American

Express card the rule is that you can

only get that welcome bonus once now

what that means is if I get the Platinum

card once and I get rid of it and in a

couple years I wait and then I reapply

for the card I'm not gonna get that

welcome bonus again the same rule just

applies to every single one of American

Express's cards now with that in mind

you guys really want to be strategic

about the way you time your cards you

may not want a product change or upgrade

into a card if you know you're not going

to be able to get that welcome bonus at

the end of the day people realize

welcome bonuses are really the fastest

way to get a lot of points quick once

you take welcome bonuses out of the

equation and you're really just left

with that small digit cash back number

where you're getting 5% 1% or even 2%

back on your purchases you then start to

realize it's gonna be a little difficult

to try to accumulate more than a million

points if you're just getting 5% back on

your daily purchases now even 5% right

there is a pretty generous number just

because you usually only see that within

certain quarters so I say generally two

to three percent is what you're gonna

get on average now here's some of that

fire that you guys are waiting for so

what is the minimum score that you guys

need for certain credit cards that

you're trying to get approved for well

surprisingly enough American Express

although they're regarded as this

prestigious and very valuable company

they're actually not a company that

requires a high credit score for you to

get approved with them yeah I know I may

have gone overboard with my American

Express gold cards I just really like

the cards when they came out but

generally for this card you really want

to have a score of at least 670 before

applying for this card now to me it

blows my mind too just because when you

see a car like this you assume that you

need to have a excellent score just to

get approved I think this being a charge

card actually makes it a lot easier to

get just because the repercussion of not

paying off your credit card bill on time

is gonna have a more severe effect so

for the American Express Platinum Card

you generally want a score of at least

700 on average it's about 715 of new

applicants but there have also been data

points of people getting accepted for

the American Express Platinum card with

the score as low as 643 that blows my

mind too just because this is a card

that has an annual fee of over $500

depending on which version you get but

that is a high annual fee and if they're

accepting applicants with the score like

that that is very

surprising as well now I unfortunately

don't have the American Express green

card on me just because I don't think it

was a good enough card for me to

personally get but generally for the

American Express green card you want to

score of at least 670 and there have

been reports of people getting accepted

for this card with a score of 630 at the

end of the day American Express is

really the issuer that has the final say

on whether or not you guys are gonna get

approved for a card I've made a video on

how to get a proof for any card out

there and this is really taking

advantage of the reconsideration line so

if you guys do happen to get declined

for any one of these cards usually it's

a computer algorithm that does it

automatically but sometimes what you

guys can actually do is talk to a live

person on the phone and let them know

your situation and when you talk to one

of these live reps you have the

opportunity to actually reverse this

decision they have a click of a button

right there they can actually get you

approved for a card I talked about how

you guys can do this in one of my last

videos it's just called how to get a

proof for any credit card now bottom

line you guys if you're someone who has

a low score usually what that means is

that you're carrying a balance on one of

your cards

I really recommend you guys to focus on

that credit card debt before applying

for other credit cards if you're someone

who actually does get accepted for a

credit card like this in addition to the

credit card debt that you may have

you're also paying an annual fee of this

card that you have to worry about and

then additional spend that you have to

do once you get a card like this and

then you also have to worry about the

welcome bonus spend that you also have

to do so really yes someone with a lot

of credit card debt could get accepted

for any one of American Express's cards

but is it something I recommend probably

not you guys I really want what's best

for my audience I really don't want you

guys to fall in the trap of trying to

flex on people that you really don't

care about and thinking that just

getting these cards it's gonna improve

the value of your life if it really

isn't if you're someone who has an

underlying issue with credit cards if

you're someone who doesn't know how to

manage their credit cards well and you

have issues of actually paying off your

cards on time then I really don't

recommend you guys to actually go for

this card but if you're someone who's in

a unique situation maybe have a low

score temporarily or maybe you're just

getting into the credit card game just

know this American Express very very

generous with accepting new applicants

like I mentioned the beginning of the

video but you guys also have to keep in

mind that American expressed

specifically is actually working pretty

hard this quarter it's actually shutting

down a lot of accounts that are misusing

their program so if you're someone who's

gonna go and apply for a hundred of

these cards at the same time it's not

gonna be worth it I'm telling you that

credit card approvals are never

guaranteed but you can always definitely

increase your chances of getting them

just make sure if you guys are in the

game of using credit cards to travel the

world for free to get a lot of points so

you guys never have to pay for hotels

flights again just make sure you guys

use your credit cards appropriately I

think that's really the best tip to

leave this video off with but I really

hope you guys enjoyed this video if it

did make sure you guys smash that like

button down below and also let me know

what was your first American Express

credit card my first credit card with

American Express was the gold card then

after that it was the American Express a

business prime card and then after that

it was a marry upon boy card and after

that I have the American Express

Platinum and the business platinum now

too so you know I really didn't rush

everything I spread out these

applications within I would say a

minimum of three months so it's been

about over a year maybe two years now

and before applying for these cards I

would usually space them out exceptions

to the Platinum and the business

platinum card but the reason why I

actually applied for those within the

same month is because American Express

themselves called me so a senior client

account manager called me with all the

information I had about this card and

she called me with a new a brand new

offer for this card which is really good

at the time so generally on the business

platinum version of the American Express

card you have to spend a lot of money

you guys you have to spend like $25,000

on that card so I got an adjusted offer

where if I spent $10,000 I would still

get a hundred thousand points and ten

thousand dollars during quarter for

Black Friday Cyber Monday Christmas

season my birthday New Year's it's just

an easy time for me to buy gifts and

spend money that I was going to anyways

so definitely a good time and also keep

in mind you guys we have tax season

coming up so if anyone is self-employed

this is also a very easy way to get that

welcome bonus once and for all if you

own your own business you usually have

to pay taxes at the end of the year if

you're a compliant good citizen like

myself but you guys really want to plan

your strategy according to that too just

because it's very easy to actually pay

your taxes with a credit card

they actually have all the processes and

systems set up on the IRS as and so they

have multiple credit card processors all

you have to do is just punch in your

number and you're good to and if you do

this strategically you could actually

get more than 20% back on the taxes that

you have to pay the government so

keeping my

you guys I'll make more videos just on

how you guys can do this in strategies

that you guys should go about in terms

of maximizing your rewards and just

pretty much getting free money guys and

like I always say you guys if you are

interested at all in getting any other

cards I mentioned the American Express

gold card the platinum card the blue

business plus card those are some of the

cards that I have affiliate links to

down below and that supports the channel

a lot so thank you guys so much that

anyone who has been using the links I

really do appreciate it supports the

channel an incredible amount and I

really hope I see you guys in the next

one

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