American Express recently updated their eligibility criteria for a charge or credit card. They currently have four charge cards earning Membership Rewards with improved bonuses – which are all historical highs.
- American Express Business Platinum Card: Get up to 75,000 Membership Rewards Points!
- American Express Business Gold Card: Get up to 40,000 Membership Rewards Points!
- American Express Platinum Card:Â Get up to 60,000 Membership Reward Points!
- American Express Gold Rewards Card: Get up to 30,000 Membership Rewards Points!
American Express Eligibility Changes
There are two major changes. First, there is no longer a minimum income requirement to be eligible for any cards. Previously, you were required to have a minimum personal income upwards of $40,000 to be eligible for premium cards like the Platinum American Express, although there was definitely some leeway if you didn’t meet that requirement personally.
This is a major improvement particularly for students. When I was in school, I was thankful to be eligible for AMEX cards but I know that a lot of my friends weren’t. A lot of them who weren’t too familiar with financial products were also deterred by the minimum income. The change really evens the field and makes American Express Cards much more attractive. It’s also better than getting cards that give you a bottle of soda when you sign up. 😉
With other premium cards like World Elite MasterCards and Visa Infinite cards, there is still the minimum income requirement of $60,000-$80,000; however you can also include household income.
I’ve never quite understand the minimum income requirement for credit cards. Perhaps to underwriting, higher income applicants were less likely to default, but I still think drawing a strict line around income didn’t quite make sense. It is nice that financial issuers are coming around, and for a credit card promotion recently there was the income requirement or that you spent at least $3,000 a month of credit cards.
The other enhancement that American Express has made is that bankruptcy only disqualifies you for a credit card if it was in the past two years. Prior to this adjustment, it was seven. Anyone who has a bankruptcy on their record is going to be facing an uphill climb towards getting issuers to trust you with unsecured credit again, but at least you have more leverage to explain yourself now.
Which Cards Should You Get?
American Express Gold Rewards Card
For those who are now eligible to get American Express Cards, I highly recommend the Gold Rewards Card. It comes with 30,000 points, with a first year annual fee waiver, which are transferrable 1:1 to Aeroplan or BA Avios.
Otherwise, I’d recommend picking up the American Express Platinum or Business Platinum Card.
American Express Platinum Card – Canada
The Platinum Card has one of the best travel benefit packages available to Canadian credit card holders with lounge access, elite status, and more. For more details, see my review of the card here. The Business Platinum Card has the highest signup bonus of any Canadian credit card – 75,000 Membership Rewards points, which is enough for a one-way business class ticket to nearly anywhere in the world for free.
What do you think of the new changes?
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Great signup bonuses, Jeff 🙂
I’ve been having (and actively using) a Business Gold Rewards card for nine months (and plan to cancel before the annual fee is charged). Do you know if AE allows a second card, or do you need first to cancel the first card?
You’re definitely allowed two cards as long as they’re different products (ie Gold and Plat)
Thanks for answering.
Oh, so I can’t have two of the same cards concurrently.
Personal, definitely not. Maybe business if you’ve got two separate businesses
Is the business platinum churnable? I cancelled that card last year.
Should be.
I seem to remember seeing a list of the Amex Business Platinum terms that included many benefits like a round the world ticket but also an annual fee of $899 or something. Does that ring a bell?
I am a bit confused about which card is best. The co-branded aeorplan cards seem to have much lower sign up bonuses. Why would that be? I also can’t find a list of what constitutes “eligible purchases” for earning points.
The AMEX Plat an Biz Plat have discounted international business and first class fares, but you have to buy a full fare refundable ticket which likely costs more than just buying two tickets. I would not recommend the co-branded aeroplan cards because you are then locked into Aeroplan, Membership Rewards charge cards have a lot more options available. All purchases are considered eligible as long as they’re not a cash advance or ATM withdrawal.
Thanks!
Hi, im 20, my current income is $55,000 and i have t4’s i currently have 3 credit cards 2 with $1000 limit each one with $1500 limit, my utilization is 3% and my credit score is 692 do you think i would be approved for an american express?
You could try. It really varies depending on your personal situation.
What would you recommend ? and which card should i apply for ?
If you don’t have an Amex card, start with the personal gold card. That’s first year free and 30,000 points.
im not to bothered about the first year free or welcome points , ive just wanted a amex and dont want to apply and get denied. is the gold card the easiest to get approved for ?
Yes.
i would of thought the simply cash wouldve been the easiest.
i would of thought the simply cash wouldve been the easiest.?
It’s a credit card as opposed to a charge card.
could you send me the link to the correct card pls
Sure – http://canadiankilometers.com/go/amexgold30/