If you’re a small business owner who spends a lot of time on the road, you may want to consider adding The Business Platinum Card from American Express to your wallet. With its lounge access, hotel elite status, and more, frequent travelers can undoubtedly benefit from this card. Plus, new cardmembers have the opportunity to earn 120,000 Membership Rewards points after meeting the spending requirement.
However, before applying for the Amex Business Platinum, you may be wondering if you have a good enough credit score to be approved. After all, it’s considered one of the best business cards on the market. In this article, we will address some common questions about the necessary credit score for the Amex Business Platinum.
American Express does not state a minimum credit score requirement for Amex Business Platinum applicants. However, you will generally need good or excellent credit to have a competitive application. A consumer credit score of 740 or higher is usually recommended for the best chances of approval.
When you apply for an Amex business card, the company will perform a credit check with consumer and business credit bureaus. If your small business doesn’t have any business credit history, that’s okay. Amex will primarily rely on your personal credit history and other information about your business to determine whether to approve your application.
It’s important to note that each application and small business is different. While a good credit score is generally required, Amex may still approve your application even if you or your company have a lower credit score. However, you’ll typically need a well-established business and significant annual revenue to compensate for a lower credit score.
Various factors impact your credit score, and it’s crucial to understand these factors before applying for any credit cards. Payment history, amounts owed, length of credit history, new credit, and credit mix are some of the key factors that influence your credit score. Managing these factors responsibly can help improve your credit score over time.
If you’re rejected for the Amex Business Platinum card, it’s important not to get discouraged. There can be many reasons for the rejection, such as opening too many credit lines recently or having a high income-to-spending ratio. Take the time to read the rejection letter you’ll receive in the mail, as it will provide insight into why your application was denied. Use this information to learn and improve your credit before applying again.
You can also call the card reconsideration line to discuss your application and provide additional information that may change Amex’s decision. Even if your application is not approved, speaking with a representative can provide valuable insight into why your application was rejected and what you can do to improve your chances in the future.
In conclusion, the Amex Business Platinum Card offers exceptional benefits for business travelers. Although there is no specific credit score requirement, having a good or excellent credit score will increase your chances of approval. Understanding the factors that impact your credit score and taking steps to improve it can help you qualify for this prestigious card.