How to get goldman sachs amex platinum?

Since both cards offer fantastic benefits and lucrative point earnings, you might think that it can be exceptionally difficult to be approved for them. But are the Amex Platinum card and the Amex Business Platinum card as exclusive as they are made out to be?

Similar to most other credit cards, when applying for the Amex Platinum card or the Amex Business Platinum card, American Express takes factors into consideration like your credit score, length of credit history, and your income. Here’s a breakdown of those factors to help you determine your chances of being approved for the Amex Platinum card or the Amex Business Platinum card.

Hot Tip: Check to see if you’re eligible for a huge welcome bonus offer of up to 150,000 points with the Amex Business Platinum card! The current public offer is 120,000 points. (This targeted offer was independently researched and may not be available to all applicants.)

One of the most important factors, if not the most important, that any bank or credit issuer is going to look at when applying for a new credit card is your credit score. If you’re unfamiliar with how credit scores work, it’s very important to have some basic knowledge of the 5 factors that comprise your score:

Understanding each of these factors can help you better understand what your score means, and how each of these factors impacts your overall score.

Your payment history is the most important aspect of your credit as it is responsible for 35% of your overall score. To receive a high credit score, you need to show a running history of on-time payments every month. If you have a history of late payments (especially those that have occurred recently), you’re unlikely to get approved for a card like the Amex Platinum card or the Amex Business Platinum card.

HOT TIP: Avoid missing a credit card payment by setting up auto-pay! This ensures you’ll never miss a payment and your account will remain in good standing. Just make sure you’re spending responsibly to ensure you don’t overdraft.

The second most important aspect of your credit score is your credit utilization, comprising 30% of your overall score.

Credit utilization is the percentage of available credit that you have currently borrowed. For example, if you have a credit card with a $5,000 limit and make $2,000 in charges, when the statement posts, your credit utilization will be 40%.

The lower you can keep your credit utilization, the better. If you’re constantly maxing out your credit cards each month (even if you’re paying off the balance in full), it will adversely impact your credit. If you’re able, try to pay most or all of your balance off before your statement post. This will help keep your overall credit utilization low and improve your credit score.

HOT TIP: You may have heard that it is good for your credit score to leave a small balance on your credit card every month. This is absolutely not true. Keeping a small balance on your card will not improve your credit score and will only cost you money in interest. Always pay your credit card bills off in full and on time!

Your average age of accounts is the aggregate of the duration that each of your credit card accounts has been open. For example, if you have had a credit card open for 4 years, and another for 3 years, your average age of accounts is 3.5 years.

The average age of accounts is calculated by totaling the monthly ages of all accounts, then dividing this sum by the number of accounts.

This factor makes up 15% of your total credit score.

If your credit history is relatively new, it is important not to open up too many new accounts in a short timeframe. New accounts will lower your average account age, which will have a larger effect on your score if you don’t have a lot of other credit information.

The impact is not as significant as other categories, though — this factor makes up just 10% of your overall score.

Your credit mix makes up the final 10% of your credit score. While this category is generally the most confusing for people, data indicate that borrowers with a good mix of revolving credit and installment loans generally represent less risk for lenders.

In other words, if you have multiple forms of credit extended to you — say in the form of credit cards, car notes, student loans, or housing loans — you appear less risky to credit lenders.

BOTTOM LINE: As you can see, just 3 factors make up 80% of your overall credit score. While it is true that opening a new credit card can negatively impact your overall age of accounts, many other factors can actually improve with a new account if used responsibly.

In order to determine if your credit score is high enough for the Amex Platinum card or the Amex Business Platinum card, you need to know what your credit score is in the first place. But how should you go about finding out what it is?

If you already have a credit card open, then you likely already have access to your credit score. Most credit card issuers offer a free monthly credit monitoring service that keeps you informed of how your score fluctuates month to month.

If you do not already have a credit monitoring service available to you, you can also easily open an account on a site like Credit Karma. Credit Karma is a free website that helps you keep track of your credit score, gives you a breakdown of each factor, and helps monitor for any fraudulent activity. You can also check your credit score for free at each of the 3 credit bureaus (TransUnion, Equifax, and Experian).

If you’re applying for the Amex Business Platinum card using an EIN number, as opposed to your social security number, then American Express will perform a check of your business credit score. But what is a business credit score, and what makes it different from your personal credit score?

For starters, your business is tracked by its name, address, and employer identification number (EIN). While personal credit scores are private, business credit scores are publicly available and can be viewed by anyone by visiting one of the business credit reporting agencies like Dun & Bradstreet, Equifax Business, and Experian Business. Finally, your personal credit is scored on a scale of 300 to 850, but your business credit score is usually scored on a scale of 1 to 100.

While a business and personal credit score are different, they effectively function the same, as having a great business credit score will help you get approved for small business credit cards, take out business loans at lower rates, or qualify for lower insurance premiums.

Our recommendation for the Amex Platinum card and the Amex Business Platinum card is a credit score of 670 or higher.

If you’re applying for the Amex Business Platinum card using an EIN, then we recommend that your business credit score be 75 or higher. It might be the case that this score is lower than you were expecting, but the truth is you don’t need an 800+ credit score in order to get approved for premium credit cards!

Keep in mind that, while this is a general recommendation, there is no “minimum requirement” for the card. Likewise, there is no score that will guarantee your approval either. Applicants have been approved for both the Amex Platinum card and the Amex Business Platinum card with scores in the 600s and denied with scores in the 800s.

Your credit score is just a single factor that will be considered before Amex will approve you for the Amex Platinum card or the Amex Business Platinum card. So what else matters when banks are determining whether or not to approve you?

Hot Tip:Not sure what your credit score is considered? Learn what is a good and low credit score, plus 5 ways to boost your score.

Aside from your credit score, there are several other factors that can weigh heavily on whether a bank will approve you for a new credit card.

Your stated income on your application plays a large role in your approval odds. On average, Amex Platinum and Amex Business Platinum cardholders tend to have high incomes. However, a high income is by no means a requirement. We recommend that your annual income be at least $50,000 or higher before applying for the Amex Platinum.

The Amex Business Platinum card gives you a little more wiggle room because even if you have low business income or are just starting your business, you can still qualify for an Amex small business card. Even part-time business owners, freelancers, side hustlers, and sole proprietors are eligible for the Amex Business Platinum card.

An issue that can be quite confusing if you’re new to credit is getting denied for a new credit card despite having a relatively high score. If this has happened to you, the cause might be your length of credit history.

To simplify, credit issuers deem people who are new to credit riskier than those who have been responsibly using credit for many years. We recommend that you have at least 2 years or more of blemish-free credit history before applying for the Amex Platinum card or the Amex Business Platinum card.

If your credit score isn’t high enough to get approved for the Amex Platinum card or the Amex Business Platinum card, there are several ways to improve your credit score.

If you have low or no credit right now, it is by no means permanent. Your credit can be improved by following these steps:

If you have a low credit score or have never had a credit card at all, you’ll likely struggle to get approved for most credit cards.

In this case, opening a secured credit card or a card with a low limit is usually the best option. If you successfully manage the card by making on-time payments, your score will begin to improve relatively quickly.

HOT TIP: Do you need to repair or build your credit score? The Platinum Credit Card from Capital One® is a great option with no annual fee, fraud coverage, and access to a higher credit limit after making your first 5 monthly payments on time.

One easy option that can make a big difference to your score is being added as an authorized user on someone else’s credit card. It shows that someone else trusts you with their credit, and can help lower your credit utilization, improve your payment history, and increase the average age of your accounts.

However, you should only ask someone to add you as an authorized user if they are responsible with their credit. If you’re an authorized user on the account of someone who regularly carries a high balance and misses payments, this can negatively impact your score (even though you aren’t the main account holder).

On the note of authorized users, we’ve gone into detail about the benefits of being added as an authorized user for the Amex Platinum card.

This step is helpful for everyone, even if you already have a fantastic score. If there are any inaccuracies or potential cases of fraud on your credit report, these can greatly decrease your score, and what’s worse, you may not even know about it! This is why you should regularly monitor your credit report (using a free resource) to ensure that there are no problems.

If you see anything that seems suspicious, inaccurate, or you receive an alert for a new account that’s unfamiliar to you, you need to attempt to dispute the credit error immediately. Depending on the severity of the error, you could see a major change in your credit score. Always staying on top of your score will allow you to quickly rectify any mistakes or cases of fraud, and minimize the damage to your credit score.

If you’re in the market for a premium travel credit card, the Amex Platinum card and the Amex Business Platinum card are definitely 2 of the best options on the market. Both cards offer airport lounge access, hotel elite status, and earn one of the most lucrative points currencies, Membership Rewards points.

Each one is more unique than you’d expect given the similarities in their names. You’ll find different benefits and rewards on every card, making this comparison required reading.

The four Amex Platinum cards are rich in benefits, but not wide in scope. For frequent travelers, perks like lounge access, hotel and car rental status and travel credits could more than make up the cost of the annual fee. Not a traveler? The value equation isn’t an obvious slam dunk unless your profile lines up precisely with the card’s lifestyle benefits.

For cardholders who can take advantage of the included benefits, you’ll feel like a rockstar. Breeze through security and immigration lines by using the Global Entry and CLEAR® Plus fee credit reimbursements. Sip champagne at airport lounges that offer complimentary entry to members. Take advantage of hotel perks with access to Amex Fine Hotels and Resorts. Holders of the consumer Platinum cards can also enjoy up to $200 in annual credits toward select hotels and up to another $200 toward eligible airline incidental reimbursements (enrollment required).

These cards, as well as several others in the American Express portfolio, earn Membership Rewards on every purchase. Points can be redeemed toward cash back and gift cards or used to pay for travel but those aren’t your only redemption options. Travelers will appreciate that they can transfer rewards to partnering travel rewards programs for use toward frequent flyer tickets or hotel stays. Currently, there are close to two dozen travel loyalty programs available.

As you’d expect with all ultra-premium cards, these cards have no foreign transaction fees. Another similarity across all cards (and ultra-premium cards in general) is that you’ll need good-to-excellent credit for approval.

Unless otherwise specified, when most people say “platinum card” they’re referring to The Platinum Card® from American Express. Although the name is plain vanilla, the card is anything but. It’s packed with benefits and features that appeal to discerning travelers as highlighted above.

The Platinum Card comes with several lifestyle credits as well once cardmembers enroll. As of 2021, card members can receive up to $300 annually in statement credits toward select Equinox fitness memberships or on the Equinox+ digital fitness app, when you pay with your card. Consumer cardholders receive up to $20 back each month toward purchases and subscriptions with one or more of Audible, Peacock, SiriusXM, The New York Times and other participating providers.

Long-standing benefits include a semi-annual $50 credit for purchases at Saks Fifth Avenue (for a total of up to $100 per year). Cardholders also receive $15 in Uber Cash monthly ($35 in December) when adding their card to their Uber account for use on U.S. rides or UberEats orders.

Although the card earns Membership Rewards points on every purchase, it’s not exactly best in class. With this card you’ll earn 5 Membership Rewards Points per dollar for flights booked directly with airlines or with American Express Travel on up to $500,000 per calendar year, 5 points per dollar on prepaid hotels booked with American Express Travel and 1 point per dollar on other eligible purchases. This card shines for the benefits, not the opportunity to earn rewards.

If all this sounds too good to be true, take a look at the annual fee. Members will pay a $695 annual fee per year to access these privileges. Heavy users will find that justifiable. The statement credits and reimbursements alone add up to more than $1500 per year—but only if you use them. The value of elite status and membership perks will also vary considerably depending on if and how often you use them.

What if you could get the same benefits but redeem your points into your investment account? You can, with the American Express Platinum Card for Schwab. When you choose to deposit Membership Rewards into an eligible linked Schwab account, your points are worth 1 cent each.

There’s a catch though, and it’s a big one. In order to apply for this card, you have to be a Schwab customer with an eligible account, which includes Schwab One, General Brokerage and select IRAs. Cardholders with sizable balances will also receive annual statement credits: $100 if your qualifying Schwab holdings are at least $250,000 or $200 in statement credits for million dollar holdings.

This can be an excellent alternative for Schwab customers since you’ll get some extra redemption flexibility, and perhaps a statement credit, without trading any of the underlying perks. Even with the extra benefits, the card still has the same $695 annual fee as the regular Amex Platinum Card.

Yet another version of the card, the Platinum Card from American Express Exclusively for Morgan Stanley is similar to the Schwab version of the Platinum card in that you can invest your rewards into a qualifying account. The name makes it clear—it’s only available to Morgan Stanley customers with an eligible brokerage account. For those that qualify, it has a few extra perks compared to the standard card.

The main upside to this card is that you can get a second card for an authorized user for free (normally $175). If you’re in a two-adult household, for example, you can get the free extra card so that your partner also has premium airport lounge access and other travel benefits. Their expenses will also earn points at the same rate and feed into the same Membership Rewards account so you can build your balance faster.

If you have a Morgan Stanley Platinum CashPlus account, you’ll also receive a $695 Annual Engagement Bonus to help cover the annual fee on your card. Although this money management account won’t appeal to everyone, if you’re a customer anyway, it can be a strong advantage to choosing this version of the Platinum card compared to another.

Small business owners should also take a good look at the Business Platinum Card from American Express. Like all three personal cards, the Business Platinum comes with generous travel benefits including airline lounge access, statement credits toward CLEAR Plus memberships and up to $200 in statement credits toward airline incidental fees on an eligible airline you chose each year.

The Business Platinum card excludes several lifestyle benefits with enrollment, such as the annual Saks, Uber and digital entertainment credits. Instead, it offers up to $400 in statement credits for eligible Dell purchases ($200 semi-annually) with enrollment, up to $120 in statement credits per year for wireless telephone purchases made directly with a wireless provider in the U.S., with enrollment and up to $150 in statement credits for eligible Adobe software purchases with enrollment.

Pre-selecting your preferred airline is even more important on the Business Platinum card. Not only does it impact the incidental fee credit but it also impacts a unique feature of this card. If you Pay With Points to purchase all or part of an economy airfare from your designated airline through American Express Travel, you’ll receive 35% of your points back for future use. This rebate is extended to all airlines on business or first class fares, up to a maximum refund of 1,000,000 points annually.

Earning rewards points also get taken up a notch. Cardholders will earn 5 Membership Rewards® points per dollar on flights and prepaid hotels through American Express Travel, 1.5 points per dollar on eligible purchases at U.S. construction material & hardware suppliers, electronic goods retailers and software and cloud system providers, and shipping providers, as well as on purchases of $5,000 or more everywhere else, on up to $2 million of these purchases per calendar year and 1 point per dollar on other eligible purchases. These extra perks come at a cost, though. The annual fee is steep at $695. Cards for authorized users are charged at $350 each.

New cardholders may qualify for a welcome bonus if they meet minimum spending requirements on their card, but only if they’ve never received a welcome bonus on that card before.

American Express considers each version of the Platinum card as a separate product. If you’ve previously received a welcome bonus on one card, you may still be eligible for a bonus on a second, different card. Bonuses vary by card so it’s worth checking multiple offers if you’re having trouble deciding which card is best for you.

When it comes to selecting the best fit from the different options, you’ll find the biggest differences between the personal and business versions of the card. They come with different statement credits that will impact your valuations, although whether you intend to use the card for personal or business use is likely to be a larger factor.

Within the personal card family, the two co-branded options offer additional flexibility and the potential to lower your out-of-pocket cost through extra statement credits. Unfortunately, many applicants won’t be eligible for the Charles Schwab or Morgan Stanley Platinum cards which can make your decision a whole lot easier.