AmEx Alters Credit Card Eligibility Criteria - Check if it Touches your Account Status
American Express Loosens Credit Card Minimum Income Requirements
Step aside, high-income earners, it's time for the little guys to win big! American Express is shaking up the game by lowering the minimum income requirements for three of their popular credit cards. These changes, which took effect in May and July 2024, are a breath of fresh air for the average Joe and Jane.
The British Airways American Express credit card now requires a minimum income of £15,000, down from £20,000. Hop on board that flight, because the reduced requirements kicked in back in May.
Joining the party are American Express Rewards card and the Amex Cashback Everyday card, both now sporting a minimum income requirement of £15,000 instead of £20,000, effective July 2024.
Interestingly enough, the minimum income requirements for the American Express Gold and Platinum cards remain unchanged at £20,000 and £35,000 respectively. While the Platinum card's minimum income requirement was an intimidating £40,000 back in 2016.
Rob Burgess, editor of the popular frequent flyer website Head for Points, shared his thoughts on this new development: "The previous limits were not exactly tough for anyone in a full-time job," he said. "Someone on minimum wage doing 40 hours per week would qualify for every American Express card except The Platinum Card and the British Airways American Express Premium Plus Card."
Burgess continued, "The winners from these changes are probably the retired or part-time workers, who may now find they earn enough to apply for specific products."
It's worth noting that income for the purpose of an American Express card is your personal annual pre-tax income, encompassing wages and savings. But fret not, as other minimum income requirements for other American Express cards, such as Amex Cashback Credit Card, Nectar Credit Card, Marriott Bonvoy American Express, The American Express Business Gold Card, British Airways American Express Accelerating Business, British Airways American Express Premium Plus Card, and The American Express Business Platinum Card, have not changed.
So, there you have it! Take advantage of these revised minimum income requirements and climb your way up to the sky with American Express. No more high-income exclusivity! 🎉💳
With these changes, it becomes easier for individuals with average income to invest in credit cards, as American Express lowers the minimum income requirements for cards like the British Airways American Express, the Amex Rewards card, and the Amex Cashback Everyday card. These changes, effective from May and July 2024, are particularly beneficial for the retired or part-time workers who now may qualify for certain American Express products. Remember, for American Express, income includes both wages and savings in personal-finance matters, thereby broadening the eligibility criteria for their credit cards.
