what is Amex credit card and how to get it ?
American Express is a organisation who offers a range of credit cards such as – personal credit cards, business credit cards, charge cards, and corporate cards. however, American Express does not have any particular credit card designed for people with poor credit.
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credit score required to get an Amex credit card-
getting credit card approvals is not an easy task, especially if it’s from top-rated credit card issuers like American Express. the Amex credit cards offer some of the best rewards and travel benefits making it the preferred choice of many users. however, to get the best credit cards, you need to have a higher credit score and income. also, keep in mind that Amex has limitations on the number of cards you can have. so, it’s possible that you won’t get the Amex credit card you desire despite having a good credit score.
you should always keep in mind that you would need a higher credit score to apply for an American Express credit card. if you want to apply for an American Express credit card, this article is going to help you find out the range of credit scores you likely need to have, as well as, steps you need to take to improve your chances of getting approval for an Amex card.
credit score range needed to qualify for an Amex credit card
American Express offers a range of credit cards such as – personal credit cards, business credit cards, charge cards, and corporate cards. however, American Express does not have any particular credit card designed for people with poor credit. hence, if you want to qualify for an Amex card, you need to meet the minimum credit score requirement that falls under the very good or excellent credit range. the four credit bureaus in India – TransUnion CIBIL, Equifax, Experian, and CRIF Highmark – have their own credit score range. however, you should try to boost your credit score above 750 to reach a good credit score mark.
cashback credit cards are considered easier to qualify for if your credit score is in the good range. whereas, premium Amex cards are more likely to be available for those users who have a ‘very good’ or an ‘excellent’ credit score. although the credit score eligibility of Amex premium cards is higher, these tend to offer more lucrative perks, such as travel credits, airport lounge membership, dining credits, and more. the Amex premium credit card users also earn American Express Membership Rewards points instead of generic rewards. you can use these reward points for travel, point transfers to airlines and hotels, merchandise, etc. – instead of just claiming statement credits or cashback.
although having a good credit score is very important to get an Amex credit card, the company also looks at other factors when approving consumers for its credit cards. the additional factors affecting the eligibility to get an American Express credit card can include – spending and repayment history, the overall level of debt, credit utilization ratio, and reported income.
how to improve your credit score to get an American Express card?
before you apply for an Amex card, you need to find out your credit score first and cross-check whether it meets the eligibility requirement set by American Express. you can check your current credit score and credit report for free on the CRED website and CRED app.
once you know your credit score, check if you meet the minimum eligibility requirement. if not, take the right steps to improve your credit score. you can follow the tips provided below to increase your credit score in a short period of time:
- make payments on time: this is the most important factor that determines your credit score. you should always make your credit card bill payments and loan EMI payments on time to avoid the drop in your credit score.
- pay down/reduce your debts: this is the second most important factor that affects your credit score. the higher the amount of debt you have, the higher your credit utilization rate would be. this could result in a low credit score. hence, you should try to pay down or reduce any revolving debt balances you have until you lower your credit utilization rate at 30% or below.
- avoid opening or closing accounts: if you are trying to improve your credit score, you should stay away from opening new accounts or closing the old ones. if you apply for new credits, the lenders will pull a hard inquiry on your credit report, which can harm your credit score. in the same way, if you close your old accounts, it will lower the average age of your overall account and also your credit utilization rate will increase as your existing credit limit reduces.
use prequalification to avoid damaging your credit score
to find your eligibility for the Amex cards, you can use the prequalification facility before you officially apply for the American Express credit card. to get prequalification, all you have to do is enter some basic details such as – your name, address, income, and identity proof. the credit card issuer will review if you meet the requirement to get the Amex credit card and issue you a preapproval letter accordingly. this way, you can find your ability to get an American Express credit card approval without a hard inquiry on your credit report.
American Express uses credit card score as one of the important eligibility criteria to approve the Amex credit card requests. however, you should not forget about other important details card issuers look at. the most important thing you should remember to get top rewards credit cards is that you should keep your credit utilization low and pay your dues on time. check your credit score for free on CRED