American Express is a credit card issuer company that is known for the best credit cards. It offers a wide range of credit cards from entry-level credit cards to premium credit cards. To avail of the Amex credit card, you must meet the eligibility requirement set by the American Express Company. Continue reading to know the eligibility requirement and how you can improve it.
Eligibility criteria for American Express credit cards
American Express has set a standard age requirement for all credit cards and income requirement varies from card to card. The applicant must be an Indian resident and have a permanent address in India. To increase the chances of your application being accepted, follow the eligibility requirement.
|Applicant||Age Requirement||Income Requirement|
|Salaried Employee||Above 18 years||Varies from card to card.|
|Self Employed||Above 18 years||Varies from card to card.|
Documents required to apply for an American Express Credit Card
You are required to keep the following documents ready while applying for an Amex credit card. While applying for a credit card you need to have scanned copies of these documents.
|Identity Proof (any one)||Aadhaar Card, Driving Licence, Voter’s Id, Pan Card, Passport, or any other government-approved ID.|
|Address Proof (any one)||Aadhaar Card, Passport, Utility Bills (not more than 3 months old), or any other government-approved ID.|
|Income Proof (any one)||Bank Statement or salary slip of last 3 months, last 2 years’ audited financial report, etc.|
Credit Cards offered by American Express
Given below is a list of credit cards offered by American Express with their eligibility requirements.
|American Express Platinum Card||Above 18 years||
Minimum annual income for salaried employees is Rs. 15 lakhs and above.
Minimum annual income for self-employed is Rs. 25 lakhs and above.
|American Express SmartEarn Credit Card||Above 18 years||
Minimum annual income for salaried employees is Rs. 4.5 lakhs and above.
Minimum annual income for self-employed is Rs. 6 lakhs and above.
|American Express Membership Rewards Credit Card||Above 18 years||Minimum annual income for both salaried employees and self-employed is Rs. 6 lakhs and above.|
|American Express Platinum Travel Credit Card||Above 18 years||Minimum annual income for both salaried employees and self-employed is Rs. 6 lakhs and above.|
|Jet Airways American Express Platinum Credit Card||Above 18 years||Minimum annual income for both salaried employees and self-employed is Rs. 6 lakhs and above.|
|American Express Platinum Reserve Credit Card||Above 18 years||Minimum annual income for both salaried employees and self-employed is Rs. 6 lakhs and above.|
Factors that affect your American Express credit card eligibility
- Age: The applicant above the age of 18 years can apply for American Express credit cards. Not fulfilling the age criteria can negatively impact your eligibility requirement.
Income: American Express has set different income requirements for different credit cards. While choosing a credit card you need to check the income requirement on the American Express official webpage. Failing to meet the income requirement can affect American Express Credit Card Eligibility.
- Credit Score: Having a bad credit score or no credit history can negatively affect your eligibility. The credit card issuer considers a good credit score to be between 700-750 or above. A credit score is required to check your credibility so that credit card companies like American Express can easily issue a credit card to the applicant after scrutinizing the application thoroughly.
- Debt to Income Ratio: The eligibility also gets impacted if the debt to income ratio is poor. Having more debt than income increases the chances of your application getting declined. Before applying for a credit card check your debt to income ratio first and then apply.
- Multiple Credit Card: Owning multiple credit cards can impact your eligibility for a credit card. The card issuer rarely issues another credit card to someone who is already in possession of 7-8 credit cards.
- Default in Payment: Another factor that impacts the eligibility criteria is the default in payment. If you have unsettled loans or have defaulted credit card bill payments then the chances of your application getting declined increase. The default in payments can stay for years in your credit history.
- Multiple Applications: Sending multiple applications in one go can result in the rejection of all the applications. Multiple applications can lead to hard inquiries also as it depicts your hunger for credit. So, it is advisable to send one application at a time.
How to improve your American Express credit card eligibility
There are many ways through which you can improve your credit eligibility, a few of them are as follows:
- Check the age and income eligibility requirements before applying for a credit card. Such a simple step can increase your American Express credit card eligibility.
- Another easiest way to improve the eligibility requirement is by not sending multiple applications in one go. Send one application at a time and wait for the response from the American Express card issuer.
- Build your credit score or credit history by taking up an entry-level credit card or secured credit card in case you are applying for a credit card for the first time. You can also choose to opt for the ‘Amazon Buy Now Pay Later’ facility as it will also help you to build your credit history from the scratch.
- It is advisable to clear all your debts or credit card dues before applying for a credit card as it will help in increasing the chances of your application getting approved.
- Make sure while applying for a credit card your debt to income ratio is in a good standing position. Having more income as compared to debt can help in increasing the eligibility requirement for the Amez credit card.
Yes, credit history plays an important role in the credit card application eligibility requirement. The chances of your credit card application getting rejected increase.
To improve your credit score, you need to clear all the dues and never default in the credit card bills payment.
Yes, you can re-apply for a credit card after 3 months. In the meantime, you need to work on improving your eligibility requirement.