So are you considering applying for a brand new American Express card? Be one of the most important videos that you need to watch? Because American Express has a ton of rules, They have regulations, they have credit score requirements, and there are people that sometimes even get blacklisted for not knowing these rules. As someone who has multiple American Express cards I can walk you through exactly what you need to know in order to get approved and if you happen to get denied. I also got some tips on that. So this video here is going to be the full rundown on everything you need to know about American Express cards.

Before you get started, let's first dive into a brief overview of what American Express cards are. First of all, American Express also known as Amex offers a range of different credit cards and different charge cards, each with their own benefits and reward programs. Now, if you don't know what a charge card is, that is completely okay because there is a difference between the two and it's something very crucial that you need to understand with the charge card. You actually have to pay off your balance in full every month, and you cannot carry a balance from one month to the next.

Unlike a credit card where you could normally, the issuer will also set a spending limit for you based on your credit worthiness. So this means if you do get a charge card, you're not going to be seeing a preset credit limit that you do on most other credit cards. to give you examples of both. some of the most popular American Express Charge Card cards include the Platinum Card the Gold Card, and the American Express Green Card.

While examples of American Express credit cards are the Blue Cash Everyday Card, the Delta Sky Miles card, or even the Hilton Honors card, it's important to note that not all American Express cards are either just a Charge card or just a credit card. There are now hybrid products that offer a combination of features. So now that you understand just the subtle differences between some of the products that American Express offers, let's talk about the eligibility criteria. So in order to get approved for any American Express card, normally they'll tell you that you typically need a good to excellent credit score and that you'll also need to meet a minimum income requirement.

This here varies depending on the car that you're applying for, but over the years, I'll tell you guys a little secret. It's not as important as you might think. Take as an example, the American Express Gold card. This is one of those charge cards with a 250 annual fee.

But recent data points from the comments section of my videos even told me that there are individuals who got approved with a 652 2 credit score or even a 640 credit score. Now that is insane because a lot of people assume two things. First of all, American Express is only for the Ballers, the prestigious and the people that have money that they can just blow on anything I Said this in my video about three to four years ago and I'm gonna say it again: American Express doesn't care too much about what your credit score is or what your income requirement is looking like. It almost even seems like they approve many more applicants rather than their competing competitor like Chase or some of the other issuers within the space when it comes to minimum income requirements.

I've seen college students who barely had a side job that's bringing them in more than ten thousand dollars per year to get approved. I Will always say though, please don't expect yourself to get approved for an Amex gold card or any one of Amex's card if you're making like 500 per year and then you have a credit score of 550. strive to at least have a decent credit score I'd say if you have any score of above 700, you're going to get approved for 99 of the cards on the market. If you also have an income that is close to the median income of your area which you can Google I know for at least the DMV the District of Maryland and Virginia and DC it's about 50 to 60 000 here.

Even when I was making way less than that like twenty thousand dollars per year and I had applied for this card, I was still approved. In addition to these basic eligibility requirements, there are also going to be a few additional rules that you need to know so you don't get automatically denied or even blacklisted from. AMX. Now the most important one here is going to be the American Express Five Card rule where you can only have a total of five American Express credit cards open at any time.

Remember a little early on when I had my whole spiel about charge cards versus credit cards? Well, this is the reason why I mentioned that with the AmEx Five Card rule, this applies to both personal and business credit cards, but it does not apply to their charge cards. So as an example, I own the American Express Platinum Card the business platinum card and the gold card and I also have the American Express business Prime card with Amazon and I have the American Express Marriott bonvoy card. That that there puts me at five cards where normally if there were all credit cards and none of them were charge cards, I wouldn't be able to add any more to my Arsenal. The fact that only two of those are credit cards and then three of those are charge cards means that I can add three more credit cards onto the list.

That right. There is a very important rule because there are a ton of great cards with American Express and before applying for another, if you do want to get accepted, you need to make sure that you follow this Rule and you could always just cancel a card or even downgrade to the product that you want. Not only that, but American Express also has limitations on how many cards that you can apply for. If you're wondering, why do they even have this rule why do people tend to apply for more cards at once? And this is because a lot of people like to combine a hard inquiry into one poll.

This is because if I applied for the gold card and the platinum card on two different days, I would get two hard inquiries and that would temporarily reduce my score even more by applying for more cards all in one single day, I'm able to reduce the negative impact it would have on my credit score. Hard pulls or hard inquiries are temporary query. so if you apply for a new credit card, you'll notice that your score drops a few points, but normally it goes back up within the next month or even the next few months. The next rule that you need to know about is the AmEx, one and five Rule and also the AmEx 2 and 90 day rule.

With the AmEx one in five rule, you're limited to one approved credit card every five day rolling period. So if I wanted to apply for more than one card I would apply it for on a Monday then I would wait a minimum of five days before applying for the next one. That's not it though because after that, if you wanted to apply for a third car and get approved, you wouldn't be able to because of the two in 90 day rule where with this rule, you can only get approved for two credit cards every 90 day rolling period. This rule here though however, applies only to credit cards and not their charge card.

So if you wanted to, you could apply for One credit card and one charge card on the same day. or you could get two charge cards. But if you apply for two credit cards, the second application may result in an automatic denial. American Express also has a once in a lifetime rule for welcome bonuses, which means that you can only receive a welcome bonus for each card once in your entire life.

So if I apply for the American Express Platinum Card and then I cancel it and then I reapply the second time I will not be eligible for that bonus. On the other hand of that, if I apply for the American Express Platinum Card but then I apply for the American Express business platinum card. I actually still get the bonus on both those cards. A lot of people will get this real confused thinking like okay, the personal and the business version.

They seem very similar so they will counteract based on that once in a lifetime rule. But that's not the case if you apply for the personal and the business version, you'd still be eligible to get that bonus. So if you follow all those rules and you apply for a credit card and you get approved, Congrats! Here's a virtual cookie. On the other hand, if you did apply for a card and you get denied, here are the exact tips that you need to know in order to get It reversed.

So first of all, anytime you apply for a credit card and they deny you, they will always give you a letter with a reason why you got denied. This here is going to help you to understand where you can improve. So so no matter who you apply with, make sure that you find out why. One of the most common reasons though for a credit card application denial is a lot of people just have poor credit history, so if you have, you know a low credit score or history of missed payments or you just haven't been in the credit card points of Miles game for a long time and you apply for your first credit card at the age of 30.

they may see you as a high-risk borrower and then deny your application on that. To work around this, there's a lot of tips to utilize. First of all, one of my favorite ones is to get added as an authorized user by a close family member or a close friend. You just need to make sure that they have a good credit score because if they don't have a good credit score, it's going to work in opposite of what you're trying to do.

If you have a mom or a dad who has always done a good job with their credit card and paying it off on time and they have an 850 credit score, ask them to be added as an authorized user. All they have to do is input your name, your social security number and if they do get the credit card they can chop it up. You never have to use it or see it and their credit history would transfer onto yours and the next month you would see your points on your credit score increase a ton. The next thing that you can also do is to just wait to apply for the credit card or you can take initiative action by calling the reconsideration line where they have live reps that have the full authority to overturn a denied application over the phone.

So at this point, now that you understand the eligibility criteria, the rules and regulations, let's walk through the application process for an American Express card so you guys fully know what to do. All right? So the first thing you're going to want to do is check out the link Down Below in the description. We're gonna click on my link there. Keep in mind this is an affiliate Link at no cost to you, we're going to open it up.

We're gonna get redirected to the American Express page. We're gonna click here. Apply now. We're going to be seeing the little blue screen.

We're then going to be opening up the credit card page and here they're even offering me a higher bonus. How awesome is that? So you never know the little specials that you guys can get by checking out the links Down Below in the description and what I'm going to do then is press apply. Now now guys, by the way, anytime you use those links down below, you're supporting this Channel All for free and you're allowing me to continue making these educational videos for you with the best information possible. And you also allow me to support my team now at this point.

What I'm gonna do here I'm just gonna put in my name Brian Jang All right. so I'm just putting in a Bogey email address right here, put your home address in, we're gonna put in your social security number and put in my total annual income income Source employed and then once you do that, you can continue to terms. Once you do that, you agree and submit your application. Basically, you're going to be on a tab where they're processing your response and basically first of all, I feel sorry for whoever lives on one two, three four Sesame Street I Didn't know that was a real address, but basically they're telling me that they can't improve my application.

So if this happens, what I would do is call up that reconsideration line immediately. Just like I stated in the video, you're going to receive a letter within the next 10 days explaining the specific reason as well. So ladies and gents, if you found any value at all within this video, If you learned something new, be sure to drop a like I'll for you guys to join the junkie. Nation subscribe to the channel as well and if you guys want to go ahead and join my completely free Facebook group of over 30 000 other members, be sure to check out the link Down Below in the description and I'll send you an email invitation for the group access there in the meantime.

Thank you all so much again for your support I would not be in the position I am today I Will not be able to make these amazing videos here if it weren't for you guys! So like always, I do appreciate every single person out there watching these videos. Have an amazing day! Have a blessed time I'll see you all soon.