What credit score do you need for the Amex Business Platinum Card?

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If you have a small business and spend a lot of time on the road, you may want to add American Express Business Platinum® Card into your wallet. After all, frequent travelers can certainly benefit from Amex Business Platinum lounge access, the hotel’s elite status and more.

If you are interested in Amex Business Platinum, you may be wondering if you have a good enough credit score to get approved. After all, it is one of the best business card on the market. In this post, I will address some common questions about required Amex Business Platinum credit scores.

Amex will perform a credit check with consumer and business credit bureaus when you ask for Amex business card. Your small business may not have business credit history, but it’s OK. In this case, Amex will mainly rely on personal credit history and other information about your business to determine whether to approve your application.

American Express does not publish a minimum credit score for American Express Business Platinum applicants. But in general you will need to have very good or excellent credit to be approved. In particular, your consumers credit score will typically need to be 740 or higher for a competitive application.

Of course, every app and small business is different. As a result, Amex may be willing to approve your application even if you or your company have lower credit score. However, to get approved with a lower credit score, you usually need to have a well-established business and substantial annual revenue.

Related: What credit score do you need for a business credit card?

The Platinum merchant card from American Express is a good choice for frequent business travelers who can use the card’s many perks. For example, frequent travelers will get substantial value from the following Amex Business Platinum perks:

People who often travel for work will also be able to maximize much Lesser-Known Benefits of the American Express Business Platinum Card. However, you should ask yourself whether Amex Business Platinum worth $695 annual fee (understand rates and fees) before you apply.

To answer this question, you’ll need to decide what value you’ll get from the Amex Business Platinum perks compared to its $695 annual fee (see rates and fees).

Related: Who should (and who shouldn’t) get Amex Business Platinum?

The Platinum merchant card from American Express currently offering a welcome offer of 120,000 Membership Rewards® points after you spend $15,000 on qualifying purchases with your Business Platinum Card within the first three months of your card membership (see rates and fees).

However, similar to many best American Express card, not all applicants are eligible for the welcome offer even if approved for the card. Specifically, the preferential terms of the current Amex Business Platinum welcome offer clearly state:

The welcome offer does not apply to applicants who have or already have this Card. We may also consider the number of American Express Cards you have opened and closed, as well as other factors, to determine the eligibility of your welcome offer.

Most notably, Amex has a policy of one reward per life. Fortunately, after you submit your application, Amex will determine eligible for welcome offer. If you are not eligible to earn the welcome bonus, Amex will display a popup Ask if you would like to apply without the possibility of receiving a welcome offer. If you choose to withdraw your application at this time, Amex will not do so hard to pull your credit report.

Related: 9 things to do when getting an American Express Business Platinum card

There are many ways to check your credit score for free. For example, some card that offers free FICO points for all cardholders. And American Express allows anyone (including non-members with a card) to use Guide MyCredit to check out TransUnion VantageScore 3.0 for free.

It’s also possible check your business credit score if you have one. However, you will normally need to pay to do so.

Related: 6 things to do to improve your credit

Factors affecting your credit score

First of all, it’s important to understand that not all credit scores are the same. That way, even at a given time, you don’t just have one credit score. Instead, your credit score may vary between calculation methods and credit reporting agencies. For example, your Experian FICO Score may be different from your TransUnion VantageScore Score.

Credit scoring method not known to the public. However, FICO states that it calculates your credit score using credit data from your credit report at the following rates:

• Payment history (35%): Credit account payment history on time
• Amount owed (30%): The amount of available credit you are using, also known as use credit
• Length of credit history (15%): How long have your credit accounts been set up and how recently have you used each account
• New credit (10%).
• Credit mix (10%): Use different types of credit

As you can see, many factors affecting your credit score. Therefore, it is important to understand credit before applying for a card.

Related: 3 practical ways to increase your credit score in 30 days

Being rejected for a card you want is never fun. However, there are many reasons why Amex may decline your Amex Business Platinum application. For example, you might have opened too many lines of credit recently. Or your income-to-expenditure ratio may indicate too much of a risk.

I recommend waiting to read the final rejection letter you will receive in the mail. This letter will provide one or more reasons for Amex to reject your application. You can use rejection as an opportunity to learn and improve your credit. After that, you can re-register as needed American Express Business Platinum credit score.

You can also Call the card review line if you believe that additional information may cause Amex to reconsider your application. Even if the representative is unable to approve your application, calling the review line can provide more details on why Amex denied your application.

Related: Are there any long-term problems if your credit card is declined – and what can you do about it?

The Platinum merchant card from American Express one of best business card on the market. It has many premium travel perks.

However, business travelers often wonder if they have high enough credit score to be approved for the Amex Business Platinum card. Although there are There are no specific requirements For an Amex Business Platinum credit score, you’ll generally have the best chance of being approved if you have a very good or excellent credit score.

Official app link: Platinum merchant card from American Express

For Amex Business Platinum Card rates and fees, click here.

Additional reporting by Emily Thompson.