I'm Wanting to Apply for My First AmEx, I Need Advice

Ljigglybuff on 22/08/2023 - 11:55
Last edited 22/08/2023 - 12:06

I have 2 credit cards at the moment.

  1. $9000 credit limit
  2. $5500 credit limit (Wanting to close)

Assuming my income is around 70,000

What sort of income do i require to apply for something like a:
The American Express Velocity Platinum Card
or
The American Express Explorer® Credit Card

And what sort of monthly spending should i be putting in as well to be eligible.
Pretty confused on the spending part.

2nd Question is since im planning on closing my 5500 card, should i apply before closing or after closing, or several months after closing.

Any credit card warriors out there to give some advice plz.

Financial American Express Credit Card

Comments

  • mbck on 22/08/2023 - 12:00

    The income requirement would be stated on the product pages very clearly.

    Spending part? Are you talking about bonus point spending requirement?

    You should close the card. If you have a credit monitoring subscription (free), you can wait until it says "closed" before applying. It'll be safer to do this.

  • sumyungguy on 22/08/2023 - 13:17
    +1

    As long as you meet the minimum income requirement, the card application bot is checking you spend less than you earn.

    • jigglybuff on 22/08/2023 - 14:44

      is there a good ratio?

      • jv on 22/08/2023 - 14:51
        -1

        yes

      • sumyungguy on 22/08/2023 - 15:47

        Check your current credit score. Then get your credit utilisation ratio below 30% and ensure your declared expenses plus the minimum monthly re-payments on 30% of your credit card limits is less than your post-tax income.

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