American Express Credit Card Eligibility

Also known as Amex, American Express is an American multinational financial company headquartered in New York City. Amex is known for its credit cards, traveler’s cheque, and charge cards. From premium cards to travel and reward credit cards, the company offers it all. To offer exceptional benefits to their cardholders who are frequent travellers, Amex has partnered with Jet Airways. If you are planning on applying for an Amex credit card, you will have to meet certain eligibility criteria. The requirements for each card are different. Read the brochure or get in touch with American Express for more information.

General Eligibility Criteria To Apply For An American Express Credit Card

To help applicants save time, American Express has clearly listed the credit card eligibility criteria on their official website. You can go ahead and apply for an Amex credit card if you are:

  • At least 18 years of age.
  • You have a good credit history.
  • You have a high credit score.
  • You haven’t defaulted on your any payments.
  • You have a savings account in an Indian or a multinational bank or a current account in India.
  • You have a permanent Indian residential address.
  • If you do not have an Amex credit card and are self-employed, your company should be trading for a minimum of 18 months.
  • If you are an existing Amex credit cardholder and are self-employed, your company should be trading for a minimum of 12 months.

Apart from the general eligibility criteria listed by Amex, you should also have your KYC (Know Your Customer) documents to apply for an American Express credit card.

Kyc Documents Required To Apply For An American Express Credit Card

  • Duly-file credit card application form.
  • Recent passport size photographs.
  • One proof of identity such as driving licence, copy of your passport, Voter ID card, Aadhaar card, or PAN card.
  • One proof of address such as driving licence, passport copy, Voter ID card, or Aadhaar card.

Factors that affect your American Express credit card eligibility

When you apply for a credit card, there are many factors that affect your eligibility. Some of the factors that play a major role when you apply for an Amex credit card are:

  • Age: Your age is one of the important factors that affect your credit card eligibility. Before issuing a credit card, lenders check if you are creditworthy. In order to check your creditworthiness, they would assess your credit history. If you are too young and do not have a strong credit history, lenders will not be able to decide if you will be a prompt payer. If you think you do not have a credit history, consider building it before applying for a credit card.
  • The number of credit cards you own: As credit cards are easily available, many hold multiple credit cards. If you have multiple credit cards, your total credit limit will be high. And, if you do not clear the total outstanding balance on all your credit cards promptly, it will negatively affect your credit score. It is always recommended to have one or two credit cards and pay all the balance in full instead of the minimum due amount.
  • Income: Many credit card providers design premium credit cards with exclusive benefits such as free gold membership, exclusive discounts on flight tickets, and other exceptional offers. The annual fees for these cards may be high. The credit card providers set the income criteria for each credit card they offer based on the features and benefits the card offers. Check the income criteria for the card you wish to apply before submitting your application.
  • Gross monthly debt: When you submit a credit card application, lenders will check your credit score and when they do, they will be able to see all your existing lines of credit. If your monthly debt amount is very high, it will affect your credit card application negatively. Most lenders calculate the Debt-to-Income (DTI) ratio where your total debt amount is divided by the total monthly income. If you have a high DTI ratio, your credit card application may be rejected as it indicates that you may not be capable of paying your future payments.
  • Credit score: Your credit score is the first thing lenders check when you apply for a loan or a credit card. A credit score ranges between 300 to 900. All lenders prefer applicants with a high credit score of 750 and above. Your credit card application will be rejected if you have a low credit score. A low credit score indicates that you do not have a good credit history and decreases your creditworthiness. Before applying for a credit card, check your credit score. You can get a free copy of your credit report every year from each of the credit reporting agencies in India, namely Equifax, TransUnion, and Experian. If you have a low credit score, apply for a credit card only after your score has improved.
  • Recent delinquency on your credit report: As lenders have access to check your credit history, they can check if you have defaulted on any of your lines of credit. If you are a defaulter, your credit card application will be rejected. Check if you have any negative entry on your credit report and try to eliminate them before applying for a new line of credit.
  • Multiple applications: While choosing the best credit card for you, it is very important to avoid making multiple hard inquiries for credit. If you apply for multiple credit cards you like, the lenders will be able to see all the hard enquiries made by you. This will make you look like a needy borrower. Therefore, while applying for a credit card, finalise on one card and apply for it. Avoid applying for another credit card while one credit card application is being processed.

Apart from the above factors, there are many other factors that will affect your credit card eligibility. Some of them are:

  • A high outstanding amount on your existing credit cards
  • “Charge-off” or “Settled” remark on your credit report
  • Lack of credit history
  • Job stability
  • The organisation you work with
  • Job profile

How To Improve Your American Express Credit Card Eligibility

If you like to apply for a particular credit card and notice that you are not eligible to apply, or if the bank rejects your application, you can always apply again after improving your credit card eligibility. There are many ways you can improve your eligibility. Some of the ways are:

  • Improve your credit score: As your credit score has a significant effect on your credit card application, improving your credit score will help you increase your credit card eligibility. You can improve your credit score by:
    • Closing one of your existing lines of credit
    • Reducing your Debt-in-Income Ratio
    • Paying the total outstanding balance on your existing credit card
    • Paying all your bills on time
  • Do not default on your payments: When your credit card application is being processed, make sure you pay all your bills on time. If you default on any one of your loan or credit card payments, the lenders will question your repayment capacity. This includes your EMIs and other bills.
  • Say no to multiple credit card applications: As mentioned earlier, avoid making multiple hard enquiries while you have submitted a credit card application with one bank.

Some other ways you can improve your credit card eligibility are as follows:

  • Reduce your Debt-to-Income ratio. Consider consolidating your debt and closing debts if it is possible.
  • If you have an existing credit card, maintain a good credit utilisation ratio and pay your bills on time. Always try to pay the total due amount on your credit card instead of the minimum due amount. This will help you increase your creditworthiness.
  • Avoid cheque bounces, late fees, and penalties on all your active lines of credit.
  • Consider increasing your income. You can increase your income by reducing your total debt or increasing other sources of income. For example, you can show your rental income in your credit card application.

Top American Express Credit Cards

Some of the most popular credit cards offered by American Express are:

  • American Express Platinum Credit Card
  • American Express Platinum Reserve Credit Card
  • American Express Platinum Travel Credit Card
  • Jet Airways American Express Platinum Credit Card
  • American Express Membership Rewards Credit Card
  • The American Express Gold Credit Card

If you are planning to apply for an American Express credit card, you can contact the India customer care department by dialing their toll-free number 1-800-419-2122. You can also apply for an Amex credit card online on their official website.

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