What Is The Minimum Income For Amex?

Eight years ago American Express removed the minimum income requirement for their range of personal and small business cards in the UK market. The idea was to take an ‘overall’ view of a person’s finances rather than just focusing on annual income. For example, a person living at home on £20k will have a much higher disposable income than someone on higher who has a mortgage and energy bills to pay! A lot can change in 7 years however, fast forward to 2023 and American Express has now decided to reintroduce minimum income amounts for their cards… so what is the minimum income for Amex?

Why is there a minimum income for Amex again now?

We don’t have a definitive reason but there are a few possible reasons…

1. New FCA customer duty regulations coming into force at the end of the month.
2. In a world of high-interest rates and inflation, Amex wants to cut back their credit book
3. They want to try and reposition themselves as a Premium offering again. Allowing every Tom, Dick & Harry to apply for and receive a Platinum card removed the idea that Amex cardholders were higher-spenders/more profitable. Which then in return made it a lot harder for Amex to convince shopholders to accept Amex with their higher fees…

What is the minimum income for Amex now and how will it affect me?

All of the below (including business cards) are personal income amounts. This means non-working partners, students and retirees may struggle under these changes. These amounts are viewable as go through to card application on the ‘before you begin’ box…

• Preferred Rewards Gold – £20,000
• Free British Airways – £20,000
• Platinum Cashback – £20,000
• Platinum Cashback Everyday – £20,000
• Nectar – £20,000
• Marriott Bonvoy – £20,000
• American Express Rewards – £20,000
• Business Gold – £20,000
• The Platinum Card – £35,000
• British Airways Premium Plus – £35,000
• Business Platinum – £35,000

To be fair it still means someone on a full-time minimum wage job (40-hour week) would still be eligible for every card except the Platinum Card, British Airways Premium Plus & the Business Platinum. I don’t think that is necessarily a bad thing considering these are meant to be Amex’s more ‘premium’ cards.

I’m an existing cardholder will I be affected by the minimum income requirements?

No. If you have the card you are OK. Though you may want to think twice about cancelling the card if you are under the minimum income and want to have it again in the not too distant future…

Conclusion

These new minimum income restrictions won’t affect most people however it does mean students and retirees are less likely to be able to take advantage of Amex cards for the foreseeable future. Are you affected by the new minimum income for Amex changes? Let us know in the comments below!