American Express brings back a minimum income requirement for its cards

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• Nick says:

  20 Jul20 July 06:07

  What do they class as ‘income’ though? Most cards, and I believe Amex too, ask for your ‘Annual Personal Income’, as well as the likes of ‘Other Personal Income’.

  Surely ‘income’ includes a salary, but also returns on investments, interest payments, annuity payments, etc.

  • Andrew J says:

    20 Jul20 July 06:14

    Correct.

    • The Original Nick says:

      20 Jul20 July 07:04

      Yep, household income!

      • Peter says:

        20 Jul20 July 09:13

        Nope, personal income!

• Roger W says:

  20 Jul20 July 06:12

  Retirees are a bit more complex than ‘income’. In a couple of months my DB pension will be £20K. Am holding off SIPP until I get the state pension and will be taking £36K of ISAa yearly. That is £56K with no outgoings but rates, food and utilities. Compare that with my younger self with massive mortgages…

• Erico1875 says:

  20 Jul20 July 06:46

  Explains why my wife got KBd for Platinum. Her declared earnings were 30K on a household income of 90K

• polly says:

  20 Jul20 July 06:55

  And yet, we retired are big spenders… all our non mc spend goes to Amex. Not a good move.. yes, maybe they don’t want a rush of cancellations before Oct 2nd. Which they might possibly be facing.
  It would certainly reduce the pool of newer 241 voucher holders too, so less people chasing CS reward seats… sorting the wheat from the chaff here. Don’t want the poor eating at the table, methinks… Weird change.

  • NorthernLass says:

    20 Jul20 July 09:21

    Same here, Polly, we have healthy bank accounts, mortgage nearly paid off, one (nearly adult) child. All our spending goes on Amex where it’s accepted. I do quite a bit of free and low paid work for charities, yet unless I get another “proper job”, I won’t be eligible for another BAPP or Platinum!

    • Ladyshopper says:

      20 Jul20 July 12:38

      I won’t be eligible for any Amex card now. Medically retired from the police with 16 years service, plus I get ESA means my sole income is around £12k. However, our combined household income, which we both have full access to, is over £90k.

      We’re mortgage free, adult children who are independent, healthy bank accounts and savings (mostly in premium bonds, so no real income I can use from those).

      Little bit frustrating.

• strickers says:

  20 Jul20 July 06:57

  I think they’ve shot themselves in the foot somewhat here, Mrs S is retired with a low net income but a more than ample net worth when you look at savings. She would only qualify is she took an income from these which would then incur income tax, whilst I’m still working there is no justification for doing that.

  • Ken says:

    20 Jul20 July 07:35

    Surely if she has savings and investments in her own name, she has an income regardless of whether she chooses to spend it or re-invest it.

  • BBbetter says:

    20 Jul20 July 11:54

    They’d have shot themselves in the foot if Mrs S would’ve been a long term customer with no churning. But if she wanted to be a long term customer, she’d already have been one.

• Will says:

  20 Jul20 July 06:57

  How do they work out self-employed? As one would a mortgage? Salary + divdends declared?

• paul says:

  20 Jul20 July 07:00

  Don’t you just enter £60k in the Application?

  Always worked for me.

  • polly says:

    20 Jul20 July 07:24

    Unless they check = fraudulent application

    • paul says:

      20 Jul20 July 13:07

      As long as you’re earning them money they won’t care.

      It’s just a “compliance check” to suggest they’re being responsible.

• Sussex bantam says:

  20 Jul20 July 07:26

  Hmm. That explains why my wife got rejected then. Lots of assets but we don’t choose to draw an income in her name for tax purposes

  Strange move from Amex this.

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