If you have a small business and spend a lot of time on the road or in the skies, you may want to add The Business Platinum Card® from American Express to your wallet. It’s one of the best business cards on the market.
Frequent travelers will benefit from the Amex Business Platinum’s lounge access, hotel elite status and statement credits.
New cardmembers can find out their offer and see if they’re eligible for as high as 300,000 bonus points after spending $20,000 on purchases in the first three months of card membership. (Welcome offers vary, and you may not be eligible for an offer.)
If you’re interested in applying for the Amex Business Platinum, you may wonder whether you have a good enough credit score to be approved.
Let’s discuss some common questions about the ideal credit score needed to get the Amex Business Platinum.
Amex Business Platinum Card credit score: What to know
American Express doesn’t state a minimum credit score for Amex Business Platinum applicants. However, you will generally need good or excellent credit to be approved.
Amex will perform a credit check with consumer and business credit bureaus when you apply for an Amex business card. In the event that your small business does not have any business credit history, Amex will rely primarily on your personal credit history and other information about your business to determine whether to approve your application.
Of course, each application and small business is different. As such, Amex may approve your application even if you or your company has a lower credit score.
However, applicants with lower credit scores generally need a stronger overall application, such as solid business revenue, lower existing debt or an established history with American Express.
Related: What credit score do you need for business credit cards?
Factors that affect your credit score
First, it’s essential to understand that not all credit scores are the same. As such, even at a given time, you don’t have just one credit score. Instead, your credit score may differ across calculation methods and credit reporting agencies. For example, your Experian FICO score may differ from your TransUnion VantageScore.
FICO states that it calculates credit scores using credit data from your credit report in the following proportions:
- Payment history (35%): History of paying credit accounts on time
- Amounts owed (30%): The amount of available credit you’re using, also known as credit utilization
- Length of credit history (15%): How long have your credit accounts been established, and how recently have you used each account
- New credit (10%): Opening multiple credit lines in a short period may indicate risk to a lender
- Credit mix (10%): Use of different types of credit
As you can see, several factors impact your credit score. As such, it’s important to understand credit before applying for cards.
Related: 3 real ways to boost your credit score in 30 days
What to do if you get rejected
Getting rejected for a card you want is never fun, but there are many reasons Amex might deny your Amex Business Platinum application. For example, you may have opened too many credit lines recently, or your income-to-spending ratio might indicate too much risk.
Wait to read the rejection letter you’ll receive in the mail. This letter will provide one or more reasons why Amex rejected your application. You can use the rejection to learn and improve your credit. Then, you can apply again once you’ve strengthened your credit profile.
You can also call the card reconsideration line if you believe additional information might cause Amex to reconsider your application. Even if the representative can’t approve your application, calling the reconsideration line may provide more insight into why Amex rejected your application.
Related: The ultimate guide to credit card application restrictions
Bottom line
American Express Business Platinum is one of the best business cards on the market, thanks to its multiple premium travel perks.
Although there’s no specific credit score requirement to get approved for an Amex Business Platinum card, you’ll generally have the best chances of approval if your score is in the “good” or “excellent” range.
To learn more, read our full review of the Amex Business Platinum.
Apply here: American Express Business Platinum
