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- If you want to open a Rewards credit card, you need to have a general idea of the credit score you will need to be approved.
- The different cards have different credit score requirements, but all the "requirements" are really just indications. The issuer will always make the final credit decision.
- One of the most popular cards, the Chase Sapphire Preferred Card, requires a high credit score, but it is easier to be approved for this card than the Chase Sapphire Reserve, which offers superior quality.
- The Capital One® Venture® Rewards credit card also requires an excellent credit score.
- It may be easier to approve other cards, including some from Amex and the Alaska Airlines Visa from Bank of America.
If you are new to credit cards, you may wonder if your credit score is enough to get the card you want. And that's a good question – after all, many of these cards are aimed at luxury travelers.
You can expect all reward cards to require a high credit score, but this is not the case for all. Each card issuer has its own subscription criteria, which are not strictly based on credit score. Other factors may include employment, income and any existing relationship with the bank.
What credit card issuers review in your application
Although no bank discloses its underwriting criteria (in fact, banks consider this as a trade secret), consumers are free to report their experiences with credit card applications. Online forums (such as / r / churning on Reddit) contain hundreds of messages containing anecdotal information.
Keep in mind that this is "anecdata". The underwriting criteria for banks may change at any time, and general criteria may not apply to your specific situation. For example, it is not uncommon for banks to tighten credit requirements in a slowing economy or apply stricter lending criteria to people working in historically unstable industries. Do not forget that the bank ultimately calculates the risk, especially the level of risk you will be exposed to.
Read more: The best credit card signup bonuses available now
How to determine the credit score needed to open a credit card
You will not find a definitive answer to your credit score in order to open a particular card such as Chase Sapphire Preferred. Instead, you can get an idea of the range of scores of successful candidates.
Credit karma can be a good tool as part of this research. When you look at a map on their website, you'll find that many reader reviews include their credit score at the time of their request.
Here are the five categories of credit score according to FICO:
- Poor: 300-579
- Fair: 580-669
- Good: 670-739
- Very good: 740-799
- Excellent: 800-850
Chase Sapphire Preferred
Credit score of successful applicants, as reported in Credit Karma: 600 to 850
What's a good consolation prize if you have a lot of credit, but you are not eligible for the Chase Sapphire Reserve bonus? The Chase Sapphire Preferred, which offers many of the same benefits and a higher signup bonus than the Chase Sapphire Reserve: 60,000 Chase points after spending $ 4,000 in the first three months, versus 50,000 points with the same needs.
Sapphire Preferred has a minimum credit line of $ 5,000. Although a credit score of 720 or more is typical for successful applicants, the underwriting criteria are more flexible than for Chase Sapphire Reserve, and even students with income from a part-time job have been approved for this card. To obtain this card, you must meet Chase 5/24's strict requirements, which means that you can not have opened more than five new credit card accounts in the last 24 months.
Our verdict: If you fall under the 5/24 requirement, the Chase Sapphire Preferred is one of the best travel cards to put in your wallet.
Click here to learn more about Chase Sapphire Preferred from our partner The Points Guy.
Read more: The Chase 5/24 rule – what it is and what it means for your credit card applications
Chase Sapphire Reserve
Credit score of successful applicants, as reported in Credit Karma: Low 700 to 850
Chase is a notoriously strict card issuer, but for Chase Sapphire Reserve, it really goes to the next level. This card is a Visa Infinite card, with a minimum credit line of $ 10,000.
You will need an excellent credit score (usually greater than 720) to qualify for this card, as well as a sufficient income to open an account with such a line of credit. You must also respect the infamous Chase 5/24 rule.
Should you apply if you do not meet these criteria? May be. The best way to apply is to use a Chase banker at a branch, who can help you understand your personal financial situation and defend your underwriting interests.
Another option is to ask Chase Sapphire Preferred (which is easier to get) and request an upgrade after the first year. This is often possible.
Our verdict: If you have a high income, a high credit score and you fall under 5/24, this is one of the best cards to put in your wallet. It's hard to get and keep if you do it!
Click here to learn more about the Chase Sapphire Reserve from our partner The Points Guy.
Read more: Chase Sapphire Preferred vs. Chase Sapphire Reserve
Capital One Venture Rewards Card
Credit score of successful applicants, as reported in Credit Karma: Middle seven00 to 850 (but very few data points)
Unlike most card issuers, Capital One provides detailed information on the credit quality needed to open its cards. And yes, we said credit quality; it's not just about your credit score, but how you use your credit.
For Capital One, "excellent" means: "I have never declared bankruptcy or failed on a loan, I have not been late for more than 60 days on a credit card, medical bill or a loan in the past year, had a loan or credit card for 3 years or more with a credit limit greater than $ 5,000. "
The Capital One Venture earns 2x miles on all purchases, plus 10x miles on paid hotel bookings made on hotels.com/Venture. You can redeem miles to offset travel purchases on your statement or transfer them to airline partners such as Air Canada and Etihad.
Our verdict: Capital One makes its underwriting criteria clearer than most issuers. We recommend that you do not apply unless you meet these requirements.
Click here to learn more about Capital One Venture from our partner The Points Guy.
American Express cards
Although American Express is perceived as an issuer with rigorous underwriting criteria, some online forums do not agree: as long as you are in good financial health, it is relatively easy to obtain an American Express card in relation to other cards.
That said, not all Amex cards meet the same underwriting criteria. It is usually more difficult to obtain approval for cards such as the American Express Platinum® card that have higher credit lines. In the meantime, even students (with no adverse credit history) have indicated that they have been approved (with a low credit line) for lower-level co-branded Delta cards such as the American Express SkyMiles® Gold Delta Credit Card. .
Our verdict: If your credit is terrible, you will probably not be approved for an American Express card. But you could be approved (albeit with a low credit line) if your credit is not perfect, especially if your credit history is good and your income and employment meet the criteria.
Alaska Airlines Visa Signature Credit Card
Bank of America has an unusual approach to the Alaska Airlines Visa card. It has a Visa Signature version of the card, which has a minimum credit line of $ 5,000. It also has a Platinum Plus version, which offers slightly different card benefits and a credit line of less than $ 5,000.
When you apply for an Alaska Airlines visa, your application will be assessed against the criteria of both cards, which means that if you do not qualify for the higher credit card of the Visa Signature card, you can always be approved for the Platinum Plus card. .
The registration fee and the fare offer for companions were different for both cards, disappointing many applicants. Fortunately, this has now changed and you will receive the welcome bonus you expect (and the companion fare you expect) if you are approved for one of the credit cards.
Bank of America is relatively indulgent when it comes to endorsing the Platinum Plus card, offering this card even to people with limited credit history. As a result, this can be one of the easiest travel reward credit cards to get.
Our verdict: One of the easiest reward cards to get and one of the best airline programs to earn points. What does not love?
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Disclosure: This message is brought to you by the Personal Finance Insider team. We sometimes highlight financial products and services that can help you make better decisions with your money. We do not give investment advice or encourage you to adopt a particular investment strategy. If you act in accordance with one of our recommendations, we get a small share of the revenue from our trading partners. It does not influence if we offer a product or a financial service. We work independently of our advertising sales team.
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Note: Although the offers mentioned above are accurate at the time of publication, they are subject to change at any time and may have changed or may become unavailable.
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