The 5 Credit Cards the Hardest to Get
A credit card is a card that you can use to pay for something with borrowed money or money that you do not currently have, with the promise that you will eventually pay it back. You can use it to buy things in stores or online, pay bills, or do any number of similar things. To do so, open a credit account, and you will be given a set limit by your credit card company.
The most difficult credit cards to acquire include:
- American Express Centurion Card
- JP Morgan Chase Palladium Card
- Dubai Royale First MasterCard
- Stratus Rewards Visa Card
- Coutts World Silk Card
Why are these cards harder to get than others, and what makes a credit card hard to get in the first place? Read on to find out more about which credit cards are the hardest to get, which are easier, and what you have to do to get them.
What Makes a Credit Card Hard to Get?
There are a variety of reasons why getting a credit card might be hard to do. Credit card companies are not going to hand out loans to just anyone without doing a few background checks first. Often, these have to do with checking whether or not you seem like someone who will be able to repay your credit card debt.
Here are a few reasons why getting a credit card might be difficult for some:
- Age
- No previous credit history
- Late payments
- Bankruptcy
- Lack of income
- Delinquencies
These are all factors which companies will review before deciding whether or not you are able to get a credit card.
Age
In previous years, people of any age could get a credit card, but this meant that many young people or college students without a steady income were often using them to rack up large bills. Therefore, the option of having a credit card is only available to those over the age of 21, unless you get a special student card or similar type of card.
No Previous History
Having a previous credit history will give you credence with credit card companies and provide some evidence that you will pay back what you owe. Therefore, if you have no previous history, it is often hard to get a credit card. This can make getting your first credit card very difficult.
Late Payments
Having previous late payments can lower your credit score and can also make you seem like a risk for credit companies, as they want to be sure that payments will be made on time. However, one late payment followed by numerous timely ones is generally not a big problem.
Bankruptcy
If you have recently filed for bankruptcy, it can be extremely hard to get approved for a credit card as your credibility as someone who will be able to pay back debt will be very low. It is often advised to wait for a period of time, generally up to a year, after getting out of bankruptcy in order to apply for a credit card.
No Clear Source of Income
Similar to bankruptcy, if you have no clear source of income, you will have a hard time getting accepted by a credit card company for a credit card as they will have no way of ensuring that you will be able to pay the loans back.
Delinquencies
If you miss a number of payments, your credit card becomes delinquent. Since missing even one monthly payment can make it harder to get a credit card, missing multiple monthly payments and being labeled delinquent can lead to great difficulties in trying to apply for a credit card.
What Makes a Credit Card Easy to Get?
Though some credit cards are very hard to get, if you meet certain requirements, it is not always difficult to be able to get a credit card. Here are a few of those requirements that make getting a credit card easier:
- Good credit
- Long history
- Amount owed
- Income and employment
Fitting the criteria on these factors can make getting a credit card easier.
Good Credit
If you have a good history of paying back your loans on time, you will have an easier time getting a credit card as credit companies will see that you are a reliable client.
Long Credit History
If you have a long history of making good payments, that will show that you are not only reliable at making payments but also able to do so long term. That way, you can build up a good credit score, which will make getting a credit card easier.
Amount Owed
Often, credit card companies will look at your debt compared to how much you have available to make repayments. If you owe a large amount in comparison to how much you have, they might not be as willing to give you a credit card. However, if you do not owe much, the chances are that you will be able to get one.
Income and Employment
If you are steadily employed and have a good income, these factors will also help to make it easier for you to get a credit card as you will be seen as able to pay back the debt you create.
What Are Some Credit Cards Easy to Get?
This can also depend on the type of credit card you are trying to get, as some are easier to acquire than others. Some of the easiest cards to get are:
- Student Cards
- Secure Cards
- Starter Credit Cards
For a variety of reasons, these credit cards can be easier to get than others.
Student Cards
Even though there is an age limit of under 21 on most credit cards, it is possible to get a student credit card, which, as the name suggests, is a credit card made specifically for students. These do not have such strict censures.
Secure Cards
Secure cards are given to you in exchange for upfront security deposits. This is often a cash deposit. This makes it harder for you to go into debt or to fail to pay your card loans off, and therefore the card is not so hard to get.
Starter Credit Cards
These cards are designed specifically for those who are interested in getting their first credit cards. It is easier to qualify to obtain one of these cards, but they often have higher annual fees or percentage charges than other credit cards.
If you are wondering what specific cards are included on the list of easy ones to get, some of those are:
- OpenSky Secured Visa
- First Progress Platinum Elite Secured MasterCard
- Capital One Platinum MasterCard
These would be good cards to try to get if you are looking to get your first credit card.
What Is the Most Prestigious Credit Card?
While most people use credit cards as ways to buy things at certain moments when they might otherwise be unable to, there are members of the elite class who have credit cards that give them exclusive privileges and cool benefits, such as jet plane trips, luxury foods, designer clothing, and other such items. These are some of the cards available to those who fall into that group.
The card that stands out as the most prestigious of all is the American Express Centurion Card. This is the hardest to get and also comes with some of the best benefits.
The 5 Credit Cards The Hardest to Get
Out of all of the credit cards that it is possible to get, there are a few that stand out as harder to get than others. This often can depend on how much your income is, what your job is, how good your credit score is, and other similar factors.
Credit card companies will also do the necessary background checks to ensure that you are eligible to get these cards before allowing you to do so.
1. The American Express Centurion Card
The American Express Centurion Card is the most prestigious credit card, which means it is the most exclusive and hard to get. Also called the Amex Black Card, this card is so unique that American Express does not disclose much information about how to get one. It is known that you need to earn at least one million dollars a year and spend several thousands of dollars a year on American Express.
If you have an American Express card already, you can apply to get the Centurion Card, but more commonly, you are invited to get one. Often, people who spend huge sums of money on things like travel, luxury items, and fine dining are the ones to get this card.
This credit card also carries an annual fee of five thousand dollars and a down payment of ten thousand and is only for the exclusive and the rich.
2. JP Morgan Chase Reserve Card
After the American Express Centurion Card, the JP Morgan Chase Reserve Credit Card is the next hardest credit card to get. This card is difficult to acquire because you have to be exclusively invited by JP Morgan to qualify to get one.
While this credit card has much lower annual fees than the Centurion Card at just $595 per month, you must have at least ten million dollars available to make investments. Only certain people are allowed access to this card.
The good thing about these exclusive cards, however, is that each generally has excellent rewards. This JP Morgan card, for instance, comes with benefits for cars, travel, and dining experiences.
3. Dubai First Royale MasterCard
The next one on the list is the Dubai First Royale MasterCard. Just like the JP Morgan Reserve Credit Card, those who hold this card must be invited to do so by Dubai First. One thing which really makes this card stand out is its appearance. The card has a diamond in the middle of it and gold trim, making it not only figuratively attractive but literally so as well.
This is a unique card in other ways as well. It has no credit limit and also has a special benefit: cardholders get their own personal lifestyle managers.
4. Stratus Rewards Visa Card
After the Dubai First Royale MasterCard is the Stratus Rewards Visa Card. Like the others, this one is invitation only, and the card comes with a special appearance, just like the Dubai card — it is white. It does have a higher annual fee than the JP Morgan card at one thousand five hundred dollars.
There are great benefits to this card. For instance, chartered flights, luxury hotels, fine dining, travel perks, and similar benefits become available to those who hold the card. Users can even save up credit for the use of private jet planes.
5. Coutts World Silk Card
Another exclusive credit card to have is the Coutts World Silk Card. This is an exclusive, very well-known in the United Kingdom. Even the queen uses this card.
Like the others, this card is for the very rich; cardholders must have over one million dollars available for use and investment.
Also, like the others, this card does come with numerous intriguing benefits, including access to airport lounges, luxury and designer stores, fine dining, and more
Conclusion
While there are many types of credit cards available, only a certain few of society’s ultra-rich are granted access to the top five most exclusive cards. Once you reach that level, though, your card grants you all kinds of perks and benefits and will give you the chance to make your grand lifestyle even more exclusive and exciting.
