Key takeaways
- You may not qualify for the most rewarding credit cards without a good credit score, which is why you should be flexible about your choices.
- Start by being strategic and applying for a credit card that is likely to approve you, since too many credit inquiries in a short span of time can cause your credit score to drop.
- Once you get a credit card, use it responsibly and build up your credit so you will eventually score a rewards card that gives you more.
Rewards credit cards can help you save money with cash back, points or miles on every purchase. However, they can be challenging to qualify for, especially the best rewards cards that require good to excellent credit scores. If your credit score is not in that range, you may face difficulty getting approved.
It’s essential to be strategic before applying for a rewards card. Choose cards that align with your credit profile to avoid unnecessary credit inquiries that can impact your score negatively.
While the best rewards cards may be out of reach initially, there are options available for all credit levels. By starting with a card you qualify for and using it responsibly, you can work towards building a better credit score to access more rewarding cards in the future.
Know what credit score you need for a rewards card
Before applying for a new card, check your credit score to determine the type of cards you may qualify for. Understanding your credit score range can help you make informed decisions.
For example, FICO credit score ranges from excellent to poor, with rewards cards available for all levels. While you may not qualify for top-tier cards initially, lower-tier rewards cards can still provide benefits and help you build credit.
Choose a card you can qualify for
Your credit score will influence the types of rewards cards you can access. Depending on your credit level, there are options available:
If you have fair credit
With a fair credit score, you may qualify for rewards cards like the Capital One QuicksilverOne with cash back benefits.
If you have poor credit
Poor credit may require alternative card types such as secured credit cards or store credit cards to build credit and earn rewards.
If you have no credit
For individuals with no credit history, secured credit cards like Discover it® Secured can be a starting point to build credit and earn rewards.
Be flexible about rewards type
If your credit is fair or poor, consider being flexible in the type of rewards you earn. While top rewards programs may be out of reach, cash back rewards can still provide value.
See if you can get prequalified
Some credit cards offer prequalification options to assess your eligibility without impacting your credit score. This can help you gauge your chances of approval before applying.
Build your credit to earn better rewards
Prioritize building your credit score to qualify for top rewards cards in the future. Steps to improve your credit include becoming an authorized user, using credit-building apps, and maintaining a good payment history.
The bottom line
While qualifying for premium rewards cards may require a good credit score, there are options available for all credit levels. By using credit responsibly and building a positive credit history, you can work towards accessing more rewarding credit card offers in the future.