With that in mind, today, I’ll take you through the restrictions for all of the major issuers on the market today: American Express, Chase, Citi, Bank of America, Barclaycard, Capital One and Wells Fargo. Related: How bad is it to get denied for a credit card? While you can never guarantee that your application will be approved, you really want to avoid wasting an application when you have absolutely no chance at success. Many top issuers have added additional restrictions over the last few years that make it harder to get approved for a new card and/or earn a welcome offer, so it’s important to know which bank has what rules before you apply. After all, if an application is denied, you’re taking a hard inquiry on your credit report (and the resulting temporary drop in your score) without any upside. Still, you want to ensure that any applications you make have a high probability of being approved. New to The Points Guy? Want to learn more about credit card points and miles? Sign up for our daily newsletter.
Just about every week, I hear something along the lines of, “Aren’t you afraid that you’ll wreck your credit score?” While it’s true that card applications will temporarily lower your score as a result of the new hard inquiries on your profile, many other things go into calculating that credit score number. Related: One card for every year I’ve been alive: My journey from college student to points pro Most of my friends and family members find it hard to believe that I currently have 17 active travel rewards credit cards in my wallet and pay more than $1,000 per year in annual fees. If you’re relatively new to the points-and-miles world, you might be a bit gun shy when it comes to applying for new credit cards. Editor’s note: This is a recurring post, regularly updated with new information.
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