Credit Card Application Denied – Why Did I Get Denied a Credit Card?

Have you ever applied for a credit card and got a denial? If you have, you’re not alone. There are literally thousands of people who have had their credit card application denied. Whether it was a denied credit card too many inquiries or something else, it can be discouraging. There are other factors that can result in your credit card application denied, and we’ll outline them for you below.

1. Thin Credit History

Lenders look at your credit history to see how reliable you are with your finances. They like to see a mix of accounts with a long history of on-time payments. If you don’t have a limited credit history, they’re hesitant to lend to you. Also, they see you as a riskier client that has a high probability of not paying them back.

2. Credit Balances Are Too High

Ideally, you only want to utilize 33% of your credit card’s limits at the most. If your balances go beyond this amount, it’s a red flag to lenders. You may be living beyond your means. You could easily end up with your credit card application denied. So the best thing to do is to pay down your balances. Work to keep your credit utilization below 33% across all of your cards.

3. Unemployed or Low Income

Your income can also play a significant role in your acceptance or denial when you apply for a new credit card. Lenders have to see that you have the income required to make your payment each month. Unemployed or low-income people may have trouble paying on time. Some lenders may even ask for proof of income before they accept your application for a credit card.

4. Denied Credit Card Too Many Inquiries

When you apply for a credit card or loan, an inquiry goes on your credit report. They can stay on your credit report for two years. They only lower your score a few points. However, denied credit card too many inquiries is very common. If lenders see a sudden cluster of inquiries, it’ll make them worried. They’ll wonder what’s happening right now that is so urgent. Minimizing your inquiries is the best way to avoid getting your credit card application denied.

5. Too Many Credit Cards

While it’s good to have a mix of accounts, too many credit cards isn’t good. Each credit card issuer has a different amount of credit cards they’ll accept. If you fall over their limit, they’ll deny your request. Having a lot of credit cards is another red flag that you’re living beyond your means. It also increases your chances of missing payments or forgetting them entirely.

6. Missed Payments

Your payment history makes up the bulk of your credit score. Even one late payment can cause your score to drop significantly. Credit lenders take your payment history into careful consideration when they approve or deny credit. Ideally, they like to see no or very few missed payments. If you have them, concentrate on not missing any going forward and build your payment history.

7. Recent Public Record or Collections

If an account sits in collections long enough, it’ll eventually become a public record. They hurt your score less over time. However, they can drop your score when they first appear on your credit report. These are serious delinquencies that ward off credit card lenders. It can result in your credit card application denied because the lender doesn’t think you have enough money for your debts. Paying these off can help. You can also negotiate to remove them from your credit file.

8. Errors on Your Credit Report

Errors on credit reports are extremely common. This is especially true if you’ve never checked it. Errors can drop your score and ruin your chances of getting a credit card. If you see errors, dispute them with the credit bureaus. They’ll do an investigation. If they are errors, they’ll remove them from your credit report. This can boost your score. It also cleans up your credit history. In turn, lenders will be more willing to work with you.

9. Charge-Offs on Your Credit Report

A charge-off is a huge issue for lenders. It’s a credit card balance that you didn’t pay for at least six months. If you didn’t pay another card, there’s no proof you’d pay this one. New credit card companies will hesitate to extend you a line of credit. You can try to negotiate to pay it off for removing it from your credit report. However, most will leave it on but update that you paid in full.

10. Recent Delinquency

Maybe you have a solid payment history, but you recently missed a payment. A popular reason for your credit card application denied is due to having recent delinquency. Even if you made your next payment on time, lenders would look at it. They may wonder if you’re slowly losing the ability to pay your debts. You should wait a few months, pay everything on time, and try again.

How to Improve Your Credit Score

If you got your credit card application denied, improve it before you apply again. There are a few ways you can do this, and they include:

• Authorized User – You can become an authorized user on a family or friend’s account. You’ll get the positive parts of their payment history. Basically, you’ll get your friend or family member’s line of credit. However, they’ll be responsible for the bill if you don’t pay for it.
• Don’t Miss Payments – Put everything on auto-pay if you can. This will ensure that you don’t miss any more payments. In turn, it helps you build a strong payment history.
• Pay Down Debt – Start paying down your debt. This will look good to lenders. It’ll also improve your debt-to-income ratio. They’ll be more willing to extend you a line of credit.

Bottom Line – Credit Card Application Denied

A credit card denial can be discouraging. However, there are things you can do to fix your credit before you apply again. Finally, take a look and see why they denied your application. You’ll get a starting point to fix your credit and get the next card you apply for.

What are the Deserve Pro Mastercard benefits?

Are you considering adding a solid rewards card to your wallet? If so, have you heard about the Deserve Pro MasterCard? If not, this could be a solid option for you to try. We’re going to round up the biggest pros and cons of the Deserve Pro credit card. This way, you can decide if this card is a viable option for you.

Deserve Pro MasterCard Benefits

1. Generous Welcome Offer

To get the welcome offer with this rewards card, you have to spend $1,000 in the first three months. This totals out to $333 per month. Most people spend this amount in the grocery store! So if you spend this amount, you’ll earn a full year of Priority Pass from MasterCard. You can use your Priority Pass to gain access to thousands of airport lounges around the world. For people who travel a lot, this is an excellent bonus.

2. Strong Rewards

You’ll earn rewards in multiple categories when you use the Deserve Pro credit card. First, you earn 3% back on all travel and entertainment purchases. You get 2% back on all dining up to $500 per billing cycle. Everything else is 1% back, including any dining purchases over $500. However, this resets each billing cycle. So, you have a lot of reward potential.

3. No Annual Fee

Unlike many rewards cards, the Deserve Pro MasterCard has no annual fee attached to it. If you don’t use the card a lot, you won’t have to justify an additional cost. For cardholders who use it a lot, you’ll get to keep all of your rewards. This allows you to get the most out of every purchase and reward point you earn. So it works out for everyone, no matter your spending style.

4. No Foreign Transaction Fee

Since this card offers Priority Pass, it makes sense that it doesn’t have a foreign transaction fee. You’ll be able to travel anywhere in the world and use your card. It works through non-US banks, and you won’t pay extra for it. So this is great news for travelers who don’t want to carry a lot of cards with them. You can carry this one and use it anywhere.

5. Wide Acceptance

Along with Visa, MasterCard is the most widely accepted credit card lender available. This is especially important when you travel. Almost all vendors accept this type of credit card. Again, this reduces the number of cards you have to bring with you. It also makes it easy to buy everything you need, anywhere in the world.

6. Rewards Never Expire

As long as your account is in good standing, the Deserve Pro MasterCard will let you stack rewards. They never expire. This is for people who don’t use their credit cards as much and are looking for a low usage credit card. They can slowly accumulate points. So if you have something big coming up, stacking your rewards for a few months can be very helpful.

7. Cellphone Protection

If you pay your cellphone bill with this card, it’ll give you extended protection. This protection works against damage or lost or stolen phones. It’ll also cover one problem with your cellphone every year. If you sign up for Mint Mobile with the card, you’ll get a $45 statement credit. This is good for unlimited talk and text.

8. Rebate for Lemonade Insurance

Lemonade is renters and property insurance. They’ll give you a rebate if you pay three consecutive months with your card. When you do, you’ll get a $10 statement credit. Since Lemonade starts at just $10 to $15 per month, it’s like getting a deeply discounted or free month.

9. Feather Furniture Rental Rebate

If you have a Feather Furniture Rental company around you, the Deserve Pro MasterCard can get you a rebate. All you have to do is rent furniture using your card. When you checkout, use the code DESERVE100. This code will give you $100 off your first month’s rental price.

10. Extended Warranties

Buying products with this card gives you access to extended warranties. Typically, it’ll add an additional year of protection to your electronic devices. The original warranty has to be under three or five years, though. If it’s not, you won’t get an extended warranty.

11. MasterCard Platinum Benefits

MasterCard Platinum benefits include a host of perks. First, you get zero-fraud liability. You get emergency assistance almost everywhere you go. Also, it gives you early access to tickets for events, shows, and dining experiences. Hotel deals, travel deals, rental car assistance, and booking destination limos are benefits you can claim.

Deserve Pro MasterCard Drawbacks

1. Credit Score

This is a reward credit card, so it has higher credit score requirements. So this blocks out a lot of potential cardholders. You’ll need a credit score right below or at 700 to qualify. The closer your score is to 700, the higher your APR will be. Ideally, your credit score will be well beyond this point. They look for established credit. Deserve offers the Deserve® Edu Mastercard for students who are new to credit.

2. High APR

Again, a higher APR isn’t a surprise since this is a rewards card. However, the APR ranges between 17.74% and 24.74%. It’s also variable, and this means it can fluctuate. If you start with a lower APR, it can rise quickly. For anyone who carries balances, this can be problematic. It can quickly add a lot of additional money to your monthly balance until you pay it off.

3. No Balance Transfers With the Deserve Pro Credit Card

The Deserve Pro MasterCard doesn’t allow you to transfer balances to it. However, since the APR starts the first month, you have the card, this isn’t necessarily bad. You do want to avoid this card if you wish to transfer balances and pay them down, though.

Bottom Line on the Deserve Pro MasterCard

Annual Fee: $0
Credit Recommended: Fair/Good/Excellent
Regular APR: 17.74%-24.74% Variable
Foreign Trans Fee: $0
Late Payment Fee: Up to $25, First Late Fee Waived
Return Check Fee: Up to $37

Is the Deserve Pro MasterCard a good choice for you?

As you can see, the Deserve Pro Credit Card has a host of benefits with a few drawbacks. So it does largely hinge on your credit score and your habits. For people who travel, it can be a solid choice. For people who don’t spend a lot in the set categories, looking elsewhere is a good idea. Finally, you’ll mostly earn 1% in rewards, and this takes a while to stack up. Overall, this is a solid card you should take a look at.

New Walmart Credit Card and Walmart MasterCard Issued by Capital One

The new Walmart credit card from Capital One is catching attention with consumers everywhere. These two have teamed up to help make your shopping experience more rewarding, especially for people who shop often. But, how does the Walmart MasterCard compare to the Target REDcard? If you shop at both stores, you’ll want to know which is best. We’ll break down the new Walmart credit card below before giving you a quick comparison.

New Walmart Credit Card Pros

1. Excellent Rewards with the New Walmart Cards

The Walmart MasterCard has enticing cash back rewards for cardholders. To start, you get 2% back on travel and dining with 1% everywhere else. However, when you shop at Walmart.com, you get 5% back on purchases, including groceries. You also get 5% back using Walmart Pay for in-store purchases for a full year. Once the year ends, this drops to 2% back.

2. Flexible Redemption on Rewards

Once you start earning rewards with the Capital One new Walmart credit card, you can redeem them a few ways. Choose statement credits, gift cards, travel, or savings at the online checkout on all Walmart purchases. Whatever you choose, you’ll reap the benefits of the higher rewards rate for at least a year.

3. Easy Application

The application process for this card is very straightforward. You can apply right at the register, or through any mobile device. All you have to do is text from anywhere to start the application process. You’ll get an approval or denial in a matter of minutes. If they approve you, you can verify your identity and use the card straight away.

4. Security Features from Both Walmart and Capital One

The new Walmart credit card takes identity theft and fraud seriously. You can set up a host of security features straight from the Walmart or Capital One app. They include instant purchase notifications, security alerts, and 0% fraud liability. You can also lock or unlock your card from the app if you should misplace it. All of these things combine to create a secure card.

5. Introductory Offer

We touched on the introductory offer earlier. However, it gives you 5% back on purchases for the first 12 months. This period is when you want to get your bigger items from Walmart because you get bigger rewards. At the end of the introductory offer, your amount falls to 2% back. While this is still good, it’s nowhere near the 5% back you get for 12 months.

6. Fully Digital

Walmart and Capital One have worked hard to offer cardholders a fully digital experience. They give them all of the tools they need to manage everything from their phones. You can monitor your card, check your purchases, and much more. Also, the app features a heavy layer of encryption that helps to protect your identity if you ever lose or phone. This gives you greater peace of mind.

7. Rewards Portal

Every person who has the new Walmart credit card gets access to their own rewards portal. This portal is where you choose how you’d like to redeem your rewards. You can stack them for a year before they expire. So, if you want to help with the cost of an expensive item, save. You can then redeem them at checkout as long as you shop online.

New Walmart Credit Card Cons

1. Short Introductory Reward Rate

The 5% back that draws people is only temporary. You get 5% back on your purchases for 12 months from the date you open the card. Once the 12 months pass, this rewards rate drops. This makes this card still useful, but not as useful when it has a higher rate.

2. Credit Score

Walmart and Capital One are keeping the exact score range required for this card under wraps. However, they did say that you need excellent to exceptional rates. If this is the case, it shuts out a lot of potential cardholders. If you apply, they’ll deny you for the card. This can drop your credit score. They set up their requirements like this because they want assurance that they’ll get their money.

3. High-Interest Rate

The new Walmart credit card comes with a higher interest rate. The Walmart MasterCard has interest rates between 17.99% are 26.99%. The store-only credit card has an interest rate of 26.99%. If you carry a balance from month to month, this can stack up. You can quickly get into debt that you have trouble getting out of.

Comparing the New Capital One Walmart Credit Card to the Target REDcard

The Target REDcard is the direct competition to the new Capital One Walmart credit card. As such, it’s important to see how they stack up. You want to make sure you have the one that is going to serve you best.

Rewards

One of the biggest differences between these two cards is the rewards. Both do have a 5% cash back option, but they differ after that. The Target REDcard allows you to earn 5% when you shop in-store and online for as long as you have the card. Walmart’s card gives you 5% for the first year before dropping back to 2%.

Branded

Both of these cards are branded credit cards. This means that you can only use them at the specific stores, or Target and Walmart. You can use both of them online and in the physical stores without a problem. You can’t use either card anywhere else because it isn’t valid.

APR

The Walmart MasterCard’s APR is 17.99% to 26.99% with the reward card having a flat 26.99% APR. The Target REDcard comes with a 25.15% variable APR. Depending on the card you get, you could end up paying more in interest fees with the Walmart card. If you don’t carry a balance, this won’t be a big deal either way.

Introductory Offers

The new Walmart credit card is the clear winning in the introductory offer category. You get 5% back for the first 12 months as an introductory offer. The Target REDcard will give you $40 after you spend $100 in the first three months. This isn’t much, especially when you stack the cards side by side.

Apply Now or Learn More About the New Walmart Cards
Capital One® Walmart Rewards™ Card

Final Thoughts on the New Capital One Walmart Rewards Card and Walmart MasterCard

When it comes to longevity, the Target REDcard wins against the new Walmart credit card with a Capital One partnership. However, the sheer options you get for going digital lean toward Walmart’s card. We believe that Walmart’s new card can compete with Target’s REDcard. Finally, Walmart has reported that Walmart credit reward benefits will continue to evolve with time. However, you have to decide whether or not the benefits outweigh the costs.

Bank of America Premium Rewards Credit Card Review

Do you like to travel? If so, you can rack up rewards with the Bank of America Premium Rewards credit card. This travel-based credit card comes with a host of perks and a few drawbacks attached to it. You want to know them both before you decide if this card is a good choice for you. We’ll outline them all next.

Bank of America Premium Rewards Credit Card Benefits

1. Large Bonus for Signing Up

This travel rewards card offers members a larger card bonus for signing up than other cards. You get 90 days to spend $3,000. This is just $1,000 a month, and it’s very doable if you travel. Spend this amount, and you’ll earn 50,000 bonus points. So these points equal out to a reward of $500. This amount is on the higher end for any reward card, especially the travel card category.

2. Decent Reward Potential

If you use this card regularly, you’ll have the potential to earn decent rewards. You earn two points for every dollar you spend on dining and travel. All other purchases you make with the Bank of America cards earns you 1.5 points per dollar. Even if you don’t use this card for large purchases, you can still earn and redeem your rewards. There is no cap on the number of points you can earn. Additionally, they don’t expire for as long as your account is in good standing.

3. No Blackout Dates

The Bank of America Premium Rewards credit card makes it extremely easy to travel any day of the year. Blackout dates can restrict your flight plans, but they’re a thing of the past with this card. You’ll have zero blackout dates per year. This means you can book a flight when you want without having to shuffle things around.

4. Flexible Redemption Options

The Bank of America travel card offers members other important perks. You can use your points for travel discounts and flights. However, you can also redeem them for cash, statement credits, gift cards, and merchandise. You can switch up how you choose to redeem every time too! So this makes it a flexible and convenient option for people who need different types of rewards.

5. Preferred Awards Member

The Bank of American rewards members who use their card and spend a lot throughout the year. Once you reach this level, your point bonuses increase. You’ll get between 25% to 75% more points on every single purchase you make. In turn, you can stack your rewards even quicker.

6. Credits

Once a year, the Bank of America will reward cardholders with a $100 credit for travel incidentals. You’ll also get close to $100 in expedited screening statement credits. These come from just having the card in good standing, and you get these credits every year. This helps to offset the card’s annual fee. You can use these credits however you’d like when you travel.

7. No Foreign Transaction Fee

As a travel card, you don’t want foreign transaction fees. You’ll pay none when you use the Bank of America Premium travel card. This is great news for people who plan to use their card while they’re out and about. You won’t have to factor in an extra fee every time you run your card through a non-U.S. bank.

8. Luxury Travel Perks

Cardholders get automatic access to the Visa Signature Luxury Hotel Collection. This perk gives you both travel insurance and a host of other benefits. They include free upgrades, best rate guarantee, complimentary breakfast and WiFi, VIP guest status, and more. So you’ll get these perks every time you use this card to book your travel.

9. Wide Acceptance

The Bank of America Premium Rewards Card is a Visa card. Visa and MasterCard are two of the most widely accepted credit lenders in the world. You won’t have to worry about carrying several cards because most vendors accept them. This is especially nice when you travel to more remote locations because there’s a reduced chance of losing it.

10. Extended Warranty

Have you ever made a big-ticket purchase and wanted a longer warranty? If you make it with Bank of America’s card, you can get one. They’ll add a full year onto your product’s existing warranty. This gives you greater peace of mind when it comes to buying the more expensive items.

Bank of America Premium Rewards Credit Card Cons

1. Annual Fee

As a rewards card, you shouldn’t be surprised to see an annual fee. You’ll pay $95 every year you have the card open and in good standing. While this isn’t terrible, it’s hard to justify for light users. However, the lower annual fee makes it easy to balance it out with rewards.

2. Credit Requirements

You need excellent credit to apply for this card. That means that it shuts out a lot of people. Your APR will also depend on your credit at the time you apply, and it ranges between 17.99% and 24.99%. If you don’t have good enough credit, the lender will deny you and drop your credit score a few points.

3. Can’t Transfer Points

The Bank of America Premium Rewards card doesn’t allow you to transfer points between airline and hotel partners. You can use it for one or the other when you travel. This can make it hard to take advantage of the best rates and point opportunities. However, you can still earn if you plan your trips out.

4. No Priority Pass

If you want a card to give you lounge access in airports, this one isn’t it. There is no Priority Pass associated with this card. You’ll have to stay in the main lounges when you book your flights with this travel card. This isn’t a deal-breaker, but it can be inconvenient for some travelers.

Bottom Line on the Bank of America Premium Rewards Credit Card

The Bank of America Premium Rewards Visa credit card is a solid option for people who travel. You get a host of benefits with relatively minor setbacks. As long as you use your card in a smart manner, you can benefit from it. So take a look and see if it’ll work for you with your travel itinerary.

CreditFast has reviewed the best travel credit cards on the market. Some of the credit card offers are from our advertising partners. CreditFast has objectively reviewed the features and benefits of each travel credit card. We have chosen travel credit card offers based on our editor’s recommendations.

PenFed Power Cash Rewards Visa Signature Card

The PenFed Power Cash Rewards Visa Signature Card is a solid card for military service members. This design makes the PenFed credit card unique. If you’re a military member looking for a solid card, this one is for you. We’ll outline the perks and drawbacks that come with using this card. This way, you can see if the Power Cash Visa is a good option for your lifestyle or not.

PenFed Power Cash Rewards Visa Signature Card Pros

1. PenFed HonorsAdvantage Program

We did tell you that this card is for military service members. If you are or were, you get automatic admittance into the PenFed HonorsAdvantage Program. This program gives you unlimited 2% cashback on every purchase you make. So there are no rotating categories, and there is no cap. Everyone else gets 1.5% cashback in rewards. Non-military can get the 2% cashback by having a PenFed Access America checking account in good standing. It’s that easy!

2. Bonus for Signing Up

The PenFed Power Cash Rewards Visa Signature Card doesn’t have an amazing bonus for signing up. But, the signup bonus is relatively easy to get if you use the card every month. So you’ll get a $100 bonus by spending $1,500 in the first three months. That’s just spending $500 per month and paying it off. Many people spend more than that on groceries alone!

3. Flexible Rewards Redemption

Unlike some rewards cards, the PenFed credit cards come with relatively flexible rewards. You can redeem any amount of rewards for cashback. For people who don’t use their card a lot, this is a fantastic deal. You’ll still be able to get your rewards with minimal use. If you want to maintain your credit by using the card rarely, this works wonderfully.

4. Power Cash Visa Has No Annual Fee

Most rewards cards have a steep annual fee attached. However, the PenFed Power Cash Rewards Visa Signature card is different. This card has no annual fee with it. In turn, any rewards you earn when you use it are pure profit. You can use your card as little or as much as you like without a problem. For many people, this will be a huge selling point with this card. They want rewards without having a large annual fee, and this card delivers.

5. No Foreign Transaction Fee

Another nod to the military does not have a foreign transaction fee. Since members of the military get deployed all over the world, they need a card that travels with them. You can use this card worldwide without paying a foreign transaction fee. Since this can quickly get expensive, this is a very important consideration for people who card shop. Use it both U.S. and non-US banks without a problem.

6. Wide Acceptance

The PenFed credit card is a Visa-branded card. Since MasterCard and Visa are the two biggest lenders, they have wide acceptance. Also, you’ll be able to use your card anywhere vendors accept Visa, and this is usually worldwide. The large acceptance rate eliminates the need to carry multiple cards every time you go out. This gives you a greater peace of mind as well.

7. PenFed Credit Card Mobile App

The PenFed Power Cash Rewards Visa Signature card comes with a user-friendly mobile app. It’s available for both Android and iOS. So you’ll be able to log in, check your balance, check your transactions, and more. It’s encrypted, and this is an important security feature to help protect your identity. No matter how much you use the card, this is an extremely important feature.

8. Concierge Service

Traveling can be a hassle and stressful, and concierge service can help. With this card, you’ll get 24/7 complimentary concierge service. They can help book your flights, arrange transportation, and book hotels. So no matter if you want to travel a state over or internationally, this service can help. They’ll work to ensure you get a smooth journey from start to finish. It’s available for solo travel or travel with your family and friends.

9. Digital Wallet

If you have a digital wallet set up, you can add the Power Cash Visa to it. This eliminates the need for you to carry a physical card in most instances. It’s also more secure because it’s difficult for people to steal it. If you don’t have a digital wallet, you can set one up and add it. This is a completely optional feature, and you don’t have to use it.

PenFed Power Cash Rewards Visa Signature Card Cons

1. Can Be Difficult for Non-Military

While you can get this card without being military, it can be difficult. There are a few avenues you can take. First, you can join the PenFed credit union. This bank is open to current and former members of the U.S. military and armed forces. You can get an account if you’re a relative of a military member. You can also get it if you an employee of the government. Finally, joining the Voices for America’s Troops or the National Military Family Organization will qualify you. Otherwise, you’re not able to get one. In turn, you can’t get this card.

2. Flat Rate

Do you spend more in a specific category like gas or groceries? If so, you’ll get a flat rewards rate. You could probably make more in rewards with a tiered rewards program like with the American Express Blue Cards. The PenFed Power Cash Rewards Visa Signature card does have a solids rewards program. However, other rewards cards have higher rewards rates that let you rake in the rewards faster.

3. Power Cash Visa Rewards Expire

Once you get your rewards, you have five years to spend them. While this is generous, it can be difficult to track. Once you hit the five-year mark, any rewards you may have sitting in your account vanish. If you were stockpiling for a large purchase, this could be difficult to lose. The best bet is to redeem your rewards at least once a year, so you don’t forget and lose them.

4. Power Cash Visa APR

The APR ranges from 11.74% to 17.99%. While this isn’t terrible for a rewards card, it can add up if you carry balances. The APR you get comes based on your credit at the time you apply for the card. The APR is also variable. For your best bet, pay off your balance each month to avoid the interest rate. Otherwise, you can find yourself sliding into debt.

5. PenFed Credit Card Balance Transfer Fee

You’ll pay a 3% fee on every balance transfer you perform with this card. Again, this isn’t terrible. However, the PenFed credit card will also charge you deferred interest if you miss payments. If you have a higher-end interest rate, this could be hundreds of dollars in fees. You also only have 12 months with no interest.

Bottom Line on the PenFed Power Cash Rewards Visa Signature Card

Finally, the PenFed Power Cash Rewards Visa Signature Card is a decent choice for current or former military members and their families. For them, applying for a PenFed credit card is an easy application process. Apply or learn more about this PenFed cash back Visa card. You do need great credit to apply for the Power Cash Visa, but you’ll earn rewards for doing so. All in all, it’s worth a look if you’re considering adding a new card to your arsenal.

Reflex Mastercard® Review

Continental Finance released the Reflex Mastercard® for people who have poor credit. It has two versions that you can get depending on how poor your credit is. So if you’re just starting your credit building journey, this is for you. We’ll go over the pros and cons of this card below. In turn, you’ll be able to see whether or not it’s a viable option for your lifestyle.

Reflex Mastercard® Pros

1. Two Versions

The Reflex Mastercard® comes with two versions. You can get either the secured or unsecured version of this card. If you get the secured version, you’ll pay a security deposit. This deposit is then your line of credit. An unsecured card doesn’t need a direct deposit. You may be able to upgrade to the unsecured card as your credit improves.

2. Improves Creditworthiness

Having a card that reports to all three credit bureaus is critical. This card does just that once a month. You want to make your monthly payments on time each month. This will show lenders that you can make good decisions regarding your finances. Also, stay below 33% for credit utilization for an even more impressive impact. Ideally, you shouldn’t take out more than you can pay each month. This will help you avoid interest.

3. Higher Credit Limit

Your initial credit limit will be between $300 and $1000. However, this can jump up to $2,000 within 12 months of opening the Reflex Mastercard®. All you have to do is make every payment on time. If you do, the lender will review your card after 12 months. They’ll approve you for the higher credit line at this point. This is usually the point where people try for other cards, though.

4. Free Account Access

Reflex Mastercard® holders get free access to their accounts through a mobile app. So you can use this app to check your balance, make payments, and track your FICO score. It’s encrypted with additional security layers to safeguard your information. Additionally, it’s very user-friendly and easy to navigate. It offers a countdown to a higher credit limit too.

5. Fast Application

Unlike some credit cards with complicated applications, the Reflex Mastercard® is simple. Once you fill it out, you’ll get an answer within seconds. If you don’t have good enough credit for the unsecured card, they’ll offer you the secured one. The majority of applicants end up with the unsecured card though. You’ll get a more detailed explanation of why you didn’t get it if they deny you.

6. Wide Acceptance

MasterCard is one of the most widely accepted card brands in the world. There are hundreds of thousands of vendors that use it. This means that you don’t have to worry about carrying one or two cards with you when you shop. Most vendors accept MasterCard and Visa at the very least, and this is great news for you.

Reflex Mastercard® – Cons

1. Annual Fee

Unfortunately, the Reflex Mastercard® comes with a high annual fee. This card has an annual fee of $75 to $99. For a card with no rewards, this is a very steep annual fee. It’ll be hard to justify this card and make it balance out the annual fee.

2. Monthly Maintenance Fee

On top of the annual fee, you’ll pay a monthly maintenance fee. The monthly maintenance fee for this card ranges from $0 – $120.00 annually (billed at $0 – $10.00 per month). The monthly maintenance fee is not billed for the first 12 months your account is opened. When you combine this with the annual fee, you could pay up to $219 per year. This is on-par with excellent reward cards for miscellaneous fees without any of the perks the rewards card has.

3. High APR

A higher APR is expected with this card since the Reflex Mastercard® is for people with poor credit. Each month you carry a balance, you’ll pay 24.99% – 29.99% (variable), based on your creditworthiness when you open your account. This APR will vary with the market based on the prime rate. This can add up very quickly and push you deeper into debt. The best way to avoid this is not to carry a balance in the first place. If you’re learning to build credit, this is a necessary step.

4. Foreign Transaction Fee

This card isn’t one you’d use when you travel if you can help it. You’ll pay a foreign transaction fee each time you run this card through a non-US bank. This includes ATMs, shopping, and online purchases. All of these fees will come in your monthly bill. You pay 3% of each transaction in U.S. dollars every time you swipe your card. So this can easily add up to hundreds of dollars in fees.

5. Credit Line Cap

No matter where you start, you can get a credit increase up to $2,000. However, this is where it stops. Your credit won’t go up any higher than this. If you only use 33% of it, you can only use $660. If you go over, your credit score can start to drop a few points. A few points can be huge when you’re working on building your credit.

6. No Rewards

This is a very basic card with no frills. There are no rewards whatsoever when you get this card. Aside from building your credit, it doesn’t offer you anything else. This makes it exceptionally hard to justify the high yearly fees you have to pay. Even if you use it each month, you’ll be out hundreds in annual fees and monthly maintenance fees.

7. Other Fees

This card comes riddled with other miscellaneous fees. For example, getting an alternate card costs you $30. Lay payment fees are up to $40. There is a 5% or $5 cash advance fee. All of these little things keep adding up and pushing you deeper into debt.

Bottom Line – Should You Apply for the Reflex MasterCard?

Unless you have absolutely no other options, we recommend you avoid it. It makes more sense to go with a highly rated secured credit card. Not only will this be more forgiving if you carry a monthly balance, but it won’t have a high annual fee. In turn, this can save you hundreds in the long run.

Mercury Credit Card Review – Mercury MasterCard Pros & Cons

The Mercury credit card comes from the First Bank & Trust. It’s a relatively unknown card, but it’s an option for people looking for a no-frills credit card. We’re going to go over the Mercury credit card with pros and cons. Our goal is for you to decide if this is a viable option for you or not. To do that, you need the good and the bad plus anything that makes this card stand out. So read on to find out more about the Mercury MasterCard.

Mercury Credit Card – Pros

1. Mercury MasterCard App

One of the biggest benefits of the Mercury MasterCard is the app. You get easy access with FaceID and fingerprint scans with eligible devices. This helps to keep it secure from anyone but you. The app allows you to check your account balance, rewards, transactions, FICO score, notifications, and communication preferences. You can update your information and manage bank accounts while paying your bill. Finally, you get one-touch dialing for customer service.

2. Free FICO Score

Before you can build your credit score, you have to know what it is. The Mercury credit card gives you completely free access to it. You can check it for accuracy with your app. Additionally, it allows you to see what makes your credit score fluctuate easily. You can take all of this information and use it to build a strong credit score.

3. No Annual Fee

Unlike some credit cards, the Mercury credit card has no annual fee. You won’t have to pay for having the card. This way, you can use it as much or as little as you like without a problem. Having no annual fee is good for someone who doesn’t plan to use their credit card a lot. So you don’t have to worry about spending enough to offset this fee.

4. MasterCard Worldwide Acceptance

MasterCard is one of the most widely accepted credit cards available. You can use it worldwide at over 40 million different places. This is great news for people who don’t want to carry multiple cards because they’re afraid a vendor won’t accept it. Carry one card, use it anywhere, and build your credit at the same time.

5. $0 Fraud Liability

The Mercury MasterCard protects cardholders if they lose their card or someone steals it. You’ll get $0 fraud liability. This means that the lender won’t hold you accountable for any fraudulent purchases. As long as you report your card lost or stolen, they’ll fix it. The lender will close your card, wipe out any fraudulent balances, and issue you a new one.

Mercury Credit Card – Cons

1. 3% Foreign Transaction Fee

Unfortunately, the Mercury credit card comes with a 3% foreign transaction fee. So if you run your card through any non-US bank, you’ll pay this fee. It happens every time you use your card with a non-US bank. If you travel, you can easily pay hundreds extra simply for using your card. It also adds it for online purchases through non-US banks or ATM withdrawals.

2. High Interest

For being a simple card, you’ll pay a higher interest rate. If you don’t plan to carry a balance from month to month, this won’t be a big deal. However, it’ll add up if you do. The interest rate is 26.40%, and it can vary based on the Prime Rate. Also, people with lower credit will pay more in interest fees.

3. High Balance Transfer Free

If you’re getting a credit card to do balance transfers, this isn’t the card for you. You’ll pay either $5 or 4% of the transfer amount each time you do a balance transfer. The lender will charge you whichever amount is greater. Also, you’ll start paying the 26.40% interest straight away. There is no grace period.

Miscellaneous Information About the Mercury Credit Card

When you apply for this credit card, it impacts your credit. It can either positively or negatively impact it. To make it more complicated, there are many things that factor into the impact. The lender isn’t clear on what the factors are either.

The lender will send you a pre-approval notice for the Mercury credit card. It comes with a reservation code, and this is how you start the application. You have to go to the website and input the code to start the application. You’ll fill in and review your name, address, and important account information. Once you submit, you’ll get an instant approval or denial.

One unique point is that you can only apply for the Mercury credit card if you get a pre-approval letter. So if you don’t have the reservation code, you can’t access the application. The lender won’t accept it otherwise.

Credit Card Review & Application Alternatives – Fair Credit Score or Better + Rewards

Blaze Mastercard® Credit Card

Petal Visa® Credit Card

Mercury MasterCard Bottom Line

The Mercury credit card is a unique option to look into. However, you can’t apply without a reservation code. This cuts out many potential applicants. The app itself is a large selling point that can be beneficial. All in all, it’s worth a look if you do get a pre-approval notice.

Credit Fast has reviewed the best card offers on the market. Some of the credit card offers are from our advertising partners. So Credit Fast has objectively reviewed the features and benefits of each business credit card application.

Petal Credit Card Review of the Petal Cash Back Visa Card

Building your credit can be difficult, especially if you want to get a credit card to help. Denials can drop your credit score, but the Petal card is different. The application process is straightforward, and it comes designed to build credit. We’re going to outline the pros and cons of the Petal credit card below. This way, you can see if the Petal Visa card is a good fit for your situation or not.

Petal Credit Card – Petal Card Pros

1. Apply With No Credit History – Petal Card Application

One of the biggest benefits of the Petal card application is that it doesn’t require a credit history. You do have to be a citizen of the United States with a social security number. However, they weigh more than your credit scores with the Petal card application. The Petal credit application uses an algorithm that analyzes your savings, income, and spending to give you the best approval odds possible.

Learn How to Apply Using the Petal Card Application:  CreditSoup Limited/No Credit

2. No Fees

Another huge bonus that puts the Petal credit card in a league of its own is the fact that it has no fees. This means on whatsoever. You’ll never pay an annual fee with this card. Since it’s a rewards card, this is very rare. There’s no foreign transaction fee so that you can travel with it. There is also no late payment fee associated with the Petal credit card. It’s a great way to build credit and save the most money possible.

3. Money Management Tool

A big part of building your credit is learning how to manage your money properly. With the Petal Visa card, you get all of the tools you need. Their exclusive money management tool is a free service to all Petal cardholders. So you can track and analyze where your money goes each month. In turn, this can help you manage your spending and save money.

4. Earn Cashback Rewards Using the Petal Cash Back Visa Card

Unlike some cards, the Petal cash back Visa card offers a unique system. You’ll get cash rewards for every purchase you make using the card. From your first purchase with the Petal cash back Visa card, you’ll earn 1%. However, if you make 12 on-time payments, your rate goes up. Petal will bump your cashback rewards to 1.5% on each purchase you make. If you use the card a decent amount, you can earn quite a few cashback rewards.

5. Variety of Credit Limits

The algorithm will choose your creditworthiness. However, there are several different credit limits it can assign you. What’s even better, the lowest one is $500, and the credit limits go up to $10,000. Additionally, you have chances to get a higher credit limit with responsible card use. Once you make between 6 to 12 payments on time, Petal will automatically review your account for an upgrade.

6. Excellent Travel Card

Since there is no foreign transaction fee associated with this card, its’ great for travel. The Petal credit card can save you between 1% and 3% per transaction when you travel. This is huge news for people who routinely use non-United States banks. You’re able to use your card around the world without worrying about excess fees.

7. Broad Acceptance With the Petal Visa Card

This card is a Visa, and this means that you get a broad acceptance rate. Since Visa is one of the largest credit card brands in the world, you shouldn’t have problems finding a vendor. Additionally, this wide acceptance removes the need to carry multiple cards. You can carry one or two cards with knowing that you’ll be able to have vendors accept them.

8. Roadside Assistance

If you lock yourself out of your car, break down, or need a tow, the Petal card can help. You’ll get comprehensive roadside assistance right when you need it. You do pay for every use of it. However, it’s nice to know that you’ll be able to quickly and easily source the help you need. This is especially useful for travel when you may not know the best locksmith or tow companies available.

9. Waiver for Auto Rental Collision Damage

Part of the cost of renting a vehicle comes from opting in for rental insurance. You have to have coverage in the event of an accident. If you don’t, you’ll have to pay out of pocket. So you can keep your costs down by using the Petal credit card waiver. This waiver covers vehicle damage and theft when you rent one.

10. Petal Visa Card Mobile App

The Petal mobile app allows you to keep a close eye on your account while building your credit. You can connect all of your bank accounts in the encrypted app. This allows you to monitor your spending from a dedicated account. You’ll be able to watch exactly where your money goes each month. You’ll also be able to catch any fraud or issues early.

Petal Credit Card – Petal Card Cons

1. Higher APR

At the end of the day, this is still a rewards card. On top of that, this is for rebuilding credit with lower credit scores. When you add these things together, the higher APR makes sense. You’ll get a variable APR that ranges between 15.24% and 26.24%. If you routinely carry a balance, this can add up quickly.

2. Very Basic Rewards With the Petal Cash Back Visa Card

Yes, the Petal credit card does come with some rewards. But the rewards you get are really very basic. There aren’t extra incentives with the rewards categories. You don’t get rotating categories. Additionally, it takes you a year to get to 1.5% for cashback. This means that if you spent $1,000, you’d only earn $15. That’s a lot of work for very little reward.

3. Can’t Change the Due Date Withe the Petal Credit Card

Petal’s due date is firm. You can’t change when you have to make your minimum payment by once you get the card. So this means you have to shuffle some of your finances around to make your payment. If your payment falls on a holiday or weekend, give it extra days to process. This makes it easy to make mistakes and end up with late payments.

4. No Cash Advances With the Petal Visa Card

A cash advance is a short-term loan you can get from an ATM with some credit cards. However, the Petal credit card doesn’t allow them. This means you’ll have to go through alternative routes to get the money you need. While this isn’t necessarily a deal-breaker, it is something to consider. If you have a fair credit score you can compare the Blaze MasterCard to the Petal Visa.

Petal Cash Back Visa Card Bottom Line

The Petal Visa card is a solid choice for rebuilding your credit. Since the Petal card application offers a pre-approval screening, you can see if you qualify without hurting your credit. As long as you use it responsibly, you can build your credit. If you’re in the market for a simple card with flat-rate rewards, we encourage you to check out the Petal Visa.

Interested in learning more about the Petal Card Application?: CreditSoup Limited/No Credit

Credit Fast has reviewed the best card offers for no credit or limited credit history on the market. Some of the credit card offers are from our advertising partners. So Credit Fast has objectively reviewed the features and benefits of each business credit card application. Finally, we have ranked the offers below in the order of our editor’s recommendations.

The 10 Easiest Store Credit Cards to Get for Bad and Fair Credit

This article will outline the 10 easiest store credit cards to get. You’ll get instant approval store credit cards with some of our picks. But, they’re not guaranteed. Most of our picks fall into the category of the best store credit cards to build credit. They’re perfect for people with bad to fair credit scores. So if your credit score makes the cutoff, the best department store credit cards will upgrade you. For example, you could get the Best Buy store card or the Best Buy Visa.

You apply with a single application, and the lender will look at your credit history. They’ll either deny or approve it and give you instant online store credit. Some allow you to pre-qualify without a hard credit inquiry like the Kohl’s charge card. We’ll give you a short summary of the cards below.

1. Walmart Store Credit Card and Walmart MasterCard

Arguably one of the easiest store credit cards to get is the Walmart credit card. It comes in two versions. You can either get the Walmart credit card or the Walmart MasterCard. You’ll gain access to the 3-2-1 Save program with this card. It comes with decent rewards in specific categories. You get special financing offers for those big-ticket purchase. As long as you pay your balance off within the set amount of time, you won’t pay interest. It’s a solid option if you do a lot of shopping at Walmart as a whole. Additionally, it has a relatively straightforward application process.

Walmart Credit Card Review

2. Target REDcard

The Target REDcard comes with a host of benefits that include being one of the instant approval store credit cards. You’ll get access to a host of perks that non-cardholders don’t get. For example, Target will send you warnings about sales and special discounts. Cardholders get a 5% discount in-store or online, free shipping, and no annual fees. If you fill prescriptions, you’ll get an addition 5% off for every two you fill to use when you shop. You can use it in tandem with the Cartwheel app, and it offers an extended return period. Finally, cardholders get access to premium member-only events and promotions.

Target REDcard Review + YouTube Review

3. Comenity Wayfair Credit Card

Do you routinely shop at Wayfair? If so, you could benefit from the Comenity Wayfair credit card. It offers cash back each time you use it at a rate of 3% at Wayfair and a few other retailers. So if you spend $250 in the first three months, you get a $40 bonus. Every order you make comes with free shipping and special financing. You do have to choose between cash back or special financing. It builds your credit and has no annual fee. This is also one of the easiest store credit cards to get without a hard inquiry. Finally, cardholders get optional furniture assembly on every online order.

Comenity Wayfair Credit Card Review + YouTube Review

4. Fingerhut Credit Account

Fingerhut has been around for years, and they offer a huge range of products. It has a very straightforward application process with a 60-second approval time. So you get instant online store credit with your approval. If you don’t make it, they offer you the Fingerhut FreshStart Loan program. Also, the flexibility of this program is a huge draw. You make monthly installment payments at affordable rates. There is also no deposit to worry about. You don’t even have to use it to help build your credit. Just having it active is enough. However, you can only use it at Fingerhut.

Fingerhut Credit Account Review + YouTube Review

5. Express Credit Card

This is one of the best department store credit cards for fashion. Available at Express store, this card offers a host of perks. So you get 20% off of your first order simply for having the card. Cardholders get free shipping on their orders. There are also two reward tiers, and you earn 20 points for every dollar you spend. For your birthday each year, you’ll get either a coupon or a physical gift. There is no annual fee to worry about, and you earn around $10 in rewards for every $125 spent.

Express Credit Card Review

6. Kohl’s Credit Card

The Kohl’s credit card is the easiest store credit cards to get. Also, there is a Kohl’s in almost every state that makes access easy. It gives you coupons for 15%, 20% or 30% off your purchases once a month. The signup bonus is 20% off your first order with more discounts on online orders. It comes with the Yes2You Rewards program and Kohl’s Cash just for having the card. If you spend more than $600 per year with your card, you’ll get 18 additional discounts. Track your purchases and combine discounts to maximize your savings with this card too.

Kohl’s Charge Card Review + YouTube Review

7. Best Buy Credit Card and Best Buy Visa Card

Use this card at Best Buy and get a huge 5% cash back reward. You’ll earn two points to the dollar for every other location you use your card. You get either rewards or promotional financing as an introductory offer. There is no annual fee or a low annual fee. It comes with free shipping on all of your Best Buy orders charged to the card over $35. There are two status tiers you can work your way through to maximize your savings. So this card has a very easy application process, as well.

Best Buy Credit Card Review

8. Macy’s Store Card and Macy’s American Express

If you shop at Macy’s, this card is one of the best store credit cards to build credit. Since there are stores all over the United States, you can use it a lot. It’s accepted anywhere American Express is. It comes with a Thanks for Sharing program that gives you discounts on certain purchases. There are four rewards tiers and Star Passes for further discounts. This card has lower credit score requirements for eligibility. Additionally, you’ll earn rewards points on everyday spending that you can use for discounts.

Macy’s Card Review

9. Nordstrom Credit Card and Nordstrom Visa

Anyone who shops at Nordstrom on a regular basis can benefit from the Nordstrom credit card. So you get four tier levels for rewards to work through. Shop at Nordstrom, Nordstrom Rack, or Nordstrom online and earn double points. You get a $20 reward voucher when you hit 2,000 points. The card gives you early access to the annual Anniversary sale, and there are triple point days. Also, the rewards are unlimited as well. If you spend $100 the first day you have the card, you’ll get a $20 bonus.

Nordstrom Credit Card Review

10. Sears Card and Shop Your Way MasterCard

Sears’ Shop Your Way program rewards you for shopping at Kmart, My Gofer, The Great Indoors, Sears, and Landers’ End. You earn 10 points for every purchase at least locations. 1,000 points add up to a $1 in rewards. Once you earn rewards, they sit in your account for a year. This program is unique because it also takes layaway into account and gives you points. Every prescription you refill gives you 500 points. You’ll get special discounts or sales for being in the program as well.

Shop Your Way Sears Card Review + YouTube Review

Bonus: Are you looking for a Visa Credit card?

The Petal Visa Card is a major credit card offer for people who have no credit, limited credit, or fair credit. This is a no annual fee credit card earning 1% – 1% cash back. Also, if you have bad credit we recommend that you review our top 3 Secured Credit Cards.

Bottom Line on the Easiest Store Credit Cards to Get

So these top 10 easiest store credit cards to get are perfect for helping you rebuild your credit. Several of them give you instant approval and flexible options. If you routinely patronize one of these stores, it can be a good idea to apply. Also, for more information on each card, click on the store review links. Learn the benefits and drawbacks with my in-depth reviews!