When it comes to credit cards, not all cards are created equal. Some credit cards charge high fees and interest rates, while others offer exceptional rewards programs and perks. Credit card issuers typically make three major decisions when it comes to approving applicants for credit cards: whether or not the applicant meets the minimum income and credit score requirements, and what kind of financial history the applicant has. In some cases, credit cards require special criteria, such as being affiliated with a specific bank or having an established relationship with the card issuer in other ways, to qualify. These cards are known as hard credit cards to get.Learn more
What is the rarest credit card in the world?
Some premium rewards credit cards and invitation-only credit cards have high credit score and income requirements, making it difficult for those with less pristine credit to qualify. Other cards are designed for specific groups, such as business owners or frequent travelers, and may have strict eligibility criteria and limited availability. The Merrill Lynch Octave Black Card, for example, is one of the hardest credit cards to get, and is only offered to clients who have $10 million or more in their Merrill Lynch account. It has a $950 annual fee and offers exclusive travel benefits, including Delta Sky Club Executive Membership, private jet savings, and access to airport concierges.
When it comes to credit cards, the harder a card is to get, generally the better its perks are. But before you decide to apply for a new card, ask yourself what your needs and priorities are. If you want rewards that are easy to earn, for instance, consider a flat-rate cash back credit card.