Which credit card companies have the easiest approval (and which are not so easy)? 2021

hey i'm adam jusko from proudmoney.com and in this video we are going to rank the major credit card issuers and some maybe not quite as major credit card issuers in terms of who is the easiest and most difficult to get approval from across their range of cards so we're not going to look at individual cards in this video we're going to look at the issuers in general but before we do that i'm going to ask you to please subscribe to this youtube channel if you have not already and if you have already i thank you for doing so so we're going to rank 16 credit card issuers we are going to go with the uh big eight as probably the ones that most people are going to be most interested in those being american express and bank of america capital one chase city discover us bank wells fargo and then we're gonna do eight other ones as well synchrony bank navy federal credit union uh and some others as well we'll leave the rest of them to be a surprise but go down from 16 to one easiest to most difficult i'll talk a little bit about why they are ranked in the way they are number 16 synchrony bank the issuing bank behind many retail store credit cards the amazon store card is synchrony bank jcpenney dick's sporting goods the gap old navy family of cards and a whole host of other synchrony bank is pretty well known to be an easier approval than many other uh issuers out there they are sort of motivated to approve you because they are working for these retail store cards and the way their whole business model works is they want to get more cards out there and their retail partners want to get more cards out there so they do tend to be the easiest probably of all the major issuers number 15 commenting banks sort of like synchrony bank junior in a way they also are the backing bank for a lot of retail store credit cards maybe not quite as impressive of a list as what uh synchrony has in terms of who their clients are but they do have some uh big ones out there like ikea sephora forever 21 pottery barn and william sonoma and a lot of others as well again like synchrony bank they're sort of motivated to try to approve as many people as they can which means they tend to be easier to be approved for even if your credit score is maybe not quite as high number 14 goldman sachs a company that wasn't even in the credit card game a couple years ago when we did a video similar to this but goldman sachs is the bank behind the apple card so they got into the credit card business in a big way as i make this video they are in the process of purchasing the gm card portfolio as well which is maybe not a major portfolio but it shows that they are kind of in this for the long term in terms of being a credit card issuer but anyway that apple card is mostly what we're going on in terms of this video and in terms of the ease of being approved the apple card is fairly easy to be approved for and even if you are not approved for it initially apple has what they call a path to approval well they where they will actually try and you know sort of help you get to a place where you can be approved for their card so they obviously are very motivated on the goldman sachs and to get as many people approved as possible i don't know if that is you know mostly on the goldman sachs and or on the goldman and apple side or what but as of now since the apple card is pretty much the only thing that goldman is doing we see that they are doing their best to approve people who don't necessarily have the highest credit scores so they are much more wider ranging going further down in the credit score scale than a lot of the other major credit card issuers number 13 discover discover has had pretty much the same credit card portfolio in terms of the cards they offer for a very long time and most of those cards are not the most competitive cards on the market but they have sort of found their people in terms of who they approve and oftentimes those are people who are either newer to credit or maybe have a little lower credit scores now they're not way down there in terms of who they're going to approve but because their cars aren't overly generous i think they have the ability to maybe approve some people that some of the other card companies don't approve because those other card companies tend to be more aggressive in the rewards they give than discover is and so discover can go a little further down the scale in terms of credit score number 12 is capital one now capital one has a wide range of cards and they do have a few that are targeting the excellent credit market but overall historically and even currently they have a lot of cards that are targeting people that are sort of in the middle good credit fair credit building and rebuilding credit a lot of options from capital one if you want a card with easier approval and your credit score is not great so the capital one platinum card almost like an entry level card for a lot of people if they're rebuilding their credit things like the quicksilver one the even the regular quick silver and there's plenty of others from capital one too so they are known to be a little easier than most of the major credit card issuers i'm gonna bunch numbers 11 10 and 9 together here because they have a commonality in that their target customer is military and military families those being navy federal credit union pentagon federal credit union and usaa navy federal credit union in particular i think of as being fairly easy approval if you are eligible to be part of that credit union uh they are also known to give probably higher credit lines than you would get from a lot of other uh issuers even if your credit is maybe not quite as good and they have some really good cards too which makes them desirable to a lot of people so there are a lot of big fans of navy federal credit union for the reasons i just stated pentagon federal credit union union and usaa i think are kind of in the same field there with uh navy federal in terms of the ease of approval i don't think their cards are quite as attractive as what navy federal credit union is offering but probably around the same in terms of really trying to approve people if they are someone that fits that target customer number eight is wells fargo pretty much right in the middle of our list now a few years back i might have said that wells fargo was a little more difficult than i think that they are now because of all the bad publicity wells fargo has had i think they've had to probably work a little harder in terms of you know getting customers and so maybe they've slid a little further down the credit score scale in terms of who they are willing to accept some decent cards from wells fargo in particular the wells fargo propel american express card and so kind of right in the middle they're not going to be you know the easiest of approvals but easier than they used to be number seven is american express the company that is probably the toughest to generalize about when it comes to the type of customer they're looking for and how easy and difficult it is to be approved for their cards some of their cards pretty easy to be approved for blue cash every day and amex every day those type of carts fairly easy to be approved for but then you go on the higher end what you think of as sort of the traditional prestige end of american express like the platinum card and those ones are going to be a little more difficult to get approved for so american express probably in the past we would have thought of them more as a prestige brand but these days they're kind of in the middle because they have moved sort of down market if you want to call it that with some of the easier cards number six is bank of america they're another one that's a little tough to pin down in terms of saying easy or difficult they're certainly not the easiest credit card company but not necessarily the most difficult either their credit card products are good but they don't necessarily fight it out with chase and american express as hard as you might think they would for being such a major credit card issuer so they tend to have some stability in terms of what their offers are and probably some stability in terms of who the customers are that they are willing to approve so kind of middle of the road but a little bit more toward the difficult end number five is chase and as you can see that means they're fairly high on the list in terms of degree of difficulty that doesn't necessarily mean that all chase cards are difficult to get some of them are fairly easy the chase freedom cards i would say are fairly easy cards to get your hands on within the you know credit card market overall but then you look at something like the chase sapphire reserve that requires a ten thousand dollar minimum credit line in order to approve a customer that means they're only going to be looking for people that have pretty good credit scores if they're going to give that high of a credit line to them so they definitely run the gamut in terms of the type of customers they're willing to accept but the reason chase is a little more difficult overall when we rank them is because they have their dreaded 524 rule which which says you're not going to be able to get a chase card if you have opened five other credit cards within the last couple years so chase does want you to somewhat make a commitment to them because if they see you're opening other credit cards they are not going to give you a new credit card even if your credit score is very good so that makes them a little more difficult overall because of the fact that you have to sort of choose chase in addition to them choosing you number four is pnc an issue i don't talk a ton about on this channel but they actually depending on what stats you're looking at rank around the 12th largest credit card issuer in the u.s but they do have a you know geographical footprint where not everybody has access to them their credit cards are some of them are pretty good some of them are only okay but in terms of who they are willing to accept they again are not so much fighting it out in the credit card wars they're a little bit more of a relationship bank where they are trying to market more to their existing customers or draw you into all of their uh you know banking products so i think they are a little higher in terms of credit scores that they are looking for they're not desperate to bring people in and they're not desperate to work with people with lower credit scores all right now we're up to the top three in terms of the most difficult issuers to get approved from number three is city now some people will hear that and say city's not all that difficult to be approved from they're always sending me stuff in the mail or whatever and some of their cards aren't so difficult but the thing about city as far as i'm concerned is they're very unpredictable you just don't know exactly what they are going off of sometimes with their approvals cards that you would think that you would get approved for you don't get approved for and sometimes cards that you would think you would not get approved for you do get approved for i tend to think of them as a little more difficult overall they also over the last couple years in particular seem like they've almost pulled back a little bit as a credit card issue and are not working quite as hard to get people into credit cards and even pushing things like you know personal loans and that kind of stuff more than their credit card products and their credit card products have gotten a little worse to be quite honest with you but anyway this is kind of where i put them because of the fact that i think they are sort of an unpredictable credit card company in terms of their approvals number two is barclays the uk bank that has a us arm and for a while barclays was competing against the u.s banks in terms of having interesting cards of their own with interesting reward formulas and you know interest rate formulas and that sort of thing and they've kind of given that up and now they're essentially just a co-brand bank working mainly with travel partners so they are the bank behind the jet blue cards the windham cards uh they do some some of the american airlines cards and others as well i don't know that barclays is the most difficult in terms of what credit score you need in order to be approved but barclays always seems like there's a little extra hoop to jump through in order to be approved so they seem like they are very cognizant of fraud and so when you apply oftentimes you're not just going to get that instant approval and have the card sent out to you there's going to be some thing that happens it's going to make you have to call into barclays or prove something in order to get that card in your hands at least that's been my experience and i have seen it as the experience of other people as well so again not necessarily the most difficult in terms of credit score but don't be surprised if barclays makes you do a little extra work to prove yourself before they send your card out to you and then number one the most difficult credit card company to be approved by my personal nemesis u.s bank and the reason u.s bank is the most difficult credit card company is because they are pretty choosy they want to see certain things from a potential credit card holder one of those is they would prefer you to have a relationship with u.s bank that goes beyond the credit card so if you have a checking account you have a savings account they're going to look more kindly on you than they would if you just come in cold looking for a credit card number two is they would prefer that any credit card they give you be either your you know number one card out of your wallet or at least in the top three or so you might say so if you're someone that holds a lot of credit cards especially if you have uh you know applied and been approved for a lot of credit cards in the more recent past u.s bank is going to frown upon that they are not really all that interested in getting as many cards out there as possible they want those cards to be used and ideally they want you to have a relationship beyond just that card so that's it that's my list from easiest credit card companies to the most difficult credit card companies both from personal experience and from sort of just having an ear to the ground and seeing other people's data points and who they complain about and who they're happy with when they are looking for approvals i would guess that your list is a little different than mine i would love to hear what your own experiences have been and what your opinions are put those in the comments section below otherwise i thank you for watching and as always please go to proudmoney.com where we do credit card reviews we talk personal finance we talk deals and all sorts of other fun stuff too thank you for watching bye

Channel: ProudMoney - Credit Cards & Personal Finance

Views: 132,364

Keywords: easy approval credit cards, easiest approval credit cards, easy credit card companies, easy credit card issuers

Id: dha0_JZtR-c

Length: 13min 59sec (839 seconds)

Published: Fri Oct 23 2020