Visa Signature cards

[Anonymous]

Hi all, can someone explain to me what this means exactly?  I'm finally in "primeville" and trying to understand this better.  Any tips would be stellar.  Thanks

[trumpet-205]

Visa Signature is NPSL (no pre-set spending limit), which means on case by case basis you can go over your credit limit without being penalized. It also adds some benefits like travel perks, better extended warranty, personal concierge, etc.

[Crashem]

VISA attempt to had a new level of prestige card.  Minimum CL of 5k.  Flexible spending limit (ie NPSL) but really up to issuing financial institution to decide what this means which in some cases means nothing.  Banks have to pay a bit more to VISA to issue this card.  VISA has some VISA supplied benefits open to all Visa Sig holders such as concierge, promotional discounts, events, etc.  Issuing bank may also package more and redundant stuff on top of that.  For example, as Chase Palladium card holder, I could use either the Visa Sig concierge or the Palladium concierge.

[Anonymous]

Are they harder to get even with good credit?  I'm going to be applying after I secure a mortgage and close on a house in the next few months and my credit will be somewhere in the mid 700's(Had 45% util that I just paid completely down to 0).  I'm looking at applying for either the Us Bank Cash+/Travelperks cards and also a Chase Sapphire card.  I hear someone say they look at current CL in the factor, and the highest card I have is 1100 from Juniper.  I've been in rebuilding mode so I have like 5 or 6 cars sub 1000.

[trumpet-205]

Visa Signature is definitely harder to get than Platinum Visa. Most lender won't issue Visa Signature when you don't have experience handling card of $5K.

[iMacDrew]

It is harder to get especially if you do not have a regular Visa with at least a 5k limit.car signature card to get is the chase sapphire because there is no AF. 

[Anonymous]

So with 750ish credit, no baddies, 4 years AAOA and 55k income but highest card which is a mastercard and discover of 1k I'm likely going to get denied?

[trumpet-205]

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@Anonymous wrote:

So with 750ish credit, no baddies, 4 years AAOA and 55k income but highest card which is a mastercard and discover of 1k I'm likely going to get denied?

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It can go either way. My suggestion is to get some CLI on MC and Discover first.

[Crashem]

Approvals are all done by issuers.  Obviously credit scores matter, but all visa sigs have to be at least 5k.  So if issuer is unwilling to give you 5k, you are going to get rejected or downgraded for visa sig product.  In the case of CSP, no way you are going to get approved for CSP given Chase's history around CLs.  So even someone with 800 score will get rejected is all they have is a couple of 1k limit cards.

[OhioCPA]

I am not sure how, but my son's Freedom is a Visa Signature with a CL of $4,900.