Hardest card to get approved for?

[Diva365]

Chase Chase Chase!!! Has been the hardest! I though it was Amex, but they approved me credit with 8 inquiries! Chase on the other hand wacked the mole!! 

[Anonymous]

The Goldman Sachs American Express Platinum Card: all you need is a $10,000,000+ acount with Goldman Sachs!  So, this Amex Plat could either be the easiest or hardest, depending on your personal cash net worth.

[xaximus]

 wrote:

@xaximus wrote:
Centurion is invitation only so that's one card. Another couple I've heard/seen - JP Morgan Chase Palladium Visa/Reserve Card, Citi Chairman Card, Dubai First Royale MC, and Visa Infinite Card. A lot of these cards require very high spending and usually high-net worth as well.

Are all those card genuinely "open application?"

 wrote:
The JPM Palladium transitioned to the JPM Reserve. The Citi Chairman card is no longer available.

For UHNW clients, especially with a Merrill relationship (10MM+ in assets), there's the Merrill Lynch Octave AmEx.

Aside from CSR and US Bank Altitude, stand-alone VI cards are also available by UBS and City National Bank (Crystal VI).

Most of those cards (not counting CSR) aren't really open application but invitation only from my understanding. They definitely require certain level of wealth, spending and investments/assets. 

[FinStar]

IIRC, UBS, City National Bank, JPM Reserve and Altitude are open to all applicants. Of course, the Altitude would be the most "accessible" to a variety individuals (provided a US Bank relationship exists) since it doesn't have the assets, income, investment or depository requirements like the others.

[morgacj2004]

Simmons, CHASE Palladium, AMEX Centurion, CITI Chairmans are just a few that come to mind. And of course CHASE with a BK showing or being over 5/24. LOL

[kerplunk]

I truly wish there was an elite credit card that only people with 800+ credit scores could get, but there isn't. Banks offer credit cards because they want to make money off of them. A credit card is a product. The more card holders, the more revenue.

[spengbab]

What drove me nuts was trying to get a CLI on my freedom or slate, since they only had $500 limits.

let them do a HP and.... denied.

then a year later, I app for their sapphire preferred... and got a 9.8k CL.

Okay...

[iced]

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@kerplunk wrote:

I truly wish there was an elite credit card that only people with 800+ credit scores could get, but there isn't. Banks offer credit cards because they want to make money off of them. A credit card is a product. The more card holders, the more revenue.

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Scores assess credit risk, so restricting access to a card to those with exceptionally low risk provides diminishing returns over restricting it to those with very low risk, or even moderately low risk in some cases. High scores do not indicate spending power or use, so it's far too arbitrary a metric to use alone. A bank would much, much rather have someone who spends a lot and is moderately low risk than someone who doesn't spend much at all and is minimal risk.

On a related note, a study (https://blogs.creditcards.com/2017/06/for-some-elite-cards-are-more-status-symbol-than-bargain.php) last year concluded that those who do seek out cards for social status or to look elite tended to have lower self-esteem and/or were trying to compensate for something. 

[Pikaboo-icu]

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@iced wrote:

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@kerplunk wrote:

I truly wish there was an elite credit card that only people with 800+ credit scores could get, but there isn't. Banks offer credit cards because they want to make money off of them. A credit card is a product. The more card holders, the more revenue.

---

Scores assess credit risk, so restricting access to a card to those with exceptionally low risk provides diminishing returns over restricting it to those with very low risk, or even moderately low risk in some cases. High scores do not indicate spending power or use, so it's far too arbitrary a metric to use alone. A bank would much, much rather have someone who spends a lot and is moderately low risk than someone who doesn't spend much at all and is minimal risk.

On a related note, a study (https://blogs.creditcards.com/2017/06/for-some-elite-cards-are-more-status-symbol-than-bargain.php) last year concluded that those who do seek out cards for social status or to look elite tended to have lower self-esteem and/or were trying to compensate for something. 

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I've been following this thread but not contributing because honestly, I just don't know the answer and have never really thought about it.

I agree with the above 100%. A person can have an 800 score with a $15,000. annual income BUT does that make them a good fit for an elite card? Not exactly.. (Not knocking those in that income range- they can be extremely responsible with their credit so kudos to them!)

I very, very rarely see anyone paying attention to what card I'm using, most of them never even look at it. 

It'a a tool, a piece of plastic and green dollars coming out of my bank account, eventually.

If the card fits my needs, doesn't cost me money and perhaps even nets me some rewards, I could not care less how elite it is or what anyone else "thinks" about it's status. 'Just sayin'. Of course everyone is different and entitled to their own opinion. 

CHEERS  

[morgacj2004]

In reality it is rare that anyone else even handles my credit cards. Everything is now on self serve POS with the exception of some restaurants and smaller shops.