Credit Card Application
Credit Card Applications take into consideration the following criteria in order to determine if you are creditworthy in receiving a credit card.
1) Current household income
2) If you currently own your own residence and how long you’ve lived at current residents
3) Current employer
4) Total current assets available
Credit card companies will pull your credit score to determine if you are an at-risk credit card holder. If you have excellent credit then you will most likely qualify for a credit card. If you have a high household income with a high net asset, but you have a good credit score then you will most likely qualify as well. Credit card companies want to make sure you pay your monthly statement on time and at least the minimum payment without any issues.
If you want a Black Card, which is the most exclusive credit card company available on the market then you will need to have an excellent credit score. You will also need to have an income of at least $250,000 / year with at least $100,000 in net assets. American Express will not accept an application, since their Black Card Program is an invite only membership. Visa does offer a Black Card Application and takes all of the above criteria into consideration.
Applying for a Black Card is extremely competitive and not many people will qualify. The most important factor in determining if you qualify for such a credit card is if you current have a solid credit score with a high monthly income. If you are lacking in either income or credit score then you should try to increase before applying for a black card.
If you are interested in another credit card that is not as exclusive then there are many options available. Some credit cards offer rewards points that credit cardholders can receive for every $1 they spend. There are other credit cards that will offer a cash back rewards program that will issue a monthly check every month for just using your credit card. Usually the check you receive from the cash back program equals to 1% of total spending from the prior month.
As you can see, there are many types of credit cards available besides the black card. The card that works best for you should meet all your needs and rewards you for using.
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