Using credit cards to make transactions without carrying cash is practical. In the majority of enterprises in the world, they are universally accepted. Not all credit cards, meanwhile, are widely accepted. Some credit cards can only be used at specific businesses, while others could have strict eligibility conditions.
The Discover Card is an illustration of a credit card that is not universally accepted. Despite significant recent progress in broadening its acceptance network, Discover is still not as commonly used as Visa or Mastercard. This is due to Discover’s relative youth in the credit card market; Visa and Mastercard have existed for considerably longer. Discover was created in 1985.
A store-branded credit card is another illustration of a credit card that might not be accepted everywhere. These credit cards are frequently restricted to usage just at the particular merchant or group of retailers that issue them. For instance, a Macy’s credit card can only be used at Macy’s, whereas a Target credit card can only be used at Target retail locations. Although these cards frequently provide advantages like savings and special incentives, they are not as flexible as general-purpose credit cards.
Credit cards could also have eligibility criteria in addition to acceptance restrictions. For instance, the Chase 5/24 rule stipulates that you will not be authorized for certain Chase credit cards, such as the well-known Chase Sapphire Preferred and Chase Sapphire Reserve, if you have opened five or more credit card accounts (from any bank) within the previous 24 months. To stop customers from opening multiple credit card accounts solely to receive sign-up incentives, this rule was put in place.
The qualifying conditions for store-branded credit cards can change. For instance, qualifying for the Walmart Credit Card normally necessitates a credit score of at least 640. The Amazon Prime Rewards Visa Signature Card, on the other hand, necessitates a decent to outstanding credit score, which is typically regarded as 690 or above.
A credit score of 687 falls into the “fair” category, so the answer to the question of whether it’s good is “yes.” It is nevertheless regarded as a respectable score for acquiring credit, even though it might not be high enough to qualify for some premium credit cards or the lowest interest rates. It is crucial to remember, though, that credit scores are only one aspect that lenders take into account when determining whether to approve a loan application.
In conclusion, although some credit cards are accepted everywhere, credit cards are a practical instrument for making transactions. The acceptance networks of store-branded credit cards and more recent credit card issuers like Discover may be more constrained. Which credit cards you can apply for may also be restricted by eligibility conditions, such as the Chase 5/24 rule and credit score minimums. It’s crucial to complete your homework and pick the credit card that most closely matches your requirements and spending style.