What Credit Score Do You Need for BMO Harris Platinum Rewards Card?
The BMO Harris Platinum Rewards Card is a highly sought-after credit card that offers a multitude of benefits and rewards to its cardholders. However, one common question that arises is what credit score is required to be eligible for this card. In this article, we will delve into the credit score requirements for the BMO Harris Platinum Rewards Card and answer some frequently asked questions to help you make an informed decision.
The BMO Harris Platinum Rewards Card is known for its generous rewards program, offering points for every dollar spent on eligible purchases. These points can be redeemed for a variety of rewards, including travel, merchandise, and cash back. To qualify for this credit card, you generally need a good to excellent credit score.
A good credit score typically falls within the range of 670-739, while an excellent credit score is generally considered to be 740 or higher. However, it’s important to note that credit scores alone may not determine your eligibility for the BMO Harris Platinum Rewards Card. The card issuer also considers other factors, such as your income, employment history, and debt-to-income ratio.
1. What happens if my credit score doesn’t meet the required range?
If your credit score falls below the required range for the BMO Harris Platinum Rewards Card, it doesn’t necessarily mean you won’t be approved. Other factors such as income and employment history are also taken into consideration. However, if your credit score is significantly lower than the required range, it may be advisable to work on improving your credit before applying.
2. Can I still apply for the BMO Harris Platinum Rewards Card if I have a limited credit history?
Yes, you can still apply for the BMO Harris Platinum Rewards Card if you have a limited credit history. However, having a limited credit history may affect your approval odds, as the issuer may not have enough data to assess your creditworthiness. In such cases, it’s recommended to start with a secured credit card or build your credit history by making timely payments on other credit accounts.
3. Is there a minimum income requirement to be eligible for the BMO Harris Platinum Rewards Card?
While there is no specific minimum income requirement mentioned for the BMO Harris Platinum Rewards Card, having a steady income is generally a factor that issuers consider when evaluating credit card applications. A higher income can improve your chances of approval and may also allow you to qualify for higher credit limits.
4. Will applying for the BMO Harris Platinum Rewards Card affect my credit score?
Yes, applying for the BMO Harris Platinum Rewards Card will have a temporary impact on your credit score. When you apply for a credit card, a hard inquiry is generated, which can slightly lower your credit score. However, the impact is usually minimal and temporary, lasting for a few months.
5. How long does it typically take to receive a decision on my application?
The time it takes to receive a decision on your BMO Harris Platinum Rewards Card application can vary. In some cases, you may receive an instant decision online, while in others, it may take a few weeks to receive a response. If you haven’t heard back within a reasonable time frame, you can contact the issuer to inquire about the status of your application.
6. Are there any additional fees associated with the BMO Harris Platinum Rewards Card?
Yes, like most credit cards, the BMO Harris Platinum Rewards Card may have additional fees. These can include an annual fee, late payment fees, balance transfer fees, and cash advance fees. It’s important to review the terms and conditions of the card to understand all applicable fees before applying.
7. Can I upgrade my BMO Harris credit card to the Platinum Rewards Card?
Yes, if you currently hold a BMO Harris credit card, you may be eligible to upgrade to the Platinum Rewards Card. However, the specific eligibility criteria for an upgrade may vary, so it’s best to contact BMO Harris directly to inquire about the upgrade process.
In conclusion, the BMO Harris Platinum Rewards Card is a credit card that generally requires a good to excellent credit score for approval. However, credit scores alone may not determine your eligibility, as other factors are also considered. If your credit score falls below the required range, it’s advisable to work on improving your credit before applying.