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When you have excellent credit (a FICO score of 740 and above), you’re more likely to get approved for cards with generous rewards—think 2% cash back and access to posh airport lounges—as well as more favorable terms, like longer no-interest periods to help you pay off debt, or no foreign transaction fees.
But unless you have exceptional credit, you probably won’t qualify for the elite Chase Sapphire Reserves and Citi Prestiges of the world. And if you’re among the 33% of Americans who have fair or poor credit (a FICO score of 669 and below), your options for rewards credit cards are limited.
Instead, cards for people with poor credit typically have high fees and low credit limits. Many are secured cards, which require deposits to secure your line of credit. And few credit cards for high-risk customers offer rewards for spending.
Source: NY Times – Wirecutter
Keyword: Why Aren’t There More Rewards Credit Card Options If You Have Poor or Fair Credit?