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In the world of personal finance, understanding the nuances of credit inquiries is essential for managing your credit effectively. Among these inquiries, soft pulls stand out as a unique mechanism that allows lenders and individuals to assess creditworthiness without impacting credit scores. Let’s delve into what soft pull credit inquiries entail, their significance in the lending landscape, and how they differ from their counterpart, hard inquiries.
What is Soft Pull Credit Card ?
A soft pull credit card, also known as a soft inquiry or soft credit check, refers to a type of credit inquiry that does not impact your credit score. When you apply for a credit card or loan, the issuer or lender may conduct a credit check to assess your creditworthiness. Soft pulls are typically used for pre-approval offers, background checks, or when you check your own credit score. Unlike hard inquiries, which occur when you apply for new credit and can temporarily lower your credit score, soft inquiries have no impact on your credit standing.
Best Soft Pull credit card 2024
Bank Of America Soft pull Credit Card
Blue Cash Everyday® Card from American Express
- Credit Score : Good ,Excellent
- ARP : 19.24 % – 29.99%
- Annual Fees : 0
- Bonus Rewards: $200 statement credit when you make $2,000 in purchases
Why we choose it ?
The Blue Cash Everyday® Card from American Express provides lucrative bonus categories tailored for everyday expenses. Cardholders can earn 3% cash back at U.S. supermarkets (up to $6,000 in annual spending, then 1%), 3% cash back at U.S. gas stations (up to $6,000 in annual spending, then 1%), and 3% cash back on U.S. online retail purchases (up to $6,000 in annual spending, then 1% cash back). Additionally, purchases outside these categories earn 1% cash back.
Moreover, new cardholders can enjoy a $200 statement credit after spending $2,000 on purchases within the first six months of opening an account. Considering it’s a no annual fee credit card, these benefits make it a compelling option for everyday spending.
Pros and Cons Of Blue Cash Everyday® Card
| Pros | Cons |
| – Bonus cash back rates at U.S. supermarkets, U.S. gas stations, and online retail purchases in the U.S. | – Earnings are capped on bonus spending categories |
| – Introductory APR offer on purchases and balance transfers | – Low cash back rate on everyday spending |
| – No annual fee | – 2.7% foreign transaction fee on each transaction after conversion to US dollars |
Interest Rates:
- Regular APR: 19.24% – 29.99% Variable.
- Purchase Intro APR: 0% for 15 months.
- Balance Transfer Intro APR: 0% for 15 months.
Fees:
- Annual Fee: $0.
- Balance Transfer Fee: Either $5 or 3% of each transfer amount, whichever is greater.
- Cash Advance Fee: Either $10 or 5% of each cash advance amount, whichever is greater.
Learn More about 2.5% Cash Back Credit Card
How to choose Soft pull credit card?
When selecting a credit card that utilizes a soft pull for credit inquiries, it’s crucial to consider the following factors:
Research Credit Card Issuer Policies: Before applying for a credit card, delve into the issuer’s policies regarding credit checks. Determine whether they typically perform soft pulls or hard pulls during the application process.
Check for Preapproval Offers: Many credit card issuers extend preapproval offers that allow you to assess your likelihood of approval without triggering a hard credit inquiry. Utilize these offers to gauge your eligibility without impacting your credit score.
Utilize Credit Card Comparisons: Platforms like Bankrate offer tools such as CardMatchTM, enabling you to filter credit card options based on their use of soft credit checks. Additionally, these tools may include prequalification features that match you with suitable credit card offers based on your credit profile.
Directly Contact Credit Card Issuers: If uncertain about a credit card provider’s credit check process, reach out to them directly. By contacting the issuer, you can inquire about their specific credit inquiry procedures and gain clarity on any uncertainties you may have.
Read Terms and Conditions: Before applying for any credit card, carefully review the terms and conditions of the offer. Pay close attention to details regarding the credit check process and any other relevant information to ensure a comprehensive understanding before proceeding with your application.
Use Comparison Table To Choose the Soft Pull credit card
Here’s the comparison chart arranged by the best combination of low annual fees and bonus rewards:
| Card Name | Annual Fees | Credit Score | Bonus Rewards |
| Blue Cash Everyday® Card from American Express | $0 | Good, Excellent | Earn a $200 statement credit |
| Capital One QuicksilverOne Cash Rewards Credit Card | $0 | Excellent, Good | One-time $200 cash bonus |
| Capital One Platinum Credit Card | $0 | Average, Fair, Limited | N/A |
| Upgrade Cash Rewards Visa® | $0 | Fair | $200 bonus |
| Mission Lane® Visa Credit Card | $0-59 | Limited, Fair, Poor, Bad | N/A |
| Prosper® Card | $39 | Excellent, Good, Bad, Fair, Limited | N/A |
| Capital One Venture Rewards Credit Card | $95 | Excellent, Good | Enjoy a one-time bonus of 75,000 Miles |
| Avant Credit Card | $59 | Fair | N/A |
| OpenSky® Secured Visa® Credit Card | $35 | Fair, Poor, Bad, No Credit | N/A |
Soft pull credit cards vs preapproved credit cards
Soft pull credit cards are less common compared to traditional rewards credit cards, often limited to secured credit cards. While secured cards may not always be the preferred choice, they can be beneficial for individuals with poor or no credit history, as they typically require only a soft credit check to open an account. With a secured card, a refundable security deposit is required as collateral, and the approved credit line usually matches the deposit amount.
Preapproved credit cards, on the other hand, involve a preapproval process where potential cardholders can assess their eligibility before formally applying. During preapproval, the issuer conducts a soft inquiry to evaluate the applicant’s likelihood of approval upon future application. However, even if preapproved, a hard inquiry is typically conducted by the issuer before a final decision is made.
It’s important to note that preapproval doesn’t guarantee approval, but it serves as a useful indicator of one’s creditworthiness.
Who is best for soft pull credit cards ?
Whether soft pull credit cards are worth it depends on individual circumstances. For individuals with limited or poor credit history, soft pull credit cards, particularly secured cards that require only a soft credit check, can be valuable tools for building or rebuilding credit. These cards often come with lower approval requirements and may not require a minimum credit score.
Ultimately, the decision to pursue a soft pull credit card depends on your credit situation, financial goals, and preferences. If you’re looking to establish or improve your credit, a soft pull credit card could be a beneficial option. However, if you already have good credit, you may prefer to focus on traditional rewards cards with more robust benefits.
