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13 Soft Pull Fintech Credit Cards + Pre-Approval Master List
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13 Soft Pull Fintech Credit Cards + Pre-Approval Master List

Understanding Credit Limits and Soft Pulls

Introduction to Credit Limit Options

  • The video discusses the option of viewing credit limits before applying for credit cards, emphasizing that some financial technology companies allow this without affecting your credit report.
  • It highlights the potential for a single card limit to reach up to $250,000 and introduces hacks for getting approved with just a soft credit pull.

Categories of Pre-Qualification

  • The speaker categorizes soft pull approvals into five major types:
  • Pre-qualified (50-70% chance of approval)
  • Preapproved (90% chance)
  • No hard pull if denied
  • No hard pull until offer acceptance
  • Full approval (requires a specific hack).

Specific Card Reviews

Gemini Credit Card

  • The Gemini credit card is introduced as a crypto rewards card that allows pre-qualification through a soft pull. However, it does not currently offer credit limit increases.
  • Approval requires a hard pull on Experian, with an example showing an applicant's score at 798.

M1 Owners Rewards Card

  • This card offers cash back at select brands and reinvestment into stock portfolios. Full approval is guaranteed with just a soft pull.
  • An example shows an initial approval for $66,000 but notes uncertainty about future limit increases.

PayPal MasterCard Insights

Changes in Benefits

  • The PayPal MasterCard was once highly regarded but has seen changes such as increased foreign transaction fees and reduced cash back rates.

Application Process and Approval Experience

  • It’s issued by Synchrony Bank, known for decreasing limits and account closures. However, no hard pull occurs if denied.
  • A personal experience illustrates receiving a $20,000 limit after overcoming issues with frozen reports during application.

Introducing Kudos

New Tool for Earning Rewards

Kudos: A Comprehensive Overview of Credit Card Rewards and Applications

Introduction to Kudos

  • Kudos combines features from various platforms like Apple Pay, offering users the ability to earn maximum rewards points or cash back at over 2 million stores.
  • It partners with Credit Karma and Points Guy, allowing users to discover new credit cards and access exclusive welcome bonuses.
  • The service is free, simplifying online shopping by autofilling credit card information with just one click.

Deserve Digital First Card

  • This is a digital-only card that can only be used via Apple or Google Pay, primarily aimed at marketing its credit card creation system.
  • Initially approved for a $7,500 limit; however, signups are currently limited due to application restrictions.
  • Users can check approval through a soft pull; reapplication processes are quick and efficient.

Mission Lane Visa Card

  • Designed for individuals building credit, this card offers no rewards but may have no annual fee based on the user's credit score.
  • After six months of holding the card, users can expect potential credit limit increases.
  • Example shared of an individual receiving a $1,500 limit after applying post-bankruptcy discharge.

GM Rewards Card

  • Tailored for GM vehicle owners; it offers unique benefits such as 0% APR for nine months and preapproval via soft pull.
  • Users report being able to accept offers without hard pulls by freezing their credit reports during the process.

Care Credit Card Insights

  • Exclusively for healthcare purchases; it helps manage large payments including cosmetic surgeries not covered by insurance.
  • Prequalification may imply less guarantee of approval but appears more reliable based on user experiences.

Credit Card Insights and Strategies

Overview of Credit Scores and Balances

  • The speaker discusses their recent experience with credit scores, noting a drop of seven points on TransUnion due to carrying a car balance at 28% utilization. They mention a previous score around 736.
  • Emphasis is placed on prioritizing needs over FICO scores for the next few months, especially after acquiring a new home.

Vimmo Credit Card Features

  • The Vimmo credit card integrates with the Vimmo app, offering customized cash back rewards based on spending categories.
  • Approval requires only a hard pull from TransUnion if accepted; the speaker shares their positive experience with limit increases, starting from $112,000 to $20,000.
  • The speaker received instant approval for the Vimmo card with a $12,000 limit while maintaining high credit scores in the 770 range.

Apple Card Overview

  • The Apple Card is launched in partnership with Goldman Sachs and primarily offers 2% cash back as an entry-level digital card.
  • It allows soft pulls for initial limits but has lost features that previously allowed approvals through frozen reports. Limit increases can occur every 31 days based on usage.

Upgrade One Card Details

  • Unlike most upgrade cards that charge interest like personal loans, the Upgrade One card provides a one-day grace period for repayments without interest.
  • Pre-approved offers involve soft pulls; however, proof of income may be requested during application processes.

Pedal Card Insights

  • The Pedal card evaluates users based on banking history and is aimed at building credit. The best option is the Pedal Two card which offers permanent rewards.
  • A recent addition of an $8 monthly fee has frustrated existing users who previously had no annual fees; this change was not well communicated by Pedal.

Avan Card Introduction

Introduction to New Credit Card Features

Overview of Upcoming Changes

  • The speaker emphasizes the importance of being prepared for rapid changes and new features in credit card offerings.
  • Highlights potential rewards, including a credit card that allows cash withdrawals directly into bank accounts.
  • A minimum FICO score of 640 is required for approval, with a soft credit pull for pre-qualification.

Credit Limits and Equity Considerations

  • Initial credit limits range from $5,000 to $250,000 based on home equity.
  • The speaker plans to test this card after their next home purchase.

Sofi Credit Card Experience

Long-term Usage Insights

  • The Sofi credit card offers a flat rate of 2.2% cash back and has been used by the speaker for over four years.
  • Recently transitioned into an actual bank, enhancing its competitive edge among fintech companies.

Benefits and Limitations

  • Notable upgrades include full cash back redemption without needing a Sofi checking account.
  • A significant downside is the inability to increase the credit limit; users remain "bucketed" at their initial limit.

Concerns About Credit Policies

Policy Implications

  • Users express frustration over Sofi's policy against credit limit increases, which affects loyal customers who manage their accounts responsibly.
Video description

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