The Edward Jones Credit Card offers a unique opportunity for investors to earn rewards and benefits through their investments. This card is ideal for those with an existing Edward Jones investment account, or those planning to open one. Before applying, it’s crucial to understand the credit score requirements and ways to improve your chances of getting approved.
Edward Jones Credit Card Options
Edward Jones offers three credit card options to cater to various financial needs and preferences:
Edward Jones World Mastercard®
The Edward Jones World Mastercard® is a versatile option for individuals looking to earn rewards on everyday purchases. Cardholders can earn points for every dollar spent, which can be redeemed for cash back, gift cards, or to invest in their Edward Jones account. This card also offers travel benefits, such as travel accident insurance and concierge services.
Edward Jones World Plus Mastercard®
The Edward Jones World Plus Mastercard® takes rewards to the next level with additional benefits and earning opportunities. This card offers accelerated rewards on eligible travel and dining purchases, as well as a one-time bonus opportunity for new cardholders who meet the spending requirements. It also includes travel perks like complimentary airport lounge access and global Wi-Fi access.
Edward Jones Business Plus Mastercard®
Designed specifically for business owners, the Edward Jones Business Plus Mastercard® allows you to earn rewards on your business expenses. This card offers a competitive rewards rate on every dollar spent and provides additional benefits, such as employee cards with customizable spending limits and expense management tools. The rewards can be redeemed for cash back, gift cards, or investments in your Edward Jones account.
Credit Score Requirements for the Edward Jones Credit Card
As mentioned earlier, the minimum recommended credit score for the Edward Jones Credit Card is 670. This falls within the “good” credit range, which is typically between 670 and 739. However, a higher credit score will increase your chances of approval and possibly qualify you for better terms and interest rates.
Opening an Edward Jones Investment Account
To be eligible for the Edward Jones Credit Card, you’ll need to have an existing investment account with Edward Jones or be willing to open one. This requirement is in place because the card’s reward system is designed to help cardholders grow their investments. If you don’t have an account already, you can easily open one by visiting their website or contacting a local Edward Jones financial advisor.
Tips for Improving Your Credit Score
1. Review Your Credit Report
Before applying for the Edward Jones Credit Card or any other credit card, it’s essential to review your credit report for accuracy. Check for errors and dispute any inaccuracies with the credit bureaus. Correcting errors on your report can help raise your credit score.
2. Pay Your Bills on Time
One of the most significant factors influencing your credit score is your payment history. Consistently paying your bills on time is crucial for maintaining a good credit score. If you have trouble remembering due dates, set up automatic payments or reminders to avoid missing any payments.
3. Lower Your Credit Utilization Ratio
Credit utilization refers to the percentage of your available credit that you’re using. A high credit utilization ratio can negatively impact your credit score. Aim to keep your utilization below 30% to demonstrate responsible credit usage to potential lenders.
4. Limit New Credit Inquiries
Each time you apply for new credit, a hard inquiry is added to your credit report. Too many hard inquiries can lower your credit score and signal to lenders that you may be a higher-risk borrower. Only apply for credit when necessary and space out your applications over time.
5. Diversify Your Credit Mix
Lenders like to see a diverse mix of credit types on your credit report, such as credit cards, mortgages, and auto loans. If you only have one type of credit, consider diversifying to show lenders that you can handle various types of credit responsibly.
Consider Professional Credit Repair Services
If you’re struggling with a low credit score and need help improving it, consider working with a professional credit repair service like Credit Saint. They have extensive experience in disputing and potentially removing negative items from your credit report, such as late payments, collections, and bankruptcies.
Credit Saint has helped many clients improve their credit scores and increase their chances of getting approved for new credit. Visit their website for a free credit consultation and take the first step towards a better financial future.
By understanding the credit score requirements for the Edward Jones Credit Card and taking steps to improve your credit, you can increase your chances of approval and unlock the card’s valuable rewards and benefits. Remember, responsible credit management is essential for maintaining a healthy credit score and achieving your financial goals.