When you've put in the hard work to make sure your credit score is as high as possible you deserve to get a credit card that rewards you for the effort.
In this article, we'll look at what excellent credit is, how to develop excellent credit, and the benefits of cards designed for people with excellent credit scores. We'll also talk about what you should look for in a good credit card for your excellent credit score.
First, let's start with The Smart Investor Select’s picks for the best credit cards for excellent credit in 2022:
Card | Rewards | Bonus | Annual Fee | Best For |
| 1X – 4X
4X points at restaurants (including Uber Eats purchases in the U.S.) and U.S. supermarkets (up to $25,000 per year in purchases, then 1X points), 3X points on flights booked directly with airlines or on amextravel.com, 2X points on rental cars through amextravel.com and 1X points on all other purchases
| 60,000 points
60,000 Membership Rewards® Points after you spend $6,000 on eligible purchases with your new Card within the first 6 months of Card Membership
| $250 (Rates & Fees) | Premium Travel & Everyday |
|---|---|---|---|---|---|
| 1.5% – 5%
5% on travel purchased through Chase Ultimate Rewards, 3% on dining at restaurants, including takeout and eligible delivery services, 3% on drugstore purchases and 1.5% cash back on all purchases
| Up to $300
additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year)- worth up to $300 cash back
| $0 | Cashback | |
| None | None | $0 | Balance Transfer | |
| 2X
2X miles per dollar on every purchase, plus 5X miles on hotels and rental cars booked through Capital One Travel
| 75,000 miles
75,000 miles once they spend $4,000 on purchases within 3 months from account opening
| $95 | Occasional Traveler | |
| 1-4%
4% cash back on on eligible gas and EV charging purchases for the first $7,000 per year and then 1% thereafter, 3% cash back on restaurants and most travel purchases, 2% cash back at Costco and Costco.com, 1% cash back on all other purchases
| None
| $0 ($60 Costco membership fee required)
$60 Costco membership fee required
| Shopping | |
| 2X – 5X
5x total points on travel purchased through Chase Ultimate Rewards, 3x points on dining and online grocery purchases and 2x on other travel purchases. Plus, earn 1 point per dollar spent on all other purchases
| 60,000 points
60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening
| $95
| Value For Money | |
| 1.5X
1.5 points for every $1 you spend on all purchases everywhere, every time and no expiration on points
| 25,000 points
25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening – which can be redeemed for a $250 statement credit toward travel purchases
| $0 | Travel With No Annual Fee | |
| 2%*
2% cash back rewards rate – 1% every time you swipe and another 1% upon payment.
| $200
$200 cash back after you spend $1,500 on purchases in the first 6 months of account opening
|
$0 | Flat Rate Cashback |
What Should I Look For In A Credit Card If I Have Excellent Credit?
Knowing what features are important to get a credit card for you isn’t necessarily the same thing as looking for a credit card that’s designed to reward excellent credit.
Here are some features you shouldn’t compromise on if you already have excellent credit and are shopping for a credit card.
- Incentives & Special Perks
Card for excellent credit offers a variety of rewards, benefits, and special perks. Check out what you can get and how this is relevant to your lifestyle. Since you have excellent credit – you can pick up (almost) any card you want – leverage it to get the best rewards.
Good incentives are where you’ll get a lot of value from your credit card, so it’s important to look carefully for the best deal.
- 0% APR Introductory Rate
If you have excellent credit, credit card companies should be courting you, not the other way around. A low APR introductory rate might not be a permanent advantage for your, but it can help save money in that first year.
If you carry debt, Introductory offers may be a great for your needs. Also, it can be used to help finance big purchases with lower interest and fees.
- Affordable Annual Fee
No annual fee is better than paying one for most consumers, but that isn’t always the case. If you’re considering a card with an annual fee make sure the fee is low enough that you’ll get similar or greater value from the card so you aren’t losing money on the fees.
Chase Freedom Unlimited®
Reward details
Current Offer
Credit Rating
Annual Fee
0% Intro
APR
The Chase Freedom Unlimited® card provides an enthralling combination of lavish rewards, including a 5% on travel purchased through Chase Ultimate Rewards, 3% on dining at restaurants, including takeout and eligible delivery services, 3% on drugstore purchases and 1.5% cash back on all purchases. It offers a nice sign-up bonus of additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year)- worth up to $300 cash back.
Another beenfit worth mentioning is the long 0% intro APR - 15 months on purchases and balance transfers (20.24%–28.99% variable after that). Overall, Chase Freedom Unlimited is one of the best options in the market, especially for those who are looking to save the annual fee.
- APR: 20.24%–28.99% variable
- Annual fee: $0
- Balance Transfer Fee: $5 or 5%
- Foreign Transaction Fee: 3%
- Rewards Plan: 5% on travel purchased through Chase Ultimate Rewards, 3% on dining at restaurants, including takeout and eligible delivery services, 3% on drugstore purchases and 1.5% cash back on all purchases
- Sign Up bonus: additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year)- worth up to $300 cash back
- 0% APR Introductory Rate period: 15 months on purchases and balance transfers
- Cash Back Rewards + Sign Up Bonus
- 0% APR on Balance Transfers & Purchases
- No Annual Fee
- Protection & Free Credit Score
- Balance Transfer Fee
- Foreign Transaction Fee
- Less Relevant For Frequent Travelers
- Is there a limit to cashback rewards? There is no cap.
- Can I get car rental insurance with a Chase Freedom Unlimited card? Yes, when you rent the car and pay for all of it with this card and do not accept coverage from the rental company.
- Should You Move to Chase Freedom Unlimited card? This is a good fit for people who are looking for no annual fee card including good cashback rates that do not change.
- Why did Chase Freedom Unlimited card deny me? You might not have met one of the requirements for this card. You can talk with a member of the customer support team to see what the issue is and how you might be able to rectify it.
- How hard is it to get a Chase Freedom Unlimited card? It is not very hard to get this type of card once you meet all of the straightforward requirements.
- How to maximize rewards on the Chase Freedom Unlimited card?
- You can choose between the options as to how you utilize the rewards. To maximize rewards, you should make the most of the signup bonus and also be aware of which of your credit cards have the best cashback for a particular type of purchase.
- Top reasons NOT to get the Chase Freedom Unlimited card? If you are looking for higher flat cashback rates. You may also travel a lot and not want to pay the 3% foreign exchange transaction charge that comes with this card.
- Does Chase ask for proof of income? There is no specific income requirements and it does not usually ask for proof of income requirements.
- Does the card offer pre-approval? Yes, you can get pre-approval.
- What is the initial credit limit? The initial credit limit varies, but can often be between $1,000 and $5,000.
- How do I redeem cashback? Go to the Ultimate Rewards section that Chase offers and you can choose between the options as to how you utilize the rewards.
- What purchases don't earn cashback with the Freedom Unlimited card? All purchases earn cashback with this card.
Costco Anywhere Visa® Card by Citi
Reward details
Current Offer
Credit Rating
Annual Fee
0% Intro
APR
This card is an amazing choice for regular Costco shoppers who want to earn a highly competitive cashback rewards, and one of the best shopping cards available. Costco Anywhere Card does not charge any fee on foreign transactions and does not charge any annual fee. The card offers 4% cash back on on eligible gas and EV charging purchases for the first $7,000 per year and then 1% thereafter, 3% cash back on restaurants and most travel purchases, 2% cash back at Costco and Costco.com, 1% cash back on all other purchases.
To enjoy all these benefits, all you need to do is pay your annual Costco membership fee to maintain your card account. Some of the limitations attached to this card usage include; limited cashback redemption option and a cap on gas rewards.
- Rewards Plan: 4% cash back on on eligible gas and EV charging purchases for the first $7,000 per year and then 1% thereafter, 3% cash back on restaurants and most travel purchases, 2% cash back at Costco and Costco.com, 1% cash back on all other purchases
- APR: 20.49% (Variable)
- Annual fee: $0 ($60 Costco membership fee required)
- Balance Transfer Fee: 3% or 5$
- Foreign Transaction Fee: $0
- Sign Up bonus: None
- 0% APR Introductory Rate period: N/A
- Cashback on Costco, Gas, Restaurants and Travel and Other Spending
- No Annual Fee
- No Foreign Transaction Fee
- Extended Manufacturer Warranty, Travel Perks
- Redemption Restrictions
- No Sign-Up Bonus or 0% APR Introductory Rate
- There are Better Cashback Cards
- High APR
What’s the initial credit limit?
The initial credit limit for the Costco Anywhere visa is $500, but some cardholders have been offered an initial limit as high as $10,000.
What are the top reasons not to get the Costco card?
The top reason to not get the Costco Anywhere card is if you can get better rewards on a different tier card. There are some cards out there that offer 5% on one or two categories, which provides greater flexibility.
How’s the card customer service availability?
Citi has phone lines that are open 24/7, so you can access support at any time.
How much should I spend to cover the card fees?
There is no annual fee, However, you do need to have a Costco membership for the Costco Anywhere, but presumably, you’ll already have this covered.
Is it hard to get the Costco card?
To qualify for the Costco Anywhere card, you must have excellent credit and a low income-to-debt ratio.
Can I get pre approved?
Citi does not support Costco Anywhere card pre-approval. You'll need to fill out a full application, which will include a hard credit pull.
U.S. Bank Visa® Platinum Card
Reward details
Current Offer
Credit Rating
Annual Fee
0% Intro
APR
While it may sound less relevant for those who have excellent credit, it's one of the most popular cards out there. The US Bank Visa Platinum card is for people who are looking to either finance a major purchase or pay off a debt interest-free. It is one of the best credit card options in the market for a one-time buy. This is because the card does not charge an annual fee, and offers a long zero percent introduction offer on an interest rate for all purchases.
The card does not earn you any rewards, such as the other cards above do, but it comes with very many benefits such as cell phone insurance. For everyday spending and uses, many customers will find that other cards offering rewards and cash back will be a better value.
- Rewards Plan: None
- APR: 16.74% - 26.74% (Variable)
- Annual fee: $0
- Balance Transfer Fee: $5 or 3% (the greater)
- Foreign Transaction Fee: 3%
- Sign Up bonus: None
- 0% APR Introductory Rate period: 20 billing cycles on purchases and balance transfers
- 0% APR Introductory Rate on Balance Transfers and Purchases in the First 20 Months
- No Annual Fee
- Cell Phone Protection
- Free Credit Score
- No Sign-Up Bonuses
- No Rewards
- Balance Transfer Fee
Capital One Venture Rewards Credit Card
Reward details
Current Offer
Credit Rating
Annual Fee
0% Intro
APR
The Capital One Venture Rewards is a low-cost travel card that worth’s its value. It allows you to earn rewards and bonus points while traveling for business, leisure, or pleasure. However, it requires holders to have a credit score of between 680 and 850.
The rewards plan includes 2X miles per dollar on every purchase, plus 5X miles on hotels and rental cars booked through Capital One Travel . The card attracts no annual fees, and you can get a sign up bonus of 75,000 miles once they spend $4,000 on purchases within 3 months from account opening.
- APR: 19.99% - 29.99% (Variable)
- Annual fee: $95
- Balance Transfer Fee: N/A
- Foreign Transaction Fee: $0
- Rewards Plan: 2X miles per dollar on every purchase, plus 5X miles on hotels and rental cars booked through Capital One Travel
- Sign Up bonus: 75,000 miles once they spend $4,000 on purchases within 3 months from account opening
- 0% APR Introductory Rate period: N/A
- Flexible Rewards Redemption
- Great Sign-Up Bonus
- No Blackout/Expiration Dates
- No Accumulation Limit on Miles
- High Variable APR
- Airline Partners Limitations
- $95 Annual Fee
- Redeem Points for a Statement Credit
- What are Capital One Venture card income requirements? Capital One often required monthly income to be at least $800. Sometimes, you will need to show some proof of income.
- Does rewards points expire? They do not expire.
- Can I get pre-approved on card Capital One Venture Card? Yes, you can get pre-approval.
- What is the initial credit limit ? The minimum credit limit is set at $5,000.
- How do I redeem cash back? You can do so in a number of ways, such as spending your accumulated miles directly on travel purchases, or redeem as cash, using at participating retailers, and so on.
- What purchases don't earn cash back with the Capital One Venture Card? Every purchase earns cashback.
- Should You Move to Capital One Venture Card? If you spent a decent amount of time and money on travel expenses.
- Why did Capital One Venture Card deny me? What to Do Next? You might not have met all of the requirements. You can enquire as to where your application fell short. If you cannot proceed, you can look at some of the other available options.
Chase Sapphire Preferred® Card
Reward details
Current Offer
Credit Rating
Annual Fee
0% Intro
APR
The Chase Sapphire Preferred® Card is a travel rewards card issued by Chase Bank. This is a very popular travel rewards card because it offers a large sign-up bonus and the card is built around traveling. Many travel rewards cards have higher annual fees for the same kind of rewards. The card offers a sign-up bonus of 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening.
This card is on our top spot in regards to the best traveling and dining cards as they offer you more points compared to other cards - 5x total points on travel purchased through Chase Ultimate Rewards, 3x points on dining and online grocery purchases and 2x on other travel purchases. Plus, earn 1 point per dollar spent on all other purchases . Also, the Chase Sapphire Preferred car rental insurance is one of the top options you can find in the market.
- Rewards Plan: 5x total points on travel purchased through Chase Ultimate Rewards, 3x points on dining and online grocery purchases and 2x on other travel purchases. Plus, earn 1 point per dollar spent on all other purchases
- APR: 21.24%–28.24% variable APR
- Annual fee: $95
- Balance Transfer Fee: 5% or $5, whichever is greater
- Foreign Transaction Fee: $0
- Sign Up bonus: 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening
- 0% APR Introductory Rate: N/A
- Point Sign-Up Bonus
- Bonus Points
- No Blackout Dates
- 25% More through Ultimate Chase Rewards
- No Foreign Transaction Fee
- $95 Annual Fee
- Low Merchandise Rewards
- No Introductory 0%
- Balance Transfer Fee - 5% or $5, whichever is greater
- Does the travel rewards points expire? Your points won’t expire once you keep the credit card account open.
- Does card Chase Sapphire Preferred offer pre-approval? Yes, you are able to pre-qualify for this card.
- What is the initial credit limit? The minimum credit limit that you can get with this card type is usually $5,000.
- How do I redeem cash back? You can redeem your points in a variety of ways through the Chase credit card reward portal. Some of the perks you can get include cash, travel credit, statement credit, and gift cards.
- What purchases don't earn cash back? All purchases will earn cashback through this card.
- Should You Move to Chase Sapphire Preferred card? If you travel frequently and do not want to pay a large annual fee.
- Why did the Chase deny me? You might not have met one of its requirements. You will usually find out where you fell short. You might be able to rectify the issue or you might have to look elsewhere.
- How hard is it to get a Chase Sapphire Preferred card? If you meet all of the requirements, then it is relatively straightforward to get a Chase Sapphire Preferred card. The requirements are easier compared to Chase Sapphire Reserve card.
- Is there a limit to rewards/cash back on the Chase Sapphire Preferred card? No limit
- Can I get car rental insurance with a Chase Sapphire Preferred card? how? Yes, you can get car rental insurance with this card if you decline the collision cover of the rental company and pay for the entire cost of the rental car with this card.
Bank of America® Travel Rewards credit card
Reward details
Current Offer
Credit Rating
Annual Fee
0% Intro
APR
The Bank of America® Travel Rewards credit card is a good option for frequent travelers, especially if you're an existing customer of Bank of America. It offers a $0 annual fee while customers can use when they travel to earn points and gain rewards. To gain access to this card, you will need a solid credit score of between 680 to 850.
The Bank of America® Travel Rewards offers a agin up bonus of 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening – which can be redeemed for a $250 statement credit toward travel purchases, and you can use for purchases and other travel expenses. You're also not limited when you want to make travel arrangements as the card grants you flexibility.
- APR: 18.24% - 28.24% Variable APR will apply. A 3% fee (min $0) applies to all balance transfers
- Annual fee: $0
- Balance Transfer Fee: 3% or $10 (the greater)
- Foreign Transaction Fee: $0
- Rewards Plan: 1.5 points for every $1 you spend on all purchases everywhere, every time and no expiration on points
- Sign Up bonus: 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening – which can be redeemed for a $250 statement credit toward travel purchases
- 0% APR Introductory Rate period: 15 billing cycles for purchases
- Point Sign-Up Bonus
- Point Rewards
- No Annual Fee
- No Foreign Transaction Fee
- Preferred Rewards, No Expiration
- Minimum Redemption
- There are Better Rewards Cards
- Good - Excellent Credit Needed
- Limited Travel Protections
- Is there a limit to rewards/cash back on the Bank of America Travel Rewards Card? There is no cap.
- Can I get car rental insurance with Bank of America Travel Rewards Card? how? Yes it offers rental insurance for cars if you pay for the full cost with this credit card and you decline the rental company’s insurance.
- Does Bank of America ask for proof of income? No out and out income requirement and you do not always have to provide proof of income.
- Does the card offer pre approval? Yes, pre-approval is an option
- What is the initial credit limit ? The smallest credit limit for this card iwll usually be $500.
- How do I redeem cash back ? You are able to redeem these points as statement credit to pay for the likes of travel and dining purchases or you can redeem as cash or in the form of gift cards.
- Should You Move to Bank of America Travel Rewards Card? If you travel frequently and will use the rewards on travel-related purchases.
- The bank denied my request, What's now?? Perhaps you did not meet all of the requirements. You can ask the customer service team what you need to do to get accepted or you can look at other card options.
- How to maximize rewards? Redeem the points for travel-related or dining purchases, maximize the signup offer, and use in conjunction with another card.
- When you shouldn't get the Bank of America Travel Rewards Card? If you do not travel a lot.
American Express® Gold Card
Reward details
Current Offer
Credit Rating
Annual Fee
0% Intro
APR
The American Express® Gold Card is a credit account that offers a myriad of benefits to clients. First-timers stand a chance to earn 60,000 Membership Rewards® Points after you spend $6,000 on eligible purchases with your new Card within the first 6 months of Card Membership. In terms of rewards, you can earn 4X points at restaurants (including Uber Eats purchases in the U.S.) and U.S. supermarkets (up to $25,000 per year in purchases, then 1X points), 3X points on flights booked directly with airlines or on amextravel.com, 2X points on rental cars through amextravel.com and 1X points on all other purchases.
Other premium benefits include dedicated service team, up to $120 in Uber Cash (enrollment required), preferred seating at sporting and cultural events, signature perks at upscale hotels, fraud Protection and baggage insurance for up to $500 for checked baggage and $1,250 for carry on.
- APR: 21.24% - 29.24% Variable
- Annual fee: $250
- Balance Transfer Fee: N/a
- Foreign Transaction Fee: None
- Rewards Plan: 4X points at restaurants (including Uber Eats purchases in the U.S.) and U.S. supermarkets (up to $25,000 per year in purchases, then 1X points), 3X points on flights booked directly with airlines or on amextravel.com, 2X points on rental cars through amextravel.com and 1X points on all other purchases
- Welcome Bonus: 60,000 Membership Rewards® Points after you spend $6,000 on eligible purchases with your new Card within the first 6 months of Card Membership
- 0% APR Introductory Rate period: N/A
- Welcome Bonus + Premium Point Rewards Rate
- No Foreign Transaction Fees
- Special Gold Status Perks
- $250 Annual Fee
- High Requirements
- Is there a limit to rewards? There is a cap on getting the premium rate of cashback on certain types of purchases.
- Can I get car rental insurance with Amex Gold Card? Yes, you will get it automatically once you decline the car insurance from the rental company and you pay the full rental charge using this card.
- What are Amex Gold Card income requirements? There is no out and out income requirement outlined by Amex when it comes to the Gold card.
- Does card Amex Gold points expire? They do not have an expiration date.
- How do I redeem cash back on Amex? There is a points-based system. You can redeem the points for a variety of rewards that are showcased on the Amex website. These include statement credit, gift cards, paying for certain services etc.
- What purchases don't earn rewards? The minimum rate is 1 point for every $1 spent.
- Should You Move to Amex Gold Card? If you need a versatile card that covers a wide range of purchases, with a main focus on travel-related purchases and perks.
- Why did Amex deny me? You might not have met one of the requirements. You can ask the customer support team if there is something you can do to change this eventuality. Otherwise, you can look for an alternative card.
- How to maximize rewards on Amex Gold Card? Use it for a versatile range of purchases, make sure you are aware of the different perks and credit that you get with this card.
- Top Reasons NOT to get the Gold Card? If you do not travel a lot.
- Can I get pre-approved? Yes, you can get pre-approval.
- What is the initial credit limit? The credit limit will usually be at least $5,000.
Citi® Double Cash Card
Reward Details
Current Offer
Credit Rating
Annual Fee
0% Intro
APR
Looking for a credit card issuer that offers an unrivaled flat-rate cash back rewards on all your purchases with no annual fee and a straightforward reward structure, then look nowhere else; Citi Double Cash is the best for you. You can get up to 1% cashback when you use the card plus an additional 1% whenever you make a payment. The flexible redemption options of this card make it a potentially lucrative option for its users.
The card is also great for those who are looking to transfer their balance since it offers a outstanding intro APR of 18 months on balance transfers (19.24% – 29.24% (Variable) after that).
- Rewards Plan: 2% cash back rewards rate – 1% every time you swipe and another 1% upon payment.
- APR: 19.24% – 29.24% (Variable)
- Annual fee: $0
- Balance Transfer Fee: $5 or 5%
- Foreign Transaction Fee: 3%
- Sign Up bonus: $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening
- 0% APR Introductory Rate period: 18 months on balance transfers
- Simple and Generous Rewards System
- 0% Intro APR
- Fee Waiver on First Late Payment
- No Annual Fee
- Average Cashback Rate
- Balance Transfer Fee
- Foreign Transaction Fee
- Is there a limit to cash back rewards? No limit in place
- Can I get car rental insurance with Citi Double Cash? Yes, it offers rental insurance for cars if you pay for the full cost with this credit card and you decline the rental company’s insurance.
- What are the income requirements? No out and out income requirements and normally you will not have to provide proof of income.
- Does cash back rewards expire? They don’t expire once you keep your account open.
- Does card Citi Double Cash Credit Card offer pre approval? Yes, pre-approval is a possibility.
- What is the initial credit limit? It will normally be at least $500.
- How do I redeem cash back? You will be able to redeem the cashback points through direct deposit, check, or as a statement credit. You can also use them in other ways, such as spending on gift cards, Amazon.com, and on travel.
- What purchases don't earn cash back? All purchases earn cashback
- Should You Move to Citi Double Cash Card? If you like predictability and want an incentive to meet your payment commitments.
- How to maximize rewards on Citi Double Cash ? Make sure that you make your minimum due payments.
- Top Reasons NOT to get the Citi Double Cash? If you want a higher cashback rate you may need to look for another card.
Compare the Best Credit Cards For Excellent Credit
What Does Excellent Credit Mean?
Excellent credit is a reflection of your good payment history, how long you’ve had a credit-earning account, and other factors that can indicate your financial health. Excellent credit is generally considered 
Fortunately, once you’ve got an excellent credit score with one company, you’ll likely develop excellent credit with the other two shortly as long as you don’t change your financial habits.
Excellent credit is generally considered a sign of good financial habits as well as a good financial position. The second part is less true. It's possible to have excellent credit with a relatively modest income and only a small amount of money in the bank. However, you do have to make payments on time and have your name on at least one credit-earning account, like a credit card, mortgage, or utility payment, in order to develop your credit history.
Benefits of Credit Cards for Excellent Credit
Having a good payment history makes you the kind of customer that most banks and financial institutions like to court. Because you're considered a good risk, those financial institutions are more willing to pay out big benefits as rewards for cardholders that excellent credit scores.
Here are a few of the main benefits you can expect if you have excellent credit and are shopping for a credit card.
- Higher Credit Limits
Excellent credit usually means that you’ll get higher credit card limits on the first offer. That’s because the bank considers you more likely to pay back your debt, so they are more willing to take a risk on your spending.
- Lower Interest and APR
Since you’re a good risk for the credit card company, they are also likely to offer lower interest rates and a lower APR (annual percentage rate) because they would rather keep you as a long-term customer than get their money’s worth out of your patronage quickly.
- Better Rewards Rates
Rewards card programs are generally better for cards designed for excellent credit. Your cards will earn more points or miles, depending on the rewards structure, and cashback cards will earn a better percentage. You’ll also typically get higher value rewards options.
There are other benefits of having excellent credit of course, but those are the main three. Some institutions might also be more willing to work with you on payment schedules and fees depending on the situation and your payment history since you’ve had the card if you already have an excellent credit score.
How Do You Pick The Best Credit Card for Your Specific Needs?
There are several different factors you should consider when you’re looking for a great credit card. No credit card is perfect, so prioritizing the things that are most important to you will help make sure you get the full value of your card membership.
Here are some factors you should consider:
- Do you already have an account with this credit card company? Managing cards is usually easier if you already have an account with the company since you won’t need a new account, password, and other paperwork.
- Is this credit card for regular use or emergency use? It’s a good idea to have a credit card for emergencies, but a card that’s used regularly should have a higher credit limit and a better rewards program than a card that’s only used occasionally.
- Are you a frequent flyer? Travel cards reward users with miles and other travel benefits that can save a lot of money in the long run.
- Are you a foodie? Some rewards cards have more generous benefits for restaurant dining and takeout, and those rewards might be worth it if you're going out frequently.
- What is the APR and Interest Rate? The cost of your credit card can be evaluated using the interest rate and APR of the card. Most financial institutions will work with people who have excellent credit to find a low APR option that’s more affordable in exchange for opening an account.
- Do you need to consolidate debt? It's possible to have excellent credit with relatively high debt as long as you're always making your payments. Choosing a credit card that has a low balance transfer rate can be a good way to save money on debt payments by consolidating your debt under a single account.
- How much do you spend on your credit card? High credit spenders need a very different kind of credit card than people who are only going to use their card for one or two small purchases a month. Consider whether you need a high limit or not and whether a rewards program is worth a more costly card.
That’s a lot to consider, but there is good news. Most bankers and credit card agents will be able to help you choose the right credit card if you have answers to these questions. It’s in their best interest to make sure you can afford the card they recommend, so it’s a good idea to consult with the experts to see what offers are available, and which cards they recommend for you.
What Is The Best Credit Card Company?
Having a trustworthy credit card company is just as important as the cards themselves. A great deal might not be if you end up with a company that can’t be trusted with your information or that changes the details of your card after you’ve signed up.
According to JD Power, American Express currently has the highest customer satisfaction of all credit card providers, maintaining good scores despite cardholders recently reporting that they don't trust their credit card company as much as they used to.
Discover ranks second and Bank of America third, according to the same study.
While customer satisfaction is critical when you’re considering which credit card company you want to work with, it’s not the only measure. You should also consider local availability. Do they have a branch near you?
It’s also important to consider the kinds of cards they offer. Does this company offer a credit card that suits my needs?
Ideally, you should work with a company that's highly rated, has at least one local branch, and has several credit cards that suit your needs and financial goals.
Which Is The Most Difficult Credit Card To Get?
The hardest cards to get usually are difficult to qualify because they offer premium benefits.
That can mean that it’s a good idea to try for these cards if you think you might qualify, but it’s also worth mentioning that just because these cards are exclusive doesn’t mean that they are the best option for you.
Gauging which card is the most difficult to get is tricky since it depends a lot on your personal finances and what kind of card you’re trying to get.
Here are some of the most difficult cards to qualify for as of 2022:
- Centurion® Card from American Express
- P. Morgan Reserve Credit Card (among travel cards)
- Wells Fargo Business Elite Signature Card® (among business cards)
- Chase Sapphire Reserve® (rewards card)
How Many People Have Excellent Credit?
There is good news when it comes to credit scores in the United States. According to Experian, credit scores in the United States are trending up slightly, so overall people’s credit is improving.
That’s a good thing, but it might also mean that card offers for people with excellent credit may change as credit averages rise and more people qualify for better cards.
In this chart using Experian data, you can see the average FICO score has increased significantly over the last decade.
That said, as things stand right now around 42% of adults in the United States have credit scores of 720-850, most of whom are in the excellent range. That rating is skewed slightly because not all American adults currently have a credit score. Of adults who have a credit score, the same study shows that slightly more than 50% of adults have credit in that range.
What this means is that, even if you have excellent credit, there are a lot of other borrowers like you. You’ll be more likely to qualify for the best offers if your credit is 800 or above.
What Credit Cards Can I Get With A 750 Credit Score?
Fortunately, even with credit scores on the rise across the United States, people with scores of 750 and higher typically have their pick of credit cards, including most (but not all) premium cards.
That said, your other finances also impact your credit card eligibility. Some cards may also have income requirements in addition to the credit score requirements. So don’t count on qualifying for these cards on credit score alone, you may have to meet other requirements for the cards.
Chase Sapphire Preferred® card
The Chase Sapphire Preferred® card earns rewards on travel purchases. This card earns 5x total points on travel purchased through Chase Ultimate Rewards, 3x points on dining and online grocery purchases and 2x on other travel purchases. Plus, earn 1 point per dollar spent on all other purchases . New sign-ups get a bonus of 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening.
You can transfer these points to travel partners at the ratio of 1:1, or redeem these points through Chase Ultimate Rewards for a 25% boost in rewards value. Chase Sapphire Preferred Card is a good fit for a regular traveler looking for a high-limit credit card with the best travel rewards.
The Platinum Card® from American Express
The Platinum Card® from American Express is a luxury card for frequent travelers with high credit score. It offers 5X points on up to $500,000 spent on directly-booked airfare and flights and prepaid hotels booked through American Express Travel (per calendar year), 2X points on prepaid car rentals through American Express Travel and 1X points on all other purchases (Terms Apply).
As a welcome bonus, you are eligible for 80,000 Membership Rewards® points after you spend $8,000 on purchases on your new Card in your first 6 months of Card Membership. However, the annual fee is $695 which is quite high, so you need to make sure you can cover it.
Citi Custom Cash℠ Card
If you have excellent credit score but you don't spend too much, you can consider the Citi Custom Cash℠ Card. The card has no annual fee while cardholders can earn 5% cash back on your highest eligible spend category each billing cycle up to the first $500 spent and 1% cash back thereafter.
In addition, there is a nice 0% intro APR for 15 months on purchases and balance transfers (19.24% – 29.24% (Variable) after that) as well as a sign up bonus of $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening (20,000 ThankYou® Points, which can be redeemed for $200 cash back).
These are just a small selection of some of the best offers, but there are plenty of other cards available for you if none of these cards fit your needs.
How Do I Get An Excellent Credit Score?
Getting an excellent credit score can be a great way to manage and improve your financial future, so it’s understandable if you’re working with that goal in mind specifically. There are a lot of things to consider if you’re looking to get excellent credit, including your current credit score and the credit history you already have.
Here are some things you can do to start improving your credit score immediately and to get to excellent credit over time:
- Monitor Your Credit Scores: One of the most important things you can do for your credit is to keep a close eye on your credit score and credit reports. Monitoring your credit score can tell you when there are changes, both good and bad. It's also one of the best ways to catch possible identity theft to reverse problem charges before they are permanent.
- Always Make Payments On Time: Making payments on your credit cards, loans, utility bills, and other bills is critical for building credit. Try to make sure you’re always making payments on time or in advance, and that you are always paying at least the minimum amount due. Missed and late payments can hit your credit report and last for quite a while before they roll off the report.
- Be Careful About Applying for New Credit Lines: Your credit report notes when you have a new line of credit and when you're applying for a line of credit. Small checks will temporarily lower your credit score while opening a new line of credit will usually lower your credit score until the account has had time to establish.
- Optimize Credit Utilization: The amount of available credit that you are currently using also affects your credit score. The higher your credit ratio to credit limit is, the lower your credit score is likely to be. In general, it's a good idea to carry a balance, but you should try to make sure you’re using no more than 30% of your available credit.
- Consider Your Credit Mix: Having a diverse set of credit available, instead of all one type of credit, can also help improve your credit score. It’s better to have several different types of loans or credit accounts available instead of just having several different credit cards or loans of the same type.
What Are The Expected Credit Card Rates For Excellent Credit?
People with excellent credit can usually expect to get offered lower interest rates, but that isn’t always the case. Knowing what interest rates are normal for your credit score can be a good way to make sure you’re getting a good deal and aren’t getting a bad credit offer.
Right now the average rate across credit cards is about 12-14% depending on the card itself and your exact credit score. However, some credit cards with better rewards and other benefits might have a higher interest rate, even with excellent credit.
For the sake of comparison, the average credit card interest rate in the United States is 17.87% for new accounts, according to WalletHub.
That might not seem like a huge difference, but the lower interest rate can really add up over time, especially for high spending credit users.
How Long Does It Take To Build Excellent Credit?
The amount of time it takes to change your credit score can vary pretty widely depending on where you’re starting.
For instance, if you don’t currently have a credit score it will probably take 6-8 months for the major credit agencies to have enough information to give you a credit score. Since the amount of time your accounts have been established is one of the factors, you'll likely need to build your credit for a while even if you start with excellent credit habits.
It can take several months to see changes to your credit score as you change habits. Owning a credit card is one of the fastest ways to improve your credit score, assuming you have good credit habits.
Assuming you’re starting with good credit or no credit, it may take as little as 1-3 years to build an excellent credit score.
However, if you have a bankruptcy, a debt that went into collections, or other credit problems it can take several years. It takes 7 years for a bankruptcy to fall off your credit, and you likely won’t be able to build an excellent credit score until your bankruptcy is no longer tracked.
What Are The Best Cashback Cards For Excellent Credit With No Annual Fee?
Cashback cards help make the most of your spending and are usually a good option for cardholders with excellent credit who are also moderately high spenders.
Citi Double Cash Card
The Citi Double Cash Credit card is meant to maximize the value of your spending as much as possible. It’s also one of the most straightforward cards you can have since it offers a straight 2% cashback on all purchases. 1% is earned when you buy the purchase, and another 1% cashback is earned when you pay the total back on the card.
This card is one of the better options because it doesn’t have any maximum cashback earnings.
Chase Freedom Unlimited
Chase Freedom Unlimited is a good credit card for travelers, foodies, and anyone who is looking for an everyday credit card. It’s got several different rewards tiers, so this card isn’t perfect for everyone, but it’s a good option for most users.
Chase Freedom Unlimited offers you plenty of opportunities to earn cash backs on purchases. This credit card earns flat cash backs on all purchase without any limits, and a boosted cash back of specific categories. For example, you can earn 5% on travel purchased through Chase Ultimate Rewards, 3% on dining at restaurants, including takeout and eligible delivery services, 3% on drugstore purchases and 1.5% cash back on all purchases. Chase Freedom Unlimited is a no-annual-fee credit card, but it has a 3% charge on foreign transactions. This credit is a good fit if you are looking for a flat-rate cash back card for all purchases, this card makes the cut.
Capital One Venture Credit Card
Capital One Venture is great for people with good credit looking to earn miles on every purchase with no annual cost. This card offers a sign-up bonus of 75,000 miles once they spend $4,000 on purchases within 3 months from account opening. You also earn 2X miles per dollar on every purchase, plus 5X miles on hotels and rental cars booked through Capital One Travel . Capital One Venture charges a $0 annual fee and has no foreign transaction fees.
How Do You Get An 800 Credit Score?
According to The Balance, only about 21% of Americans have a FICO credit score over 800. So you’d be part of a relatively small group of people if you managed to get a score of 800 or better.
About 35% of your total credit score is based on your past payment history. That makes paying your bills and paying off your credit card one of the most important things you can do to maintain your current credit score and improve it.
It’s also important to maintain a minimum of accounts. Even if you’re following the other credit rules and not running up too much debt, having too many open credit accounts can make you seem like a higher risk borrower and lower your credit score. Try to only open new accounts when there is a good reason, and not to open more cards than you need.
Monitoring your credit report is also critical in case there are any hits on your credit in error.
But the most important thing is patience. It can be hard to maintain the discipline needed to get your credit score to 800, and giving up too soon can make it that much more difficult. Remember that it can take years to reach this goal, so your best option is to build and maintain good financial habits.
