Credit Cards » Compare Credit Cards » Best Credit Cards for Good Credit of June 2023
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Best Credit Cards for Good Credit of December 2023

Credit cards for good credit have attractive benefits such as long 0% APR intro, $0 annual fees, and higher rewards & credit limits.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: September 20, 2023
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: November 1, 2023

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

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A credit score of over 700 puts you in the good to excellent credit score range. Credit cards for good credit have attractive features and benefits such as 0% APR for the first few months, higher rewards, $0 annual fees, and higher credit limits.

If you have good credit, you will be spoilt for choice with the number of credit card issuers who want your business. With the different options to consider, you should take some time to find the card that suits your needs. 

Here are The Smart Investor Select’s picks for the best credit cards for good credit in 2023:

Card
Rewards
Bonus
Annual Fee
Best For

American express everyday card review 2021

1X – 2X 2X at U.S. supermarkets (up to $6,000 each year), then 1x on all purchases
10,000 points 10,000 points after you spend $1,000 in purchases on your new card within the first 3 months
$0
Everyday Spending

1-5% 5% cashback on up to $1,500 in rotating category purchases each quarter when you activate the bonus category (then 1%), as well 1% percent cash back on all other purchases
Match Bonus
$0
Cashback

U.S. Bank Altitude® Go Visa Signature® Card

1X – 4X 4x points at restaurants, take-outs & deliveries, 2x points at supermarkets, gas stations & streaming servicesm and 1 point for 1 dollar on all other purchases
20,000 points 20,000 bonus points when you spend $1,000 in eligible purchases within the first 90 days of account opening
$0
Point Rewards

SoFi credit card

1-3% 3% cash back rewards for a year when you set up direct deposit with SoFi. After that, earn 2% unlimited cash back on purchases when redeemed toward investing, saving, or paying down an eligible loan with SoFi
Up to $200 up to $200 when you fund an invest account as well as a checking and savings account
$0
Youngers
1.5% 1.5% cash back on all purchases
$250 $200 cash bonus once you spend $500 on purchases within 3 months from account opening
$0
0% Intro

Chase Freedom Flex

1-5%
$200
$0
Rotating Categorie

Credit Cards Types For Good Credit

A credit score of over 700 puts you in the good to excellent credit score range. Credit cards for good credit have attractive features and benefits such as 0% APR for the first few months, higher rewards, $0 annual fees, and higher credit limits.

Here are the main types of credit cards for good credit:

Balance Transfer

A balance transfer credit card lets you finance credit card debts at a 0% APR for about 6 to 18 months, depending on the credit card issuer. Usually, you can find a credit card with a 0% APR introductory offer or a low ongoing rate for the first few months.

A good balance transfer credit card is the Citi Double Cash Card that offers a 0% APR for 18 months from the date of account opening. When the promotional period ends, the APR increases to a variable interest rate of 13.99% to 23.99%. However, this credit card charges a 3% to 5% balance transfer fee of the transfer amount. 

Travel Rewards

If you are always on the go, a travel credit card can help you save money through discounts and cash back on your travel purchases. Most of the time, travel rewards credit cards let you collect points that you can redeem for airline miles or hotel stays.

If you want to maximize travel rewards, the Chase Sapphire Preferred Card offers generous perks for travelers. Once you spend $4000 in purchases in the first 90 days, Chase Sapphire Preferred Card rewards you with a 60,000 sign-up bonus. You also earn 2x point on restaurant dining and travel purchases, and additional 1x point on other purchase categories. There are no foreign transaction fees.

Cash Back Rewards

Looking to collect cash backs on every eligible purchase you make? Get a cash back rewards credit card. A cash back credit card is a good option for regular shoppers looking to earn points on every purchase.

A good cash back rewards card is the Blue Cash Everyday® Card from American Express. This card is one of the better options for families and people who mostly stay at home instead of traveling. It’s highest cashback rates are for grocery store purchases, with the next two highest rewards tiers being gas purchases and department store purchases. That makes this an excellent option for anyone who doesn’t need a more specialized kind of card.

Business Credit Cards

Business credit cards provide small business owners with solutions for separating personal transactions and business finances. These cards come with tracking and reporting features that business owners can use to track payments.

For businesses managing large transactions, business credit card can earn significant cash back and reward points that can be redeemed for a statement credit and cash rewards. 

Low Interest Credit Card

If you are looking for a credit card with the lowest charges, go for a low-interest credit card. This type of credit has a low annual percentage rate, and users accrue lower finance charges than high-interest cards charge.

No Annual Fee Credit Card

A no-annual-fee credit card is a good option if you plan to keep the credit card open for a long time at no cost. These cards do not have a recurring fee, and they can help you increase the average age of credit accounts.

Wells Fargo Propel America Express card offers the best deal for a no-annual-fee credit card. This card has a $0 annual fee, and it does not charge foreign currency conversion fee.

The Amex EveryDay® Credit Card

American express everyday card review 2021

Rates & Fees, Terms Apply

The Amex EveryDay® Credit Card

Reward details

1X – 2X 2X at U.S. supermarkets (up to $6,000 each year), then 1x on all purchases

Current Offer

10,000 points 10,000 points after you spend $1,000 in purchases on your new card within the first 3 months

Credit Rating

Good – Excellent

Annual Fee

$0

0% Intro

15 months on purchases

APR

17.49% – 28.49% variable

Rates & Fees, Terms Apply

The Amex EveryDay® Credit Card is a very good option among rewards cards for individuals that rank up spending at the grocery checkout and gas pump. The Everyday card offers 2X at U.S. supermarkets (up to $6,000 each year), then 1x on all purchases . Terms Apply.

It also offers a nice welcome bonus - 10,000 points after you spend $1,000 in purchases on your new card within the first 3 months. Lastly, you'll enjoy 0% intro for 15 months on purchases , so if you plan a big purchase - it's another reason to consider this card.

  • APR: 17.49% - 28.49% variable
  • Annual fee: $0
  • Balance Transfer Fee: N/A
  • Foreign Transaction Fee: 2.7%
  • Rewards Plan: 2X at U.S. supermarkets (up to $6,000 each year), then 1x on all purchases . Terms Apply.
  • Welcome Bonus: 10,000 points after you spend $1,000 in purchases on your new card within the first 3 months
  • 0% APR Introductory Rate period: 15 months on purchases
  • Welcome Bonus
  • Rewards Plan
  • No Annual Fee
  • 0% APR Introductory
  • No Balance Transfer Fee
  • Foreign Transaction Fee
  • Variations in Reward Points’ Worth
  • Cap on higher cashback rewards
  • Not as Widely Accepted as Other Cards

  • Is there a limit to cash back? You can get the premium cashback rate on groceries until you have annual purchases in this area of $6,000. The rate then goes to 1%.
  • Can I get car rental insurance with Amex Everyday CardYes, you will get this insurance if you refuse the car rental company’s insurance coverage and you pay for the entire cost of the rental with this card.
  • Can I get pre-approved? Yes, you can get pre-approval.
  • What is the initial credit limit? It will be at least $1,000 and usually greater.
  •  How do I redeem cash back? The rewards will be credited to you in the form of a statement credit.
  •  What purchases don't earn cash back? All purchases currently will earn some level of cashback with this card.
  • Should You Move to Amex Everyday Card? If you are looking for a good all-round card that has some solid rewards and no annual fee.
  •  Why did Amex deny me? What to Do Next? You might not have met some requirements. You can ask the customer support team where your application failed and seek a remedy to this situation.
  • How to maximize rewards on Amex Everyday Card? Take advantage of the welcome bonus and make sure that you know what selected stores are eligible for the premium cashback rates.
  •  Top reasons NOT to get the Everyday Card? You spend enough on the likes of groceries that mean you will benefit from the Preferred card more than the Everyday card.

Discover it® Cash Back

Reward details

1-5%

Current Offer

Match Bonus

Credit Rating

Good – Excellent

Annual Fee

$0

0% Intro

15 months on purchases and balance transfers

APR

16.74% – 27.74% variable

The Discover it® Cash Back is one of our favorites and another great option for good credit customers, mainly due to its high flexibility. This card offers a very high rewards rate on some categories that rotate every few months.

The card gives a 5% cashback on up to $1,500 in rotating category purchases each quarter when you activate the bonus category (then 1%), as well 1% percent cash back on all other purchases. Some of the categories include; restaurant, gas station, online shopping and many more each time you activate them. However, on all other purchases, excluding the ones in the category selected, you will only receive a 1% cashback.

The Discover it® Cash Back also offers 15 months on purchases and balance transfers and a great sign up bonus. This card is best for individuals who understand their spending habits and want to leverage the high reward rate the card offers, or those who plan a big purchase in the next couple of months.

  • Rewards Plan: 5% cashback on up to $1,500 in rotating category purchases each quarter when you activate the bonus category (then 1%), as well 1% percent cash back on all other purchases
  • APR: 16.74% - 27.74% variable
  • Annual fee: $0
  • Balance Transfer Fee: 5%
  • Foreign Transaction Fee: $0
  • Sign Up bonus: unlimited dollar-for-dollar match of all the cash back you've earned at the end of your first year, automatically
  • 0% APR Introductory Rate period: 15 months on purchases and balance transfers
 
  • 0% Intro APR Period
  • High Cash Back for Select Spending Categories
  • Matches Cash Back in the First 12 Months
  • No Annual Fee
  • Limit on Cash Back Spending Per Quarter
  • Keeping Track of Bonus Categories
  • Less Merchant Acceptance
  • Balance Transfer Fee

  • What are the cash-back rewards limit? There is a $1,500 cap on purchases each quarter that allows you to get the bonus cashback rates. Otherwise, no cap.
  • Does Discover it Cash Back ask for proof of income? No out and out request for proof of income and no transparent income requirements.
  • Does card rewards points expire? No expiry date for these points.
  • Can I get pre-approved on card Discover it Cash BackYes, you can get pre-approval.
  • What is the initial credit limit of card Discover it Cash Back Card? The minimum credit limit will be $300.
  • How do I redeem cash back? You can get the rewards in the form of cash, statement credit, or gift cards.
  • What purchases don't earn cash back ? All purchases will earn cashback.
  • Should You Move to Discover it Cash Back Card? If you want to get good rewards from bonus categories and want access to a good signup offer.
  • Why did Discover 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.

U.S. Bank Altitude® Go Visa Signature®

U.S. Bank Altitude® Go Visa Signature® Card

U.S. Bank Altitude® Go Visa Signature®

Reward Details

1X – 4X 4x points at restaurants, take-outs & deliveries, 2x points at supermarkets, gas stations & streaming servicesm and 1 point for 1 dollar on all other purchases

Current Offer

20,000 points 20,000 bonus points when you spend $1,000 in eligible purchases within the first 90 days of account opening

Credit Rating

Good – Excellent

Annual Fee

$0

0% Intro

12 billing cycles on purchases and balance transfers

APR

19.49% to 28.49% (Variable)

The U.S. Bank Altitude® Go Visa Signature® Card is extremely beneficial to both new and existing customers.

Cardholders can earn 4x points at restaurants, take-outs & deliveries, 2x points at supermarkets, gas stations & streaming servicesm and 1 point for 1 dollar on all other purchases These points have no expiration date and can be redeemed whenever the account is open. When you reach 2,500 points, you can either redeem them as statement credits or request that they be deposited into your account.

On purchases and balance transfers, there is a 0% introductory APR for 12 billing cycles on purchases and balance transfers, followed by a variable APR ranging from 19.49% to 28.49% (Variable). Finally, there are no annual fees or charges for shopping from international merchants because both are set at zero dollars.

  • APR: 19.49% to 28.49% (Variable)
  • Annual fee: $0
  • Balance Transfer Fee: 3%
  • Foreign Transaction Fee: $0
  • Rewards Plan: 4x points at restaurants, take-outs & deliveries, 2x points at supermarkets, gas stations & streaming servicesm and 1 point for 1 dollar on all other purchases
  • Sign Up bonus: 20,000 bonus points when you spend $1,000 in eligible purchases within the first 90 days of account opening
  • 0% APR Introductory Rate period: 12 billing cycles on purchases and balance transfers
  • High Rewards Rate & Sign Up Bonus
  • No Annual Fee
  • 0% Intro
  • No Points Expiration
  • High Credit Needed

How much is 10,000 points worth?

Points are available on the Altitude Go, and they are typically worth 1.5 cents each. This means that depending on your redemption method, 10,000 points could be worth $150.

Is it good credit card?

Given that the card has no  annual fee, it provides some decent rewards. They are worth serious consideration if you are looking for an everyday card without having to worry about hefty annual fees.

Does the altitude card offer pre approval?

Pre-approval is available at US Bank, but only for offers received via email or mail. Furthermore, if you are an existing customer, you may receive a pre-approved offer via your online account. There is no online tool for interested potential customers to use to check the status of their pre-approval. When you complete the online application form, you are submitting a complete application, which will include a hard credit pull.

What are the card income requirements?

The Altitude Go card requires excellent credit, but one of the most important factors for U.S Bank is your credit rating rather than your income status. 

Do the reward points expire?

You don’t need to worry about expiry dates.  U.S Bank clearly states that the points for the Altitude Go card never expire.

 

SoFi Credit Card

Reward details

1-3% 3% cash back rewards for a year when you set up direct deposit with SoFi. After that, earn 2% unlimited cash back on purchases when redeemed toward investing, saving, or paying down an eligible loan with SoFi

Current Offer

Up to $200 up to $200 when you fund an invest account as well as a checking and savings account

Credit Rating

Good – Excellent

Annual Fee

$0

0% Intro

None

APR

17.74% – 29.74% Variable

The SoFi credit card is a straightforward card that offers 3% cash back rewards for a year when you set up direct deposit with SoFi. After that, earn 2% unlimited cash back on purchases when redeemed toward investing, saving, or paying down an eligible loan with SoFi, but it is designed slightly differently than other cards with comparable rewards. There are no foreign transaction fees or annual fees with this card.

You can save your cash back rewards and use them to save, invest, or pay off a SoFi loan. While you don't have to be a SoFi customer to get the best rewards, this makes the card an appealing option for those who already have SoFi accounts.

Because the SoFi credit card is a Mastercard, it includes additional benefits such as discounts from participating merchants and up to $1,000 in cell phone protection.

  • Rewards Plan: 3% cash back rewards for a year when you set up direct deposit with SoFi. After that, earn 2% unlimited cash back on purchases when redeemed toward investing, saving, or paying down an eligible loan with SoFi
  • APR: 17.74% - 29.74% Variable
  • Annual fee: $0
  • Balance Transfer Fee: $10 or 5% (whichever is higher)
  • Foreign Transaction Fee: $0
  • Sign Up bonus: up to $200 when you fund an invest account as well as a checking and savings account
  • 0% APR Introductory Rate: None
  • Encourage Savings
  • Unlimited Cash Back
  • Innovative App
  • No Foreign Transaction Fee
  • Average Cashback
  • Balance Transfer Fee

Capital One Quicksilver

Reward details

1.5% 1.5% cash back on all purchases

Current Offer

$250 $200 cash bonus once you spend $500 on purchases within 3 months from account opening

Credit Rating

Good – Excellent

Annual Fee

$0

0% Intro

15 months on balance transfers and purchases

APR

19.99% – 29.99% variable

The capital one quicksilver card is a  good choice for individuals who have good credit score and either don’t like to spend too much in just one budget category or individuals that prefer one reward rate than multiple rates.  The Capital One Quicksilver offers 1.5% cash back on all purchases.  This cashback rate is not the highest in the market, but card do not charge any annual fee, and it has a nice welcome bonus of $200 cash bonus once you spend $500 on purchases within 3 months from account opening.

Lastly, the card offers 0% intro APR for 15 months on balance transfers and purchases (19.99% - 29.99% variable after that).  Some of the benefits individuals can derive from using this card include; no foreign transaction fees, travel accident insurance, secondary car rental insurance and 24-hour travel assistance services.

  • Rewards Plan: 1.5% cash back on all purchases
  • APR: 19.99% - 29.99% variable
  • Annual fee: $0
  • Balance Transfer Fee: 3%
  • Foreign Transaction Fee: $0
  • Sign Up bonus: $200 cash bonus once you spend $500 on purchases within 3 months from account opening
  • 0% APR Introductory Rate period: 15 months on balance transfers and purchases
  • Sign-Up Bonus
  • Flat Cashback Rewards Rate
  • No Annual Fee or Foreign Transaction fee
  • Intro APR on Purchases & Balance Transfers
  • No Bonus Rewards Categories
  • Cashback Rate Could Be Better
  • Requires Good/Excellent Credit

  • Can I get car rental insurance with Quicksilver CardYes, once you refuse the insurance offered by the rental company you will automatically get coverage if you fund the entire purchase through this card.
  • What are Quicksilver Card income requirements? Capital One often required monthly income to be at least $800. Sometimes, you will need to show some proof of income.
  • Can I get pre-approvedYes, you can get pre-approval.
  • What is the initial credit limit? You will normally get a credit limit of at least $5,000.
  •  How do I redeem cash back? For the Quicksilver cashback rewards, you are able to get a check, as statement credit, or redeem them with certain retailers.
  •  What purchases don't earn cash back? All purchases are covered.
  •  Should You Move to Quicksilver CardIf you want consistency across all types of purchases or need to fill some gaps thrown up by other cards.
  • How to Use Quicksilver card Benefits? Use it to fill the gap where your other credit cards fall short. If you want to have ultimate ease of use thanks to the consistency across all types of purchases.
  •  What are the top Reasons NOT to get the Quicksilver Card? If you are looking to get higher cashback rewards for certain categories.

Chase Freedom Flex℠ Card

Chase Freedom Flex

Chase Freedom Flex℠ Card

Reward details

1-5%

Current Offer

$200

Credit Rating

Good – Excellent

Annual Fee

$0

0% Intro

15 months on purchases and balance transfers

APR

20.24%–28.99% variable

If you have a high credit score and want a card to capture your spending habits with no extra cost. The Chase Freedom Flex℠ Card has a $0 annual fee, and you can earn 5% cash back on up to $1,500 in combined purchases on selected categories each quarter and 5% cash back on travel purchased through Chase Ultimate Rewards®. Also, you can earn 3% cash back on dining at restaurants (including takeout and eligible delivery services), drugstore purchases , and 1% on all other purchases.

The sign up bonus includes $200 bonus after you spend $500 on purchases in the first 3 months from account opening.

 

  • Rewards Plan:
  • APR: 20.24%–28.99% variable
  • Annual fee: $0
  • Balance Transfer Fee: $5 or 5% (the greater)
  • Foreign Transaction Fee: 3%
  • Sign Up bonus:
  • 0% APR Introductory Rate period: 15 months on purchases and balance transfers
  • Sign Up Bonus
  • No Annual Fee
  • 0% Intro APR 
  • Protection & Free Credit Score
  • Higher cashback Bonuses has a Cap
  • Balance Transfer Fee
  • Foreign Transaction Fee

  • Is there a limit to cashback? There is a cap on the bonus categories whereby it will cover up to $1,500 of relevant purchases per quarter.
  •  Can I get car rental insurance with a Chase Freedom Flex 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.
  •  What are Chase Freedom Flex card income requirements? No specific income requirements and it does not usually ask for proof of income requirements.
  • Does card Chase Freedom Flex offer pre approval? Yes, you can get pre-approval.
  • What is the initial credit limit of the Freedom Flex? The initial credit limit varies, but can often be between $300 and $1,000. The average limit for this card is $3,000.
  • How do I redeem cashback? You 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? All purchases earn cashback with this card.
  • Should You Move to Chase Freedom Flex card?  This is a good fit for people who are looking for good cashback rates, as well as getting access to quarterly bonus categories for enhanced rates.
  • How hard is it to get it? It is not very hard to get this type of card once you meet all of the straightforward requirements.
  • How to maximize rewards on Chase Freedom Flex card? You go to the Ultimate Rewards section that Chase offers and you can choose between the options as to how you utilize the rewards. To maximize rewards, you should make sure that you take advantage of the bonus categories and leave the other types of purchases that are not covered by an enhanced rate to another card. This is because you will only get 1% cashback on non-covered purchases.
  • Top Reasons NOT to get the Chase Freedom Flex card? If you make a lot of purchases not covered by the respective categories and will only get 1% cashback on them. You may also travel a lot and not want to pay the 3% foreign exchange transaction charge that comes with this card.

How to Choose Card If I Have Good Credit?

What Does Good Credit Mean?

Good credit is an indication that a borrower has a relatively high credit score, and lenders prefer such borrowers due to their low credit risk. Usually, when Credit Score Ranges Basics

Borrowers with good credit starting from 670 or higher have the best chance of getting credit approval from a lender. They are also likely to get favorable loan terms such as attractive interest rates, 0% APR on balance transfers, longer repayment period, etc.

Apart from the credit scores, lenders also consider other factors such as recent credit inquiries, length of credit history, recent credit lines used, etc. to determine the ability of a potential borrower to meet their debt obligations.

Benefits and Limitations of Credit Cards for Good Credit

Credit cards have become an important life tool for consumers looking for convenience when making daily purchases, but they also have a bad reputation if used inappropriately.

If you are planning to get a credit card for good credit, here are the benefits and limitations you should know about:

If you want to manage your high-interest credit cards properly, you can use a credit card with 0% or low APR for an introductory period of 6 to 18 months. These cards let you consolidate current debts and pay the debts within the introductory period without incurring any interest.

Most credit cards for good credit let you earn rewards every time you use the credit card to pay for purchases in certain qualifying categories. For example, some credit cards earn higher points and cash back on travel costs, hotel stay, gas and fuel purchases, supermarkets, etc.

Some cardholders view their credit cards as an additional source of income, and they end up spending on their desires rather than necessities. Spending beyond your means can leave you with high amounts of unplanned debts. If you are unable to pay the required monthly payments, you will be at risk of forced collections and even bankruptcy.

Credit cards charge an annual fee, which can be expensive if you keep the credit card account open for many years. Credit cards charge anywhere from $25 in annual recurring fees, and the cost can go up to $500 or higher depending on the card you choose.

Carrying balances from one month to the next attracts a high interest rate of 20% to 30%, depending on the card. For high balances, you may end up paying hundreds more than the initial interest charged if you carry outstanding balances forward.

Which Cards Have The Highest Fees?

For many consumers, a lack of an annual fee is an attractive feature of any credit card. Lenders have recognized this trend, and today, most cards do not have an annual fee. However, savvy consumers want more from their credit cards. In this chart created with US news data, you can see the percentage of no-annual fee cards by card type.

 

What's the Best Credit Card Company?

The JD Power 2020 US Credit card satisfaction study ranked American Express as the best credit company in 2020. Based on a customer survey conducted during the COVID-19 period, American Express scored the highest score of 838 among national issuers. A higher percentage of customers gave a favorable impression of American Express response during the pandemic.

American Express was followed by Discover at 837 points and Bank of America at 812 points. Among regional issuers, Regions Bank scored the highest score at 816, while BB&T (now Truist) and PNC bank tied in the second position with a score of 815.

Overall, the JP Power study 2020 showed there was a decline in customer satisfaction metrics during the COVID-19 pandemic, and credit card customers were losing faith in credit card issuers. This decline was unique to the credit card industry, with other sectors in the consumer financial services industry such as retail banks and primary mortgages recording an increase in customer satisfaction.

The student assessed customer satisfaction based on six key factors. These factors include communication, credit card terms, interaction, rewards, benefits, and services, as well as key moments. The study, which started in September 2019 and ended in June 2020, received responses from 29,106 credit card customers.

What Should I Look For in a Credit Card if I Have Good Credit?

If you have good credit, you will be spoilt for choice with the number of credit card issuers who want your business. With the different options to consider, you should take some time to find the card that suits your needs. Here is what you should look for in your credit card:

If you are applying for your first credit card, you should consider getting a credit card that does not charge an annual fee. Without a recurring annual fee, you can keep the credit card open for a long time to help build your credit. However, if you are looking for a rewards card, you can get a credit card with an annual fee where the potential rewards outweigh the annual fee.

Credit cards charge a higher interest rate, compared to other credit products in the financial services sector. You can expect to pay 15% to 25% APR on the outstanding balance. Also, some cards offer a 0% APR for a period of 6 to 18 months. You can take advantage of these offers to consolidate your credit card debts or make a large purchase that you can repay within the promotional period. Once this offer expires, the interest rates jump to about 15% to 25%, which can be expensive if you have a large balance.

Credit cards can help you collect maximum rewards on your everyday shopping. Pick a rewards card that aligns with your interests or lifestyle such as travel rewards, gas & fuel, supermarket rewards, etc. Choose between credit cards that offer cash backs, travel rewards or even airline miles.

If you are using a specific credit card for the first time, your initial credit limit might be below the expected credit score. In this case, find a card with a low limit, and use it to establish credit reputation. However, if you are looking for a credit card that allows large purchases, you should find credit card issuers that are willing to increase your credit limit based on your good credit and financial needs.

Before signing up for a credit card, check the issuer’s terms and conditions to know all the account fees associated with the credit card. Additional fees such as foreign transaction fees, over-limit fees, balance transfer fees, and late payment fees can add up to the cost of using the credit card. Knowing these fees can help you make the most of your card without incurring additional fees.

How Long Does it Take to Build Good Credit?

Building good credit from zero requires patience, time, and dedication. Generally, you need at least one credit account that has been active for six months to get a credit score, and at least six months of on-time payments and reporting to credit agencies to build a good score.

A FICO credit score requires at least 6 months of on time payments and account activity to accumulate enough credit history and a decent credit score. In comparison, a vantage score requires at least two months of credit history to establish good credit. FICO is the most common credit scoring system, and it is used in at least 90% of the market lenders. Experian discloses that the number of loans you take and how well you pay them back can determine the credit score you get.

How to Get a Good Credit Score

If you are struggling with a poor credit score, there are things you can do to add an extra 100 or more points. Here are quick strategies to help you get a good credit score:

Payment history is one of the main factors that determine your credit score. Always pay your utility bills and credit card bills on time to help you build your credit. If you foresee a delay in making bill payments, you can ask the utility company to delay submitting the information to credit bureaus as you work on paying the bills.

Keep your credit cards open for a long time as long it does not cost you money in annual fees. By closing your old credit card accounts, you risk losing the accumulated credit history and cause your credit score to drop. Also, closing aged credit accounts increases your credit utilization ratio.

This chart created with Experian data shows that those with an average to good credit score have an average credit utilization ratio of the optimum 33%. This ratio drops significantly for those with very good and excellent scores.

At the other end of the scale, the chart shows that those with poor credit scores typically have a very high credit utilization ratio, with an average of 73%. This will be a massive factor in lending decisions for those in this group.

 

When you apply a new credit, the lender requests your information from credit agencies. This creates a record in your credit report, also known as a hard inquiry. Although hard inquiries fade after a few years, they reduce your chances of getting approved for a loan since lender sees you as a risky borrower.

An easy way of getting a good credit score is becoming an authorized user in another person’s credit account. The person can be a friend or relative, and they must have an impeccable credit history and excellent credit scores. This option lets you get credit for their good record of paying credit on time. As an authorized user, you get a longer credit history on your report without having to use the credit card.

Secured credit cards provide a solution to cardholders looking to build or boost their credit scores. This card requires cardholders to make a deposit, which is equivalent to the allowed credit limit. Payments made to the secured credit card are reported to credit bureaus, and this helps build credit over time.

Best Credit Cards for a 700 Credit Score

A credit score of 700 or higher puts you in the good, very good and excellent credit score range. In this credit score range, you have more credit card options to choose from and at favorable credit terms.

Here are the best credit cards if you have a 700+ credit score:

Bank of America® Customized Cash Rewards

Bank of America® Customized Cash Rewards credit card

This rewards card is a good option for people who want to be able to customize their credit earnings. You can earn 3% cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement/furnishings, 2% cash back at grocery stores and wholesale clubs and 1% cash back on all other purchases. The 3% and 2% cash back available on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter (then 1%). 

That means you can tailor your credit card to the kind of spending you’re most likely to need, maximizing your returns from that credit card.

Amex-Blue-Cash-everyday

Blue Cash Everyday® Card from American Express

The Everyday Card is one of the better options for families and people who mostly stay at home instead of traveling. It’s highest cashback rates are for U.S. supermarket purchases, with the next two highest rewards tiers being gas purchases and department store purchases (Terms Apply)

That makes this an excellent option for anyone who doesn’t need a more specialized kind of card. 

What are the Expected Credit Card Rates for Good Credit?

The expected APR for good credit varies depending on the type of credit card, borrower's creditworthiness, and the current average interest rates. Ideally, a borrower with good credit can get an APR that is below the current average interest rate. Federal Reserve data from the third quarter of 2020 shows the average interest rate was 16.43%. A good credit score above 700 can qualify you for an interest rate below the average APR of 16.43%. However, the lowest APR is given to cardholders with excellent credit scores due to their low credit risk.

The different types of credit cards in the market have different APRs. For example, reward cards and business credit cards carry higher APRs than balance transfer credit cards due to the benefits and perks that they offer. Generally, issuers have a variable APR that ranges from 13% to 25%, and it changes over time depending on the prevailing interest rates.

According to LendingTree data, the average APR offered with a new credit card is 22.91%, as of December 2022:

 

Good vs Excellent Credit Score

Lenders use credit scores as one of the main factors to determine whether or not to approve a loan.

Generally, credit scores range between 300 to 850, and a credit score above 700 is considered to be in the good credit score range, while a credit score above 800 is in the excellent credit score range. A credit score in the good and excellent credit score range gives you access to more credit card options and better credit terms.

The two leading credit scoring systems are FICO and VantageScore. FICO is the most common credit score, and it is used in at least 90% of lending decisions. A FICO credit score of 670 to 739 is considered good, while a score in the 800 to 850 range is considered excellent, and it is the highest credit score a person can have.

In comparison, a good vantage score should be in the 661 to 780 range, while an excellent vantage score is in the 781 to 850 range.

Best No-Annual-Fee Credit Cards for Good Credit

A no-annual fee credit card is a card that does not charge an annual membership or maintenance fee. This card is a great option if you want to maximize rewards while keeping costs at a minimum. The best no-annual fee credit cards include:

Chase Freedom Flex

Chase Freedom Flex℠

The Chase Freedom Flex earns a bonus of $200 bonus after you spend $500 on purchases in the first 3 months from account opening.

You also earn 5% cash back on up to $1,500 in combined purchases on selected categories each quarter and 5% cash back on travel purchased through Chase Ultimate Rewards®. Also, you can earn 3% cash back on dining at restaurants (including takeout and eligible delivery services), drugstore purchases , and 1% on all other purchases. If you are looking to earn rewards across multiple purchase categories, Chase Freedom Flex could be a good fit for you.

citi diamond preferred

Citi Diamond Preferred Card

This card comes with no annual fees, as well as a 0% APR introductory rate for 21 months on balance transfers and 12 months on purchases (Then, 18.24% – 28.99% (Variable)).

However, the card doesn't earn any type of rewards so it's a good option as an everyday credit card, as well as a backup credit card and line of credit. 

UltraFICO and Experian Boost: The New Scoring Models

UltraFICO and Experian Boost are the newest credit scoring tools in the market. These tools are aimed at two categories of consumers i.e. people starting out with credit and consumers with subprime scores. The two scoring models bridge the existing market gap by including data previously excluded from old scoring models when calculating credit scores.

  1. Experience Boost

Experian Boost allows users to add points to their credit score, by linking this tool to their bank account. The tool scans bank account information for utility bill and cellphone payments.

You can choose only the bill payments with a positive record to be added to the Experian Boost report to help improve your score. The boost factors in the new information in your credit report and this can immediately increase your FICO score.

  1. UltraFICO

UltraFICO is a new product by FICO, and it collects information from savings, checking, and money market accounts. You can opt-in by registering on FICO and linking your bank account. This tool scans your bank account to check the consistency in the cash on hand, the duration accounts have been open, account activity, and if the accounts carry a negative balance.

A decent savings balance and zero instances of negative balance can quickly improve your UltraFICO and FICO scores. This tool currently works only with data captured in your Experian Credit report.

Best Cash Back Cards for Good Credit

Cash backs are some of the best rewards you can earn when using your credit card to make purchases. Cash back rewards earn you real dollars that you can use as a statement credit or pay for purchases. Here are the best cash back credit cards for good credit:

Discover it Cash Back

Discover it cash back is a popular rewards card due to its rotating bonus categories and introductory cash back match in the first year. This credit card earns 5% cashback on up to $1,500 in rotating category purchases each quarter when you activate the bonus category (then 1%), as well 1% percent cash back on all other purchases.

Cardholders also get cash back match on the total cash backs collected in the first year. It has a $0 annual fee. If you are looking for no-annual-fee cash back to earn cash backs on every day purchases, Discover it Cash Back card could be for you.

Capital One Savor Credit Card

The Capital One Savor offers a generous cash back model, having unlimited 4% cash back on dining, entertainment, and popular streaming services, 3% at grocery stores and 1% on all other purchases.. New cardholders are ligible to a sign up bonus of $300 cash bonus once you spend $3,000 on purchases within 3 months from account opening.

Best Rewards Cards for Good Credit

Rewards credit cards provide an opportunity to earn cash backs, miles, or travel rewards on everyday purchases. Getting the best rewards card for good credit can help you save money on airline miles, store purchases, and travel costs. Here are the top reward cards if you have good credit:

chase_sapphire_preffered

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.

Amex gold

American Express® Gold Card

The The American Express® Gold Card is one of the best card available, as long as you can cover the high annual fee ($250). The card offers high rewards rate of  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.

In addition, new cardholders can 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.

High Limit Credit Cards for Good Credit

When you open a new credit card account, the issuer sets a credit limit for the account based on your credit score, credit history and other factors. This limit can be anywhere from $100 to $10,000, or even higher. High limit credit cards are available to people with the highest credit scores. The best high limit credit cards for good credit include:

Chase Sapphire Reserve

Chase Sapphire Reserve has one of the highest credit limits. This credit card has a minimum credit limit of $10,000, and the limit can be higher if you have an excellent credit score. In addition to very high rewards rate on travel purchases, new sign-ups earn a bonus of 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. This bonus is worth $750 if you redeem your points through the Chase Ultimate Rewards. 

This card has a $550 annual fee. If you are looking for a good travel credit card with the highest credit limit and lots of travel perks, this card is good fit for you.

capital-one-venture

Capital One Venture Rewards Credit Card

Capital One Venture has a credit limit of $5,000 to $10,000, depending on your creditworthiness. If you are looking to maximize travel rewards, this card earns you 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 has a $95 annual fee, and zero foreign transaction fees. This card is a good pick for a regular traveler looking to earn reward points on every purchase that can be redeemed for airline miles.

Lorraine Smithills

Lorraine Smithills

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.