As of April 2017, 20.7 percent of U.S. consumers had a FICO score that deemed them as having “excellent” credit.
This isn’t just a trophy. It’s a ticket to some serious rewards.
Read on to learn about the best credit cards for excellent credit and how a high credit score can earn you some pretty sweet rewards.
What is “Excellent” Credit?
You may think you have excellent credit. After all, you pay your monthly minimum requirement on time consistently.
Still, you can do some specific things to help boost your credit score and find yourself eligible for those credit cards for excellent credit only.
Just so we’re on the same page here, two different entities determine your credit score.
You have “excellent” credit when you have a credit score of 750 or higher on the Vantage Score ranges.
If you have over an 800 on the FICO, you have “exceptional” credit.
You can earn excellent credit by doing a few simple things:
Pay on time
Pay your bill on time every month. One slip up will negatively affect your credit rating.
Keep credit card balances very low
Some people believe they have to pay their cards off every month to earn an excellent score or not use credit cards at all. If you can keep your card at 30 percent or lower of your limit, you can raise your score bit by bit.
Avoid Credit Inquiries
As much as possible, avoid situations where you will have credit inquiries. Every time someone investigates your credit, your credit score has the potential to go down.
Check your credit cards regularly.
Practice diligence. Look at your balances regularly and do not just pay them off. Keep an eye on your accounts and report suspicious activities.
Take time and be patient
Sometimes we learn our best lessons by making mistakes. But those mistakes can follow us. The mistake could be so bad that you need to get a large installment loan just to cover for it.
If you’re one of those people who learn best by making mistakes, wait for some time to pass between your great decisions and your bad decisions. If you can do the things listed above consistently, you will see your score go up eventually.
And with your excellent credit ratings come some excellent credit cards. Read on to learn about the specific best credit cards for excellent credit.
The Best Credit Cards for Excellent Credit
Credit cards allow individuals to purchase the desired item, trip, or experience without having to pay for the said item, trip, or experience immediately. The fact that you have an opportunity in the form of a small plastic card is often incentive enough for people to get a credit card.
Credit card companies understand, though, that with those purchases, their incentives will make you select their credit card.
After all, dozens of cards exist. So how do you know if you should use the Discover or Visa? Mastercard or Chase?
Do you select the one with low interest rates? The one that gives you three miles for every dollar spent? The one that offers cash back?
In the end, you need to pick the card that best suits your needs and lifestyle. Some people travel to Italy once a year. Others just need the cash.
Capital One Savor Cash Rewards Credit Card
If you’re prone to spending lots on dinner and a show (and have excellent credit), consider this card.
There’s no wonder this card is rated the best for dining & entertainment. It focuses specifically on dining and entertainment purchases.
First off, you receive $500 cash back for spending $3,000 in the first three months your account is open.
You also receive 4% cash back on dining & entertainment purchase, 2% back at the grocery store, and, not to leave out other purchases, 1% on everything else.
This card also has no annual fee the first year.
Capital One Venture Rewards Credit Card
This card is another excellent one for traveling perks. If you have to travel, you should try to earn more bang for the bucks you have to spend.
With the Capital One Venture Rewards card, you have a one-time bonus of 50,000 miles when you spend $3000 on purchases within 3 months.
That’s a lot of miles.
You also receive two times the miles on daily purchases and ten times the miles on thousands of hotels.
Additionally, you receive up to a $1,000 application fee credit.
So many cards offer travel perks with a clause: blackout dates.
Not this one. This card has no blackout dates, making it one of the best credit cards for excellent credit.
Your miles will not expire either, no matter how many you earn.
If you’re an international traveler, you should consider this card as it has no foreign transaction fees.
Hidden fees also plague many credit card users, but this card (like many others in this piece) has a zero-dollar introductory annual fee for the first year and then $95 after that.
Chase Sapphire Preferred
If you’re a big spender with an excellent credit rating, this card is for you.
With a $100,000 credit limit, this card has one of the highest limits out there and rewards those your hard work to earn excellent credit.
It’s security in a little plastic card.
Not only does this card have a massive limit, but you also earn 60,000 bonus points after spending $4,000 within the first 3 months.
Considering the fact that you’re looking at a card where you can charge six figures, you most likely won’t have trouble spending $1300 a month the first three months.
Additionally, you receive two times the points on travel and dining at restaurants worldwide as well as one point per dollar spent on other purchases.
Chase Sapphire Preferred should really be called the jet-setter, cosmopolitan, high-roller card.
Capital One Quicksilver Cash Rewards Credit Card
If you prefer cash over miles, consider the Capital One Quicksilver Cash Rewards card. After all, it says “cash reward” in its name.
That alone makes it one of the best credit cards for excellent credit.
You need to spend only $500 within the first three months of opening your account to earn a one-time cash bonus of $150.
You also can earn an unlimited 1.5% cash back on every purchase every day. There’s no limit on the cash back.
In fact, the cash back doesn’t expire for the life of the account, and you have no limit on how much you can earn.
So basically you’re making money by spending money.
Additionally, this card has a 0% APR on purchases for the first 15 months of opening the account, and 16.24-26.24% variable APR after that.
Furthermore, if you’d like to transfer balances to this card, it has a 0% APR on balance transfers for the first 15 months with a 3% fee on these amounts within the first 15 months.
With this card, you also pay no annual fee or foreign transaction fee.
Chase Freedom Unlimited
Chase Freedom also rewards its clients with cash. Double the cash, to be precise.
This card offers double cash back for its clients. You can earn 3% cash back on all purchases made in the first year up to $20,000.
After you drop that first 20k, you can begin earning the unlimited 1.5% cash back on all purchases.
Similar to the Capital One Card, Chase Freedom has a 0% introductory APR for 15 months from opening the account. This rate applies to both purchases and balance transfers.
You do sustain a 3% balance transfer fee on the amount transferred with a minimum of $5.
But the Chase Freedom has no annual fee, so you can estimate what this card will cost you up front.
Chase Freedom is a nice credit card for excellent credit also because of its 0% introductory APR for the first 15 months from the time you open your account. This uber low rate applies to all purchases and balance transfers within that first year and three months. After that, the APR shifts to the typical variable rate of 17.24 to 25.99%.
Chase Freedom also has a tiny 3% fee on any amount you transfer over to its card with a $5 minimum.
Chase Freedom has no annual fee for its use.
Additionally, you earn a tidy sum of $150 bonus cash back after spending just $500 on purchases within the first three months.
Capital One Venture Rewards Credit Card
Capital One Venture Rewards also rewards its users with both nothing and something at the same time.
You pay nothing for an annual fee or foreign transaction fees. So that means a $0 annual fee and no foreign transaction fees.
But you receive something: you can earn 50,000 miles once you spend $3,000 on purchases within 3 months from the time you open your account.
High mileage is the name of the game with this credit card for excellent credit. You can earn 1.25 times the miles on every purchase every day with no exception.
You can also earn ten times the miles on thousands of hotels through January 2020.
Not only can you earn miles, but you can transfer miles to over from 12 leading rival loyalty programs. Capital One wants your business and will reward you for selecting them.
With this particular card, you also have the common 0% APR on purchases for the first 12 months which then shifts to a 14.24%-24.24% variable APR for the remaining time your account is open.
Capital One also has no blackout dates on any airline or any hotel at any time. Your miles will not expire.
The Venture Rewards card works well for those who both do travel and want to travel lots. If you’re a big spender who intermittently travels, you can find ways to travel for much less money with this card.
Citi Double Cash Card
The Citi Double Cash Card is one of the best credit cards for excellent credit if you want to earn back flexible cash quickly. Not only do you earn one percent cash back when you purchase items, but you earn one percent cash back when you pay your card down.
Thus you end up earning two percent cash back on your purchases in the end.
And much like the other cards we’ve mentioned, Citi Double Cash card starts with 0% APR on balance transfers for the first 18 months.
You can see why experts would call this card one of the best cashback credit cards for excellent credit.
Barclaycard Arrival Plus World Elite Mastercard
The Barclaycard Arrival Plus World Elite Mastercard really offers the best for travel rewards of the typical credit card for those with excellent credit.
You receive 70,000 bonus miles after spending $5,000 in your first 90 days with the card.
You also can earn two times the unlimited miles on every purchase. In a nutshell, this means you earn two miles for every dollar you spend on all purchase.
You will also receive a five percent rebate when you redeem your miles for travel.
Also, you can book your travel plans under your conditions with no airline, seat, or hotel restrictions.
With this particular card, miles don’t expire as long as your account stays open and you’re in good standing with the company.
Ink Business Preferred Credit Card
If you’re a business traveler with excellent credit, consider the Ink Business Preferred Credit Card.
With this card, you earn 80,000 bonus points after you spend $5,000 on purchases in the first 3 months from the time you open your account.
You also earn $1,000 toward travel when you redeem through Chase Ultimate Rewards, and you can earn 3 points per $1 on first $150,000 spent on travel and select business categories.
Your other purchases earn you points too, with each dollar you spend earning you a point.
Which Is the Best Choice?
With so many choices and so many perks, how do you know which one of these cards really is the best? How can you select amongst the best credit cards for excellent credit?
Consider your needs and desires.
Think about things like, do you travel? Do you travel for business or pleasure? Do you need more flexible cash and not just airline miles?
Also, recognize that just because one credit card has given you some amazing perks in the past, it may not still be the best one for you. After all, our lives change.
A dad who travels for business and has three kids at home has different needs than an empty nester on the cusp of retirement.
Check out our site for more credit card reviews and information on savvy financial practices that will help you boost your credit and give you the chance to select amongst these best credit cards for excellent credit.
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