Best Credit Cards For Excellent Credit

If you’re like me and you have a high FICO score above 800, welcome to the club – the 20% of us, consumers who have excellent credit. Our high credit score means we have access to some of the best credit cards that exist.

I don’t mean “excellent” in the subjective sense. I mean “excellent credit” in terms of the official ranking system the credit industry uses to determine the risk you won’t repay whatever credit you’re extended.

This Article Will Cover

• What Is Excellent Credit?
• What’s The Best Credit Card For Excellent Credit?
• Best Travel Rewards Cards For High Credit Scores
• Best Cash-back Rewards Cards For High Scores
• Best Luxury Card For Excellent Credit
• Best Business Credit Cards For High Credit Scores
• Use Your Excellent Credit Score To Your Advantage

With excellent credit the world’s wide open to you. We’re the customers bankers want and that, in turns, gives us access to credit cards that are available at the very top, including high limit credit cards generally out of reach for most consumers.

But I’ve always wondered myself: What are the best credit cards for excellent credit?

Here’s the answer…

What Is Excellent Credit?

All credit scores fall into a range that spans five categories: Poor, Fair, Good, Very Good, Excellent. Here’s how they shake out in terms of the score you need to reach each, and the number of consumers who fall into each category:

Source: experian.com

So, you can see that to reach have excellent credit, you need a high credit score – 750 or above.

That always leads people to the next question: What is the best credit score?

Generally speaking, the best credit score is 850, depending on which credit-reporting agency you’re looking at.

What’s The Best Credit Card For Excellent Credit?

I wish the answer was as easy as the question.

Because we’re such prime customers, every bank wants us. Which means every bank has a different offer it’s pitching to woo us.

The points to keep in mind, though, when seeking a card are:

What’s Most Import To You?

I care about airline miles. And because I don’t own a car, I have zero excitement about a card offering bonus miles on gasoline purchases. I’d rather get bonused on meals, entertainment or groceries. So pay attention to what the card is offering and determine if it fits your lifestyle.

What Rewards Do You Want?

Miles or cash? Which do you care about collecting in terms of your spending? Some people don’t fly very often, so collecting a bunch of airline miles is likely pointless. Some people want to gather as many miles possible as quickly as possible so that they can jet off on another free airline flight. Find a card that offers the reward you value the most.

Think Wisely About Annual Fees.

Lots of advice exists telling you to grab the credit card with no annual fee. That’s not always the best advice, though. Ask yourself: What does this annual fee be me? Some of the cards for those of us with excellent credit get us access every year to certain airport lounges, which can run hundreds of dollars annually. Plus they’ll offer perks such as paying money toward Global Entry benefits (if you’re a world traveler) or other perks that are potentially valuable to your lifestyle. So, don’t reject a card just because of the fee – paying the fee might actually save you money in the end.

That said, here are some of the best credit cards for excellent credit include:

Best Travel Rewards Cards For High Credit Scores

: annual fee. American Airlines AAdvantage bonus miles after spending in purchases within the first months of account opening. 2 AAdvantage miles for every $1 spent on eligible American Airlines purchases and AAdvantage mile for every $1 spent on other purchases. Plus, 1 loyalty point for every 1 eligible mile earned from purchases.

Alaska Airlines Visa Signature: 30,000 bonus miles after spending $1,000 in first 3 months. 3 x miles on every dollar spent on Alaska Airlines; 1x miles on everything else. $75 annual fee.

Capital One Venture Rewards: 75,000 bonus miles after spending $3,000 in first 3 months. 2x miles on every purchase. 5X miles on hotels and rental card booked through Capital One Travel. $95 annual fee.

Best Cash-back Rewards Cards For High Scores

Capital One Savor Cash Rewards: valuable cash bonus after spending the minimum amount required. Great cash back on dining, entertainment and grocery stores, flat cash back on everything else.

Capital One Quicksilver Cash Rewards: lucrative cash bonus after spending $500 in first 3 months. 1.5 % cash back on everything. No annual fee.

Best Luxury Card For Excellent Credit

Citi Prestige: 50,000 bonus points after spending $4,000 in the first three months. 5x points on air travel and restaurants; 3x on hotels and cruises; 1x everything else. Scads of benefits including complimentary fourth night free at hotel of your choice (2x / year). Priority Pass VIP airport lounge access. Annual Fee $450.

American Express Platinum: 60,000 bonus points after spending $5,000 in first 3 months. Way too many benefits to list, including 5x points on all flights booked with card. Access to American Express Centurion Lounges or Priority Pass lounges. Application fee credit for Global Entry or TSA PreCheck. Annual Fee of $550.

Best Business Credit Cards For High Credit Scores

Chase Ink Business Unlimited: valuable cash back bonus after spending $3,000 during first few months. No annual fee.

Capital One Spark Cash for Business: lucrative cash back after spending $4,500 in first 3 months. 2% cash back on everything. $0 annual fee for the first year; $95 after that.

Use Your Excellent Credit Score To Your Advantage

If you have excellent credit, exploit it as much as possible in your financial life. Here are a few ways to think about that:

Max Out Your Reward-earning Power

Pay for everything with your credit card, including a new car (if you’re in the market for one).

If you’re into travel reward, you’ll rack up points and miles quickly that you can then redeem for free travel or free hotel nights.

If you’re into getting money back, then this strategy will have you earning as much cash-back as possible that you can then deposit into your bank or use to pay off all or a portion of your credit-card bill one month.

Carrying Multiple Cards

People I chat with often assume that having multiple credit cards lowers their credit score. To the contrary, a large line of credit (issued by way to multiple credit cards) can improve your credit score … but only if you keep a low balance.

It’s known as the “utilization rate”, or the amount of credit you’ve used relative to the amount of credit available to you. By adding a new credit line, you lower your utilization rate, assuming you don’t rush out and load up that card with debt.

With excellent credit, you can apply for an additional card or two and chances are quite good you’ll get those cards. And your utilization rate will fall.

Supercharge Your Travel Rewards And Cash Back Account

Credit cards for consumers with excellent credit often have superior sign-up bonuses and ongoing travel-reward accumulation.

If you apply for one or two new credit cards (because of your excellent credit), you can snap up enough bonus miles to fly free overseas, possibly even in business class, for you and a partner.

And with multiple cards covering different spending categories, you can really maximize your mileage or cash-back accumulation. For instance, you might use Chase Freedoms’ quarterly rotating-bonus feature to earn 5% cash back in certain categories, like groceries or entertainment … but use the Capital One Quicksilver Cash Rewards card to earn 1.5% cash back on everything else you buy.

Refinance Your Debt

A high credit score will give you access to the lowest interest rates on personal loans. So if you have a mortgage or even a car loan that carries a high interest rate relative to currently prevailing rates, your excellent credit will allow you to refinance that loan with a new loan at a lower rate, thereby cutting your monthly costs.

Finance A Big-ticket Purchase

This isn’t necessarily the greatest use of your high credit score, but if you want to splurge on a big-ticket item, then might apply for a new credit card offering a 0% introductory rate. Pay for your big-ticket purchase with the new card, and then methodically repay your credit card over the period that the introductory APR is in effect.

You will have engineered you own 0% financing option for a big-ticket purchase. Just be absolutely sure you can repay the card before the interest rate kicks in, which hit you with painful interest charges, if you’re still carrying a hefty balance.

The Wrap Up

Only one in five consumers has excellent credit. If you’re one of them, you have access to a financial realm not every consumer can reach.

So, use your high credit score to your advantage. Take this opportunity to find the best credit cards for excellent credit.

And we want to know: How have you used your excellent credit to your benefit?

Let us know in the comments below!