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
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
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:
|FICO Ranges||VantageScore Ranges|
|Credit Score||Category||Population Share||Credit Score||Category||Population Share|
|300-579||Very Poor||16%||300-549||Very Poor||19%|
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
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
Think Wisely About Annual Fees.
Lots of advice exists telling you to grab the credit card with
That said, here are some of the best credit cards for excellent credit include:
Best Travel Rewards Cards For High Credit Scores
Citi® / AAdvantage® Executive World Elite Mastercard®: $450 annual fee. 50,000 American Airlines AAdvantage bonus miles after spending 5,000 in purchases within the first 3 months of account opening. 2x AAdvantage miles for every $1 spent on eligible American Airlines purchases and 1 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
Capital One Quicksilver Cash Rewards: lucrative cash bonus after spending $500 in first 3 months. 1.5 %
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
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
If you’re into getting money back, then this strategy will have you earning as much
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
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
Refinance Your Debt
A high credit score will give you access to the
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
You will have engineered you own
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
And we want to know: How have you used your excellent credit to your benefit?
Let us know in the comments below!