5 Best Credit Cards for People With Excellent Credit
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If you have excellent credit (your credit score is around the 720-850 range), the chances are you already know it. You always pay your bills on time, and you are very unlikely to carry a balance on your credit cards. In return for your responsible nature, you are deluged with offers for more credit cards. Overwhelmed and disillusioned with all of these choices, many of you are content to remain loyal to whichever card you had been using for years. It’s easy, comfortable, and hassle free to use the same card in perpetuity. But by doing so, are you betraying the sound principals of financial management that earned you your excellent credit score? (See also: Surprising Things That Can Kill Your Credit)
Snap Out of It!
Those with excellent credit are likely to be using their cards simply as a method of payment, and they may be earning some additional rewards. Nevertheless, this practice is akin to storing money in a bank for safekeeping, without concern to the returns being accrued on your investment. The reality is that like savings, credit card spending should also produce a competitive return. Although saving is always a preferable activity to spending, those with excellent credit are leaving money on the table by not attempting to maximize the returns on their credit cards.
The Ways to Earn High Returns on Spending
The best way to compare credit card rewards is through the percentage of value earned per dollar spent. For example, 1% cash back is the bare minimum that you should expect from any reward card. If you are earning that amount or less, it is as unwise as closing on a mortgage with a higher APR that what is available. The two most common ways to earn credit card rewards are in the form of cash back or loyalty points such as frequent flier miles. If you are earning points or miles, you should assign a value to them in order to assure you are receiving the returns you deserve. The more value you earn per dollar spent, the better you are doing. Finally, there are a few cardholders who do have excellent credit, but may carry a balance from time to time. These people should always carry a credit card with the lowest APR on the market.
The Best Cards for People With Excellent Credit
Each of the cards on this list are only offered to those with excellent credit, but they offer very high rates of cash back or points. The exception here is the Simmons First card, which as the card with the lowest interest rate on the market, is a great choice for those who carry a balance. There is no one card that is perfect for everyone, but each has its unique advantages that appeal to different types of cardholders.
Capital One® Venture® Rewards Credit Card
Capital One offers this card to applicants with an excellent or good credit rating. Unlike other cards that only award bonuses to specific categories, card holders can earn unlimited 2X miles on every purchase, every day. Plus, you can enjoy a one-time bonus of 40,000 miles once you spend $3,000 on purchases within the first 3 months, equal to $400 in travel. There's no limit to the miles you can earn, and miles don't expire. There is a $59 annual fee for this card that is waived the first year, and like all of their cards, there are never any foreign transaction fees. And with the 100% free Capital One® Credit Tracker, you can see your monthly credit score at any time and get automatic alerts.
American Express® Premier Rewards Gold Card
American Express has long been associated with premier services and exclusive membership. Sporting a Gold Card is a sure way to display your excellent credit worthiness. Aside from that, this card offers high value for its reward points. American Express Membership Rewards allow its card members to transfer points to travel partners, adding more value to their reward points. Members can also get discounted travel deals by purchasing through AMEX's travel portal. The Premier Rewards Gold Card offers 3X points for airfare purchased directly from airlines, 2X points at US gas stations and US supermarkets, and 1X points on other purchases.
Sign up offer: Earn 25,000 points if you spend $2,000 or more on purchases on your new Card within the first 3 months of Card Membership. Also, the annual fee of $175 is waived for the first year.
- Earn 25,000 Membership Rewards® points after you spend $2,000 on purchases on your new Card in your first 3 months of Card Membership.
- 3X points for flights booked directly with airlines, 2X points at US gas stations and US supermarkets, 1X points on other purchases.
- You can transfer points to over 20 frequent traveler programs or use points for gift cards at popular stores.
- $0 introductory annual fee for the first year, then $175.
- Terms and Restrictions Apply.
Chase Sapphire Preferred®
Chase has been making an all-out effort to court those with excellent credit histories, and the Sapphire Preferred has quickly become their flagship product. Chase offers a single Ultimate Rewards point per dollar spent on most purchase, with double points for spending on travel and restaurants. Triple points are earned for spending on travel through their Ultimate Rewards site, and all points earned are eligible for a 7% bonus at year’s end. Once earned, points can be redeemed at a rate of 1.25 cents each towards travel, or one cent each towards other experience and merchandise awards. Finally, Ultimate Rewards points can be instantly transferred to points or miles in the program's several different airlines and hotels. In fact, you can even transfer points to other people’s accounts, a feat impossible with most other programs. There is a $95 annual fee for this card that is waived the first year, but there are never any foreign transaction fees. Finally, this card is made of some type of plastic and metal sandwich giving it a heavy, solid feel that always draws comments when I use it.
Blue Cash Preferred® Card from American Express
Want to use your excellent credit to score some sweet cash back? The Blue Cash Preferred® Card offers 6% cash back at US supermarkets (up to $6,000 per year in purchases, 1% after that), 3% at US gas stations and select US department stores, and 1% on other purchases. Cash back is received in the form of Reward Dollars that can be redeemed as a statement credit. There is a $75 annual fee for this card.
As a sign-up offer, you can get $150 back (in the form of a statement credit) after you spend $1,000 on purchases on your new Card within the first 3 months. You also get 0% APR on purchases and balance transfers for the first 15 months. After that, your APR will be a variable rate, currently 12.99%-21.99%, based on your creditworthiness and other factors.
- Get $150 back after you spend $1,000 on purchases on your new Card in your first 3 months. You will receive $150 back in the form of a statement credit.
- Hassle-free cash back: no enrollment required, the same great reward categories year-round.
- Earn Cash Back: 6% US supermarkets up to $6,000 per year in purchases, 3% US gas stations & select US dept stores, 1% on other purchases. Terms and limitations apply.
- Cash back is received in the form of Reward Dollars that can be redeemed as a statement credit.
- A credit card that gives you cash back with a 0% Intro APR Offer on purchases and balance transfers for 15 months.
- After that, your APR will be a variable rate, currently 12.99%-21.99% based on your creditworthiness and other factors.
- Terms and restrictions apply.
Editor's note: This offer is no longer available.
Citi® Hilton HHonors™ Visa Signature® Card
If you have excellent traffic and love to travel, the Hilton HHonors™ Visa Signature® Card may be just the card for you. This co-branded hotel card allows you to earn 6x points for participating hotels, 3x for supermarkets, drugstores, and gas stations, and 2x on all other purchases.
- Sign up offer: Earn 40,000 Hilton HHonors Bonus Points after spending $1,000 within 4 months of account opening
- Earn 6 HHonors Bonus Points for each $1 spent at a participating hotel within the Hilton HHonors portfolio.
- Earn 3 HHonors Bonus Points for each $1 spent on purchases at supermarkets, drugstores and gas stations
- Earn 2 HHonors Bonus Points for each $1 spent on all other purchases
- No annual fee
Simmons Bank Visa® Platinum
Not everyone with great credit is in a position to pay all of their credit card balances in full each month. Cardholders with near-perfect credit who occasionally carry a balance should do so on the card with the lowest standard interest rate on the market. The Simmons Bank Visa® Platinum offers an APR equal to the Prime Rate plus 4%, the lowest rate that I am aware of. There is no annual fee for this card, but there is a foreign transaction fee of 2%.
If you have excellent credit and you are not getting at least 2 cents in value for each dollar spent, or the lowest interest rate on the market, you need take a serious look at the cards on this list. As a smart consumer with excellent credit, you should always be receiving the highest return on not just your savings, but on your spending as well.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.