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.
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 U.S. supermarkets (up to $6,000 per year in purchases), 3% at U.S. gas stations and select U.S. 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 statement credit after you make $1,000 in purchases with your new card in the first three 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 in 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% other purchases. Terms and limitations apply.
- Cash back is received in the form of Reward Dollars that can be redeemed as a statement credit.
- 0% intro APR on purchases and balance transfers for 15 months, then a variable rate, currently 12.99% to 21.99%, based on your creditworthiness and other factors.
- Terms and limitations apply.
Chase Sapphire Preferred® Card
If you have the excellent credit to qualify for this credit card, then you'll have some great rewards to look forward to as a cardmember. The Chase Sapphire Preferred® Card offers its new cardmembers 40,000 bonus points after they spend $4,000 in the first 3 months from their account opening. That's enough points to redeem $500 in travel rewards from the Chase Ultimate Rewards program. You'll also receive a 20% discount when you redeem your points for travel rewards through this program.
In addition, new cardmembers can earn 5,000 bonus points by adding an authorized user to their account and making a purchase within those first 3 months. Cardholders can also earn 2 points for every dollar spent on travel purchases and dining at restaurants, along with 1 point for every dollar spent on all other purchases. There are no foreign transaction fees on the card. This card has an annual fee of $95 that is waived for the first year.
BankAmericard™ Cash Rewards
The BankAmericard™ Cash Rewards Card lets people with excellent credit earn some nice cash back rewards. To start off, there's currently an online-exclusive offer where new cardmembers can earn a $100 cash rewards bonus after spending $500 in the first 3 months from account opening. There's also a special 0% introductory APR for 12 months on purchases and balance transfers made within the first 60 days. Cardholders can also earn 3% cash back on gas and 2% cash back on groceries for the first $1,500 in combined purchases in those categories every quarter. On top of that, they can also earn 1% cash back on all other purchases, and they can even receive a 10% customer bonus every time they redeem their cash rewards into a Bank of America checking or savings account. There is no annual fee on this card.
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 card offers an APR equal to the Prime Rate plus 4%, the lowest rate that I am aware of (currently at 7.25%). Even better, there are no balance transfer fees! There is also 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 bank, card issuer, airline or hotel chain.