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Credit Cards for Excellent Credit |
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Expand your search beyond credit cards for excellent credit
As the name suggests, credit cards for excellent credit are for people with spotless credit (usually a credit score above 720). Given that credit cards for excellent credit have the lowest rates and best rewards on the market, they can help lower your interest costs on existing debt, pay down a future big-ticket purchase interest-free or help you effectively save on every purchase you make. If you are not sure whether you have excellent credit, you can either try our free credit check or make sure that you meet ALL of the following criteria: 1) You’ve had a loan or credit card for five or more years 2) Your current credit card’s limit is around $10,000 3) You’ve never been more than 60 days late on a bill (e.g. credit card, loan or medical) 4) You’ve never declared bankruptcy. All of the cards listed below are for people with excellent credit, but you can use the controls on the left to find credit cards for all credit types.
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Citi® ThankYou® Credit Card
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Gold Delta SkyMiles® Credit Card from American Express
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Annual Fee None 1st yr, $95 after
Rewards Miles
Initial Bonus 30,000 miles
Base Earn 1 mile / $1
Max Earn 2 miles / $1
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Discover® More Card - 0% for 15 months
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Hyatt Credit Card
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Annual Fee $75
Rewards Points
Initial Bonus 2 free nights
Base Earn 1 point / $1
Max Earn 3 points / $1
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Visa® Black Card
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Discover® Open Road Card
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Starwood Preferred Guest® Credit Card from American Express
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Annual Fee None 1st yr, $65 after
Rewards Points
Initial Bonus 25,000 Starpoints
Base Earn 1 Starpoint
Max Earn 4 Starpoints
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Citi® Platinum Select® MasterCard
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Annual Fee None
Rewards None
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MTV® Visa® Card From Capital One®
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Discover® More Card - 18 Month Promotional Balance Transfer
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Before you apply for a credit card we recommend that you review and verify the credit card terms and conditions on the credit card company's web site. Please let us know if you find any differences related to the Credit Cards for Excellent Credit shown on this page.
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What makes credit cards for excellent credit different from other cards? Simply put, credit cards for excellent credit differ from other credit cards as a result of only being available to people who have extensive, spotless credit histories as well as incomes high enough to justify opening a new credit card with a limit of at least $10,000. They have lower rates and higher rewards because issuers don’t have to be as concerned about users not paying their bills. In addition, excellent credit credit cards tend to have introductory rewards bonuses and 0% APR offers because credit card companies need a way to attract people in this elite consumer segment, who are in high demand. Consumers with excellent credit also benefit from the fact that banks are eager to establish long-term relationships with them in hopes of garnering their business in other areas (investing, retirement, etc.)
What are the best credit cards for people with excellent credit? There is no single best credit card for excellent credit. Every consumer’s needs are different, which means the credit card that will best serve their needs will be different as well. However, generally speaking, people with excellent credit have one of two primary credit card needs: minimizing interest or maximizing rewards. If you do not pay your bill in full and need to lower the cost of your debt, a 0% balance transfer credit card would be the best excellent credit credit card for you. If you need to finance an upcoming big-ticket purchase, a credit card with 0% on purchases would be ideal. And if you always pay your bill in full, the best rewards credit card for your biggest expenses or a cash back credit card with a high earning rate across all purchases are the best bets.
What portion of people qualify for an excellent credit credit card? While it’s commonly believed that only a small portion of U.S. consumers qualify for excellent credit credit cards, Card Hub estimates that between 25% and 50% of the U.S. adult population actually meet this criteria. The exact proportion is hard to quantify for a number of reasons, including the fact that every credit card company uses its own underwriting methods and your FICO score isn’t the only determining factor of whether or not you can qualify for a credit card for excellent credit. Things like income and amount of existing debt are actually as important as well.
What happens if I don’t have excellent credit and apply for an excellent credit credit card anyway? Every time you apply and are rejected for a credit card, your credit score incurs a slight amount of damage, the effects of which last for a period of about six months. Since this could make it difficult to get a credit card that truly does meet your credit standing and will actually delay you in building the credit necessary to get an excellent credit credit card, applying for a credit card for excellent credit prematurely is ill-advised. If you aren’t sure whether you have excellent credit, it’s therefore a good idea to at least use a free credit estimator before submitting an application.
How long does it take to get excellent credit? The amount of time it takes to get excellent credit varies based on your starting point. Are you building credit from scratch; did you damage it in the past; or do you currently have fair or even good credit? As a general rule of thumb, in addition to five years of spotless credit history, you need to have used credit cards with increasing credit lines (to the point that your current credit has a $10,000 limit) in order to get an excellent credit credit card. Income is equally important. You must have an income that can support any purchases you will make with a new line of credit.
Why do some credit cards for excellent credit have annual fees? It might strike you as odd that a portion of credit cards for people with excellent credit often have annual fees, which can run into the hundreds of dollars. Rewards are higher with these cards and rates are lower, so do annual fees remain? The reason is that some people in this credit segment are willing to pay an annual fee in return for better rewards and other fringe benefits (e.g. concierge service, access to exclusive events, etc.). Issuers can only give away a certain amount of free stuff, so they implement annual fees to offset some of the cost. That’s why you may find that the cards offering the most valuable rewards have annual fees, and consumers who open them accept this tradeoff.
Credit cards for excellent credit vs. Charge cards Since charge cards are mainly for people with excellent credit, the difference between them and excellent credit credit cards revolves solely around the fact that you must pay your bill in full every month with a charge card, while the same is obviously not true with a credit card. Credit cards for excellent credit and charge cards both have rewards. Which one has better rewards depends on the card and your personal preferences. Both may or may not have annual fees, though charge card annual fees tend to be higher. The bottom line is: If you are looking for the best rewards you should include charge cards in your search--precisely why they are included in the search results above.
