Credit Cards for Excellent Credit | An Expert Guide

If you have excellent credit, you'll discover that there are a number of credit card offers available to you -- reward cards, low interest cards & no annual fee cards, to name a few. However, even if you have a lot of choices, it's still important for you to carefully evaluate different credit card offers to find the best card for you. Below our experts highlight what you should consider. Click on the images below to get specific advice from our Credit.com experts.

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What To Look For When Applying

If you have excellent credit and are shopping for a new card, then you should be selecting the strongest offers available. In this case, you are able to enjoy cards with benefits such as travel insurance, purchase protection and concierge services. In addition, if you can pay your entire balance each month, then you should be looking for a card that offers some rewards for your spending. Even if you eschew rewards in the form of points and miles with airlines and hotels, then you can consider cash-back rewards as a small but significant discount on all of your purchases. Otherwise, if you carry a balance on your credit cards, but still have excellent credit, you can choose a card with the lowest available interest rate, which can be under 10% APR.

What To Avoid When Applying

If you have excellent credit, then you should avoid applying for less competitive offers. For instance, many credit cards offered by retail stores offer less generous sign-up bonuses, benefits, and rewards than other rewards cards not affiliated with retailers. In addition, less competitive cards may offer higher interest rates and additional fees not found in cards offered to those with merely average or good credit. Furthermore, there is no reason to consider products for people with bad credit such as secured cards and student cards, if you have excellent credit. Finally, those with excellent credit who avoid interest by paying their bills in full should avoid cards that do not offer any rewards.

Should You Apply For More Than One?

If you have excellent credit, then you may choose to apply for multiple cards for several reasons. First, you may want different cards that offer different types of rewards and benefits. It also makes sense to have multiple cards in case one card is lost or stolen. Having multiple cards can also be a good way for you to maintain an excellent credit score as each account adds to your credit history if you maintain it properly. In addition, holding multiple credit cards can help your credit score since a major factor in your scores is your utilization ratio -- the balances on your credit cards compared to their limits. Nevertheless, even if you have excellent credit you should still be careful not to have more cards than you can responsibly manage, and not to pay more annual fees than are necessary.

When Is The Best Time To Apply?

If you maintain excellent credit, then you are extremely sought after by credit card issuers. In this case, you are able to apply for the most competitive products at any time, with fewer problems in getting approved. Therefore, cardholders with excellent credit should feel free to apply for new cards at any time they find a card that will offer them significant rewards, features, or benefits. For example, rewards credit card users with excellent credit might wait for the most generous sign-up bonuses to appear, as exceptional offers can be marketed for a limited time throughout the year. Nevertheless, you should be careful not to apply for many cards in a short period of time, as there is the possibility of being declined due to too many recent applications.

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*For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While Credit.com always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

** FICO scores and credit scores are used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any credit card offer.

†Advertiser Disclosure: The credit card offers that appear on the website are from credit card companies which Credit.com receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). The site does not include all credit card companies or all available credit card offers.