Credit Cards for Good Credit | An Expert Guide
Now that you've achieved your good credit standing, we want to help you discover credit card options that might be available to you. Plus, our experts have put together useful tips for you to follow as you evaluate card offers and begin the application process. Click on the images below to get specific advice from our experts.
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What To Look For When Applying
If you have good credit, you should only be applying for the most competitive cards. When you avoid interest charges by paying your balances in full each month, seek cards with the most valuable rewards, best benefits and the most generous sign-up bonuses. Minimizing the annual fees paid should also be a priority for those with good credit. If you carry a balance, look for cards with the lowest standard interest rates. In addition, if you are trying to pay off a large amount of debt, consider a card with 0% APR promotional financing. These cards, which are only available to applicants with good credit, allow you to avoid interest charges while you pay down your balance.
What To Avoid When Applying
If you have good credit, avoid applying for less competitive credit card offers. For example, if you avoid interest charges by paying your balances in full each month, then it may be more beneficial for you to earn rewards for your purchases at no cost, and should avoid non-reward cards. If you carry a balance on your cards but you still have good credit, look for cards with the lowest interest rates and the best benefits. If you have good credit, avoid applying for too many cards at once. Multiple applications can lower your credit score, and many cardholders have trouble managing several accounts. Finally, some cardholders find themselves making unnecessary purchases and incurring debt when they have multiple credit cards.
Should You Apply For More Than One?
If you have good credit, you might be tempted to apply for multiple credit cards at once. If you can benefit from limited time offers, or if you need to have specific benefits, it can be a good strategy. For example, if you get a new job that requires frequent travel, you might wish to apply for both an airline and a hotel rewards card. On the other hand, it is important not to apply for too many cards at once, since credit scoring formulas can interpret this behavior as a sign of an increased need to borrow money and you could see a small drop in your credit score. Therefore, it can be prudent for you to apply for two cards initially, then wait a few months before considering applying for additional cards.
When Is The Best Time To Apply?
If you have good credit, you are in the enviable position of being able to choose from some the best credit card offers. If you avoid interest charges by paying each month's statement balance in full, then you should wait until the most competitive offer is available for a rewards card -- ideally for the most generous sign-up bonuses. On the other hand, if you carry a balance, then you should look for a card with a 0% APR promotional financing offer so as to avoid paying interest while paying down your debt. Since these card offers can result in immediate savings, you should not postpone your application if you are in debt.
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