According to Experian, an excellent or exceptional credit score falls between 800 and 850. While only 20 percent of consumers have an excellent score, if you’re lucky enough to reach this level it will provide you with a variety of financial benefits. This is particularly true when applying for a credit card.
There are credit card offers designed for every type of consumer, regardless of credit score. For example, if you have poor credit, you can use a secured credit card to rebuild your score.
However, if you want access to the best credit card offers and top perks, you’ll need an excellent credit score. Here are just a few of the things you can expect in regards to perks:
1. Lowest Available Interest Rate
Even if you have no plans on carrying a balance from month to month, this could change at some point. If it does, a low interest rate ensures that you don’t add too much to your current balance.
Depending on the offer, you may even find a credit card with a zero percent introductory rate, such as for 12 or 18 months. This allows you to carry a balance without any fear of racking up interest charges.
2. Access to the Best Rewards and Cash Back Programs
There’s nothing better than getting something in return for using your credit card. This is why you want access to the best rewards and cash back programs.
Credit card issuers want to reward (and retain) consumers with excellent credit, and a strong rewards or cash back program is one of the best ways of doing so.
3. Sign-up Bonus
Many credit cards designed for consumers with excellent credit have a sign-up bonus. Here are some examples:
- $200 cash bonus for spending $1,000 on your credit card within three months of opening your account
- 50,000 reward points for spending $3,000 on your credit card within three months of opening your account
- 75,000 miles for spending $2,500 on your credit card within three months of opening your account
You get the point: a sign-up bonus is designed to attract consumers and give you something of value for meeting specific criteria.
4. Free Membership
This varies from one credit card to the next, so it’s something to check on before applying.
For example, the Capital One Savor Cash Rewards Credit Card gives you a monthly statement credit for a Postmates Unlimited monthly membership.
It may not be a deal breaker, but access to some type of membership program – either for free or at a discount – will make you feel better about your card.
Final Thoughts
If you have excellent credit, you’re in good position to choose from the best credit card offers.
When doing so, focus on the four details above, as well as any others that excite you as a consumer. You’ll soon find yourself closing in on the credit card that makes the most sense for you and your financial goals.
