Q: I have a FICO score of 767 and I'm looking for a credit card with a low APR and a high credit line. Can you recommend any cards with those specs?
A FICO score in the mid-to-high 700s won't get you access to unlimited credit, but it will open up plenty of attractive credit card deals. We've got three that might fit your needs.
If you had asked that question a few years ago, I would have answered that you'd probably qualify for just about any credit card deal in our database. Times have changed, though, and a 767 score only puts you in what banks would call the "good credit" category. You haven't told me what you'll want to do with that high credit line, so I'll give you some suggestions based on what we see most often here in the mailbag:
- Long-term savings -- Iberiabank Visa Classic. One of the best low interest credit cards comes from a bank you've probably never heard of. Your FICO score might just help qualify you for a variable purchase rate that's just 4 percent above the Prime Rate, which is the lowest rate tier of what Iberiabank offers for this card. At the end of the first quarter of 2014, that's just 7.25 percent variable APR for purchases, a few full percentage points lower than most other cards on the market. The specific purchase APR rate tier that is assigned to individuals that are approved for this card is based on their creditworthiness and other factors and varies with the market based on the Prime Rate.
As you compare credit cards online, remember that most banks trade rewards for higher APRs. If a low interest card is your biggest goal, look for "no frills" credit cards that give you plenty of headroom. Take advantage of balance transfer offers to even out your credit utilization across all your accounts, so you can maintain that above-average credit score.
- When comparing two cards, should I get the one that has a smaller APR with a high annual fee, or the one with a bigger APR with a small annual fee?
- Next week will be seven years that I've always been on time with my house payment, car loan, and charge card. Will I be able to start a new credit card at a lower interest rate?
- I'm looking for a low interest rate credit card with cash advances and no fees. My credit is excellent.