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 answer ed 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:
- Big travel plans -- Capital One® Venture® Rewards Credit Card. For an annual fee of $59 ($0 intro for the first year; $59 after that) this card that for good to excellent credit can earn you 2 miles per dollar on your purchases. Plus, it allows you to redeem your points to "erase" a travel purchase from your statement - giving you flexibility to book travel arrangements any way you like.
- 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 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 third quarter of 2013, 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 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.
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