Credit Cards for Excellent Credit

If you have excellent credit, you are in the enviable position of being able to choose among dozens of credit card offers. Rather than accepting whatever is offered, you can decide you want a credit card with the fastest method of earning frequent flier miles, the credit card with the highest cash back rewards program or the one with the lowest interest rate. Credit cards for excellent credit are available to suit any personal or business need.

What exactly does "excellent credit" mean?

Though each credit card company might define "excellent credit" by a varying set of standards, the general rule is a credit score in the 730-850 range. However, credit card companies look at other factors in addition to your credit score to determine credit worthiness. That's why it is so important to keep up with every aspect of your credit report, not just the score. If you aren't sure what has been reported about your financial habits, check your credit report before applying for a credit card geared to consumers with excellent credit.

What advantages can I get with excellent credit?

Excellent credit can open a lot of doors! Credit cards for those with good credit ratings can enjoy a very low or zero percent APR, generous rewards options, no international transaction fees, no annual fee, bonus miles for use with the airline of your choice, bonus points for simply using your card, and even dedicated phone lines that make customer service a snap.

If your primary goal when using a credit card is to build up frequent flier miles, you may want to research a travel credit card. You can find credit cards that earn miles on a specific airline or you can find a credit card that earns miles that you can use on any airline. To compare these credit card offers, check to see how quickly you can build up miles, how you can redeem them and, if you plan to carry a balance, the interest rate.

The Miles by Discover credit card is a good example of an airline credit card. It allows you to earn two miles for every dollar you spend, plus a bonus of 1,000 miles in each month that you make a purchase. You can use the miles on any airline or for hotel and car rentals, too.

If you tend to pay your credit card balance in full each month and you want the simplest and most flexible rewards, one of the best ways to use your excellent credit is to apply for a cash back credit card. For example, the Chase Freedom card allows you to earn 5 percent cash back on spending in rotating categories like gas stations, groceries and dining out, and 1 percent on all other purchases. You can earn up to 10 percent on purchases made through the Chase online shopping mall.

Some of these deals seem too good to be true; what's the catch?

The good news is that there usually isn't a catch. Excellent credit means that credit card companies are willing to take a chance on you by offering the best perks and incentives. However, keep in mind that your credit cards might not offer the best of the best forever. If your credit reports sink in the future, your credit card issuer could put the brakes on those generous perks, especially that low interest rate.

How do I maintain this great credit rating?

Excellent credit helps qualify you for these credit card offers. To hang on to your perks, you'll need to maintain a strong credit history by paying all your bills on time, maintaining a low balance compared to your credit limit and avoiding carrying too many credit cards. But if you're late on a credit card payment or otherwise let your credit score slip, you could find yourself paying a higher interest rate on that credit card or even forfeiting rewards.