Do you have excellent credit? If so, banks are actively looking to win you as a new credit card customer by offering unprecedented deals. Although banks have been more careful about acquiring customers with questionable credit since the 2008 financial crisis, they are now fighting harder than ever to win coveted customers with great credit. If you are in the excellent credit sweet spot, they are effectively giving you money (and a lot of it!) to use their credit cards. These are the best credit cards for excellent credit that you can take advantage of today:
Best travel rewards: Discover it® Miles
Those who like earning miles, may find the Discover it® Miles card a great deal. The card gives 1.5 miles on all purchases and features a lengthy 14-month 0% intro APR on purchases along with no annual fee. The miles rewards are great for a card that is not tied to an airline, but still allows you to redeem miles for any airline ticket. Rewards do not expire and there are no caps on how many miles you can earn. What’s more, all miles earned in the first year will be matched meaning you will get your miles matched on your first anniversary (new cardmembers only), which is effectively 3x miles per dollar! The math is simple: for example, you’ve earned 35,000 miles first year (equal to $350 in travel statement credit), Discover will match those miles for total of 70,000 miles (that’s $700 towards travel)! With this bonus offer and 0% intro APR on purchases (when the introductory interest rate is over, the ongoing APR of 13.49% - 24.49% Variable will apply), your first-year bonus miles are unlimited. But don’t forget that it’s for the first year only.
Best for hotel: Capital One® Venture® Rewards Credit Card
If you prefer your rewards in miles and don’t like paying huge annual fees, the Capital One® Venture® Rewards Credit Card is a good fit for you. The card offers fixed miles rewards and has a rather low annual fee ($0 intro for first year; $95 after that), and as most travel rewards cards, it has no foreign transaction fee. You will earn 2x miles per dollar on every purchase. The sign-up bonus is also offered to new cardholders – 50,000 miles. You will qualify for this bonus offer once you spend $3,000 on purchases within 3 months from account opening. The sign-up bonus is equal to $500 in travel. Whichever airline you fly or hotel you stay at, you can use these rewards to cover those expenses without blackout dates. Earned miles can also be transferred to over 12 travel loyalty programs. If you are not redeeming for travel, you can redeem miles for cash or gift cards.
Best cash back rewards: Discover it® Cash Back
If you’re in the market for a great cash back rewards card that also has a 0% intro APR on purchases and balance transfers, this is a smart pick. To start, Discover will match the cash back you earn at the end of your first year as a new cardmember. So, if you earn $300 in cash back, Discover will match that $300 for a total of $600 cash back! This is a really great bonus with endless potential, but remember it’s only available the first year so make sure to take advantage of it. You can really rack up the cash back by earning up to 5% cash back in categories that rotate quarterly (on up to $1,500 in combined purchases, then 1% back, enrolment is required), and 1% back on all other purchases. From April through June 2019, the 5% category is gas stations, Uber and Lyft. In addition to this, not only can you transfer balances from your high-interest cards to the Discover it® Cash Back card and pay zero intro interest for more than a year (note that there is 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*), but you’ll get the same 14-month 0% intro APR on new card purchases (after that the ongoing APR of 13.49% - 24.49% Variable will apply). The Discover it® Cash Back card really has it all – cash back, an extra cash back bonus (2x cashback your first year), a lengthy 0% intro APR on purchases and balance transfers AND no annual fee.
Best for restaurants: Capital One® Savor® Cash Rewards Credit Card
Those who dine out a lot will love the card that gives additional rewards for eating. The Capital One® Savor® Cash Rewards Credit Card is one of such cards. As a cardholder, you will earn 4% cash back on dining purchases and entertainment! Other purchases will earn lower rewards. Thus, purchases at grocery stores will earn 2% back, and all other purchases will earn only 1% back. If you spend $3,000 on purchases within the first 3 months from account opening, you will be able to qualify for a one-time cash bonus of $300.
Best for balance transfer: Citi Simplicity® Card - No Late Fees Ever
Those who’ve accumulated some debt may want to pay it off and that’s when the Citi Simplicity® Card - No Late Fees Ever comes in handy. (Citi is a Credit-Land.com advertising partner). It does not offer rewards, does not charge annual fees, any kind of fees for that matter, so you will be able to concentrate all your efforts on paying off your debt. You will have almost two years to pay off transferred balance, 21 months to be precise. However, you will need to transfer the balance within first four months and pay a balance transfer fee (5% of each balance transfer; $5 minimum). When the zero introductory period is over, the go-to interest rate will apply to the remaining and new balances. The balance transfer offer is not the only benefit of the card. It also comes with 12 months of 0% intro APR on purchases (an ongoing APR will apply after that). So if you are planning a big purchase and need time to pay it off without overpaying, the Simplicity card may be the option.
TIP: If you’re in the market for a new credit card but don’t think your credit will qualify you for one of these cards, take a look at cards for people with less-than-perfect credit.