A number of things separate credit cards for people with excellent credit from the crowd. Some are obvious. Others may come as a surprise. Here are the most important differentiators:
Exclusivity – You generally need a long, (mostly) spotless credit history to get an excellent-credit credit card. You also need enough income to justify a spending limit of at least $10,000.
Better Terms – Since issuers don’t have to worry as much about missed payments, credit cards for people with excellent credit tend to have lower interest rates and better rewards than other cards.
For example, the average APR among credit cards for people with excellent credit is just 13.16%, according to WalletHub’s latest Credit Card Landscape Report. Meanwhile, credit cards for people with good and fair credit charge 18.14% and 22%, respectively.
Sign-up Incentives – Many excellent-credit credit cards offer big initial rewards bonuses and/or 0% introductory APRs for an extended period of time as a way to attract new customers. Banks are eager to sell more than just credit cards (e.g., investing and retirement services) to members of this elite credit segment, after all.
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