The tables turn when you reach good credit. Instead of you having to prove yourself to credit card companies, they must now compete for your business. For one thing, more issuers have credit cards for people with good credit than offers for folks with fair, limited or bad credit. And they’re all looking to woo trustworthy new customers who pose relatively little risk and thus have a lot of profit potential.
That’s why people with good credit can expect to earn roughly twice as much rewards value as someone with fair credit or enjoy 0% financing for about twice as long. Credit cards for people with good credit also tend to have lower regular APRs (21% on average) than those for folks with fair credit (23%).
A credit score of 720 falls within the “Good” range, which is from around 700 to 749 on the 0 to 850 credit scale. Consumers in this category generally have a credit history of more than three years, more than $5,000 in available credit and no late payments in the past 12 months.
Also among the best credit cards for a 720 credit score is the Blue Cash EveryDay card from American Express. It gives you an introductory APR of 0% for 15 months on purchases. The Discover It Cash Back card earns 5% on purchases on different categories each quarter and matches all cash back earned at the end of the first year.
With a 720 credit score and a steady income, you should have little trouble securing a credit card with a low interest rate, a high credit limit and good rewards.
Here are the best credit cards for a 720 credit score:
Best for travel rewards: Capital One Venture. 60,000 miles when you spend $3,000 in the first 3 months, worth $600 toward travel. Earn 2 miles per $1 spent on all purchases. $95 annual fee.
Best for cash bonus: Wells Fargo Cash Wise Visa. Earn 1.5% cash back on all purchases. Up to $600 in cell phone protection with a $25 deductible. Introductory APRs of 0% for 15 months on purchases and 0% for 15 months on qualifying balance transfers on transfers. 14.49% to 24.99% Variable APR after. 3% intro for 120 days, then 5% transfer fee. $0 annual fee.
Best for 0% APR: Blue Cash EveryDay Card from American Express. $200 statement credit when you spend $1,000 in the first 3 months. Earn 3% cash back at supermarkets (first $6,000 spent yearly), 2% at gas stations, and 1% on all other purchases. Intro APR of 0% for 15 months on purchases. 13.99% to 23.99% (V) APR after. $0 annual fee.
Best for low APR: Discover it Cash Back. Earn 5% on purchases (up to $1,500) in categories such as restaurants, gas stations and Amazon.com that rotate each quarter. Receive matching cash back at the end of the first year. Intro APR of 0% for 14 months on purchases and 0% for 14 months for balance transfers. 11.99% to 22.99% Variable APR after. 3% transfer fee. $0 annual fee.
A 720 credit score will put you in the running for some of the best credit cards on the market, provided you meet the card’s minimum income requirements. The very best cards, however, require excellent credit. That’s a credit score of 750 or better. To move up to that next level, maintain a history of timely payments and try reducing the amount of credit you use to less than 30%. The lower the ratio, the bigger the jump in your credit score. Also, avoid closing any credit cards or applying for new credit in a short period of time.
The best credit card for a 500 credit score is a secured credit card. Designed specifically for people with bad credit, secured cards provide the best opportunity for someone with a credit score of 500 (or below) to rebuild their credit standing, thanks to high approval odds and monthly reporting to the major credit bureaus.… read full answer
With a secured card, your odds of approval are high because you’ll have to put up a security deposit – typically starting around $200 – to open the account. The deposit serves as collateral, minimizing the lender’s risk. Your credit limit is equal to the amount of your deposit and is fully refundable when you close your account in good standing.
Here are the best credit cards for a 500 credit score:
The easiest unsecured card to get is the Fingerhut Credit Account. But it won’t suit everyone’s needs. Fingerhut is an online marketplace, and its card can only be used to make purchases on the site. So while it will give you an unsecured line of credit, it won’t really help you cover emergency expenses.… read full answer
If you’re looking for a card that can be used for anything, the Credit One Bank® Visa® Credit Card is your best bet. You can get approved for it with bad credit. It offers a $300 starting spending limit. And you can use it wherever Visa is accepted.
Those aren’t your only options, though. WalletHub’s editors compared all of the unsecured credit cards in our database of 1,000+ offers. And we selected our favorite easy-to-get offers.
The easiest unsecured credit cards to get generally work best for minor emergencies. You will only receive a small amount of spending power, after all.
Unsecured credit cards for people with bad credit also tend to be very expensive, charging lots of fees and high interest rates. So if you don’t need a small emergency loan, the best course of action is to improve your credit inexpensively with a secured card. Secured cards are cheaper than unsecured cards, build credit just as effectively, and offer the closest thing you’ll find to guaranteed approval.
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