Credit Cards for Good Credit

Top Ten Credit Card Benefits for Cardholders with Excellent Credit

woman using credit card

Economics dictate that those with excellent credit ratings get the best deals when it comes to credit cards available for use. With all the different benefit choices and the variety of credit cards which offer them, it’s difficult to figure out which cards offer the best deals.

The following is a list of features and benefits which consumers should consider when deciding on which credit card is best for them:

  1. 0% APR for balance transfers AND purchases – some cards offer up to 21 months without interest charges.
  2. No Annual Fee – for those with good credit, this saves a little more dough.
  3. Double Cash Back rewards – accumulate additional value on purchases equal to 5% or more.
  4. Special Merchant Discounts – certain cards have agreements with a select group of retailers which provide 20% discounts on purchases + cash back bonus awards.
  5. Extended Warranties – gain additional coverage for loss or damage of items purchased with credit card that doubles normal warranty periods.
  6. Free services – many cards offer free rental car insurance coverage, roadside assistance, travel accident insurance, and fraud protection.
  7. No-fee Cash advances – when there’s a need for cash, the card issuer doesn’t charge additional fees and/or higher interest for accessing that cash.
  8. Same interest rate charges for purchases, cash advances, and balance transfers – most cards charge variable rates for different usages of the card, but a few don’t.
  9. Airline rewards program – putting miles in the bank when traveling that can be used for future travel or even can be redeemed for gifts in addition to traditional airline programs.
  10. No fees for International transactions – travel the world and don’t pay a penalty when paying for hotels, food, or buying trinkets and souvenirs.

Comparing Credit Card Offers Can Make a Big Difference

When consumers with excellent credit go hunting for a credit card there’s little problem finding willing credit providers. The problem is finding interest rates, features, and benefits which create added value for purchases and transactions.

No single card offers all the benefits listed above, but many offer most of these programs. Savvy consumers should sit down and compare each card feature by feature and benefit by benefit before deciding which card to obtain.

Watch for Temporary Conditions

Most credit card companies offer lower interest or fees or higher rewards during the initial “honeymoon” period with new customers. The longest period of time currently available is 21 months for 0% interest on one credit card.

For most others, the introductory period is 6 months to 1 year. However, caution should be used because some credit providers place caveats on use requirements.

For example, for some card users, they must use the credit card to purchase $3,000 of items to qualify for cash back rewards or the cardholder must use the card at specific vendors (gas, food, clothing, home improvement, etc.) for rewards conditions to be met.

When in Doubt, Go To the Source

The variety and applicability of the different programs attached to credit cards can be very confusing. That’s because the credit card issuers want consumers to make the decision to apply for a card based on good marketing campaigns, not on sound credit decisions.

Comparisons of card offerings, once finished, should be confirmed with a call to the credit card provider’s customer service line to verify the program parameters that come with the card.

This will go a long way toward understanding what the provider offers and how they expect new customers to utilize the programs. It’s also an excellent opportunity for the cardholder to experience the card issuer’s customer service to decide if it’s as user-friendly as they want it to be.

Lauren Ward
Meet the author

Lauren is a Crediful writer whose aim is to give readers the financial tools they need to reach their own goals in life. She has written on personal finance issues for over six years and holds a Bachelor's degree in Japanese from Georgetown University.