It may be an under-publicized fact, but some credit cards are harder to get than a mortgage. There are a slew of so-called â€œelite” or â€œpremium” credit cards that are conditioned on excellent credit.
When you get to the point where your credit history is so good that you can apply for and get any credit card on the market, you may unexpectedly find yourself in a conundrum. With so many credit cards to choose from, which one is the one with your name on it?
No matter how proud you are of your excellent credit score (and you should be), try not to apply for a credit card just for the sake of it, but think why you really need or want the card. There are a lot of things a credit card can help you with. You might want a:
- Credit card with a low interest rate
- Card for debt consolidation
- Card for a big ticket purchase
- Travel rewards card
- Cash back card
Your Choice of Credit Card Reflects What You Value
If you know you’ll be carrying a balance for some time, you’ll be looking specifically for a low-interest credit card. That’s easy.
But let’s say you already carry a considerable credit card debt on another high-interest credit card and want to reduce or pay it off as soon as possible. Then you need an introductory 0% balance transfer credit card (keep in mind that there is almost always an added 3-5% balance transfer fee, so it’s not a free transfer).
In another scenario, you might be eyeing a big ticket item, like a new TV or the latest computer. There are credit cards for that, too: the ones that offer an introductory 0% APR for purchases.
If you want to profit from a credit card, that’s not a problem, either. Everyone loves rewards credit cards. Be it travel or cash rewards, some of the most sought-after rewards cards are reserved for customers with an excellent credit score like yours.
Make a Plan and Stick to It
A credit card doesn’t have to be either/or. There are some excellent rewards credit cards. Take the Discover itÂ® Cash Credit Card. It has many desirable features such as a cash back program, purchase benefits and 100% U.S. based customer service. When looking for the right credit card for you, make sure to look for the benefits that matter the most to you.