If you have excellent credit, there’s a good chance that you only use your credit cards as a medium of exchange rather than as a revolving loan. You probably pay your bills promptly each month and rarely, if ever, roll over a balance into the next month.

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As a consumer, there are a lot of benefits to having an excellent credit score, including getting more access to credit cards that offer a great rewards program, a more competitive interest rate, and minimal annual fees.

You could have access to credit cards with a great rewards program.

When you build an excellent credit history by using your credit card responsibly and paying your bills on time each month, it could open up an opportunity to get a credit card that provides an excellent cashback rewards program.

Consumers can typically find credit cards that offer at least 1% cash back on various purchases, but look further, and you can find cards like Discover it that pays 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs up to the quarterly maximum each time you activate.

Some cards offer cash bonuses just for signing up, some offer cash rewards that never expire and some double up on airline mileage. Typically, the best rewards are the ones that most benefit your lifestyle. If you travel frequently, the amount of miles you accrue may be the most important factor. If you’re looking to save money, and drive the best deals, the cash back feature may be the most important.

When considering which cards to apply for, it could be beneficial to compare credit card options to ensure that you are getting benefits and rewards that you will actually use.

You can find credit cards with a beneficial annual fee

Some consumers with excellent credit can find credit cards that come with no annual fee. Others will slip in an annual fee after a year or following some other introductory period.

One thing to keep in mind is that the size of the annual fee is not always the most relevant feature of the card. What’s important is whether the benefits of the card, for you personally, outweigh the annual cost. Some cards with higher annual fees offer perks that may be more valuable than the cost of the card.

Interest rates may not be as high

If you’ve got an excellent credit score, there’s a possibility that you might not focus as much on the interest rate on your card. If you pay your balance in full at the end of each billing cycle and rarely, if ever, carry a balance, interest rates my not be an important feature to consider when applying for a credit card.

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Nevertheless, some credit cards may offer a 0% introductory purchase APR. These offers allow consumers to make purchases and carry a balance from month to month for a specified period of time without incurring interest charges on their balance. However, once the introductory period ends your standard purchase APR will kick in and you will begin to be charged interest on purchase balances that are carried.

Having excellent credit gives you more choices. As you research credit cards, remember that the best cards tend to offer the best overall benefits that are most valuable to you, relative to the cost.

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Legal Disclaimer: This site is for educational purposes and is not a substitute for professional advice. The material on this site is not intended to provide legal, investment, or financial advice and does not indicate the availability of any Discover product or service. It does not guarantee that Discover offers or endorses a product or service. For specific advice about your unique circumstances, you may wish to consult a qualified professional.