Shop Canada's Best Credit Cards for Excellent Credit
Credit Cards for Excellent Credit
When it comes to lending and the world of finance, you're only as strong as your credit file. For instance, every time you pay your credit card balance on time, it gets noted in your credit history and contributes to you having an excellent credit score. There are plenty of reasons why you should strive toward excellent credit, and among them is the fact that credit history is such an important factor for lenders any time you apply for a card, mortgage, loan, or another form of credit.
The more you improve your credit score, the more doors will open for you, and the more opportunities you'll have when it comes to choosing credit cards. If you've succeeded in achieving excellent credit, here are some of the best cards you can pick from, and steps you can take to keep your credit score high in the future.
The World Is Your Oyster When You Have an Excellent Credit Score
Having excellent credit is like having a secret key to the kingdom when you need to borrow money. With excellent credit, you're eligible for the best rates and terms, you'll probably be granted a higher credit limit or loan amount, and you're more likely to be approved for any credit card you like, whether you want to gain rewards points, get cash back, or even accrue travel points or miles. The reason for this is you're considered a low-risk person by financial institutions and card issuers, and here's why. To get excellent credit, you need to be a responsible borrower for at least five years, and that means you:
- Always pay your bills on time
- Never let bills go to collections
- Keep your credit utilization ratio below 30%
- Don’t close old credit cards to keep your available credit higher
- Pay down your debts
- Limit inquiries into your credit history, and if you do need loans or credit, make all the applications within 30 days
- Check your credit report every year for mistakes
- Maintain a good mix of credit (such as car loans, mortgage, and credit cards)
Canada’s two credit bureaus, Equifax Canada and TransUnion Canada, each have their own credit scoring models, but they both use these factors and others to calculate your credit score, which can range from 300 to 900. To have excellent credit, you need to maintain a score between 760 and 900, which is the highest possible. To maintain this score, all you have to do is keep up with the good habits listed above. As long as you do that, you'll be deemed safe by banks and lenders.
The Best Credit Cards for Excellent Credit
The world of credit cards is diverse, and when you have excellent credit, you're eligible for just about any card you want. The great thing about credit cards for people with excellent credit is that the financial institutions and card issuers will reward you for being trustworthy and reliable, and they’ll do this by providing additional benefits with their credit cards. For example, if you love to travel, then there are tons of cards you can use that will reward you with AIR MILES, travel points, or cash that you can redeem to cover travel expenses. A few of the ones you might want to consider include:
- BMO World Elite Mastercard
- SPG American Express
- BMO Air Miles MasterCard
- Home Trust Preferred Visa
- MBNA Best Western Rewards Mastercard
For people who don't like to travel but love the idea of getting something back for the money they spend, there are other benefits to consider as well, including cashback and rewards cards that will give you cash or points for every dollar you spend. Some cards will give you as much as 5 percent back for your purchases, but the value typically ranges anywhere from 0.5 to 4 percent, and that includes cards such as the Scotiabank American Express Gold and Momentum Visa Infinite, and the MBNA World Elite. There's also the CTFS Triangle World Elite Mastercard, which rewards you with Canadian Tire money instead of cash.
There are even rewards cards that give you points instead of cash for every dollar you spend, and those points can then be redeemed for things like household items, gift cards, and more. Cards for excellent credit in this category include the American Express Cobalt Credit Card, the BMO Rewards MasterCard, and the BMO World Elite MasterCard.
Finally, there are the low-interest credit cards that might appeal to people with excellent credit who pay their bills on time but don’t always pay off their credit card balance in full. These cards will save you money because the interest rates will be significantly lower than with other cards. Here are a few you might want to check out:
- BMO Preferred Rate MasterCard
- MBNA True Line Gold Mastercard
- BMO Preferred Mastercard
- RBC Cash Back Mastercard
- RBC Visa Infinite Avion
Choosing the Right Card for Your Credit Needs
Most credit card applications today are done online, but when you're looking to apply for a card, it can be challenging to navigate the hundreds of options out there. There are so many organizations and institutions offering cards of their own that it can be nearly impossible to determine which one is right for you, especially if you have excellent credit and are searching for a card that will reward you for your responsibility. If you're in the market for a new card, then check out shoptherate.ca to see the best cards available for rewards and points, travelling, cashback earnings, and other options for people with excellent credit.
Having excellent credit means that you're a responsible borrower who doesn't take advantage of your credit and who pays bills on time, and this means that credit card issuers will reward you with benefits like travel points, cash back, and other perks. When you apply for a new credit option, don’t settle for just any card. Make sure you get the best card that most suits your needs as a consumer by offering the perks, terms, conditions, and limits you're looking for.