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Author: Robin Saks Frankel, @robinsaks | Last Updated: September 6, 2018
If you have a credit score in the range of 670-739, your good credit means you have access to a ton of fantastic credit cards. At Bankrate, our credit card pro’s have studied almost 1,500 credit cards for people with good credit and measured them using our expert grading methodology to generate a Bankrate score out of 100.
Bankrate’s analysis measures features including, but not limited to, APR rates, annual fee, sign-up bonuses, rewards value, rewards redemption, rates and fees, travel perks, and discounts. With a good credit score, you have many great credit cards to choose from. We have focused on attributes we think are most important during our analysis of credit cards for good credit, such as rewards value, sign-up bonuses, annual fees, and extras and discounts.
If you want to earn travel rewards without paying an annual fee, this card lets you earn them at a rate of 1.25 miles for every $1 spent. Although its big brother card, the Capital One Venture, pays 2 miles for every $1, it also comes with a $95 annual fee. You’d have to spend $6,350 annually to earn enough miles to offset the cost of ownership on that card.
This card begs to be top-of-wallet with a frequent user bonus: In any billing period you use the card 20 or more times, you’ll also get a 20 percent bonus on points earned, minus any returns or credits. For anyone who prefers a card over carrying cash, this is a great offer.
This card gives foodies a big bang for their buck. If you frequently dine out and spend heavily on entertainment and groceries then the Capital One Savor Cash Rewards Credit Card could be for you. This card offers an unlimited 4% back on dining and entertainment, 2% at grocery stores and 1% on everything else. Better still, Capital One has an introductory offer of $500 cash back when you spend $3,000 within the first 3 months of opening the card, this is a very competitive bonus rewards perk. Though this card charges a $95 annual fee (waived for the first year), food lovers could really maximize their cash back returns with this offer.
If you get a thrill out of juicing maximum rewards from your credit card, you’re probably going to like the Chase Freedom card. Earn 5 percent cash back in bonus categories that rotate every three months, up to a quarterly maximum of $1,500. All other spending will earn you 1 percent cash back, and once you reach the cap in the bonus categories, your spending there will drop to 1 percent too. The best value in owning this card comes from pairing it with another flat-rate cash back card that has a rewards rate higher than the 1 percent of this one. A word of caution here — if you’re trying to bump up your credit score from good to excellent, make sure you’re highly organized when using a card like the Chase Freedom.
When it comes to your credit score, you want to aim high. When you have a credit score between 670 and 739, you’ll qualify for good rates on mortgages, credit cards, auto loans and most other types of loans. This can save you money on interest charges over the life of your loan.
You may not get the absolute lowest rates as those usually require excellent credit to qualify, but if you’re among the 21 percent of people who fall in the “good” range for credit, you’re still going to fare better than someone with poor credit.
When people refer to a three digit number to describe your credit score, they’re usually referring to your FICO score (short for the Fair Isaac Corporation), which uses predictive analysis based on your individual financial history to measure your overall creditworthiness. Your score is based on your information culled from one or more of the three big credit reporting agencies — Equifax, Experian, and TransUnion.
Potential lenders use this information to determine what kind of interest rates you qualify for. If your financial history shows that you always pay your bills in full and on time, you’re considered less of a risk and you’ll get the best rates available.
According to data from credit reporting agency Experian, 21% of people have a FICO score of that falls in the “good” range of 670 to 739.
There’s also a competing score that’s used, called a VantageScore. This is a scoring model lenders also use that was created by the three major credit bureaus—Experian, Equifax, and TransUnion. For this scoring system, a score between 700 and 749 is considered good and about 12 percent of people fall into this category.
The span of a few points can make a big difference in what you’re offered by lenders. If you have a FICO score of 702 for example, you’d qualify as someone with an excellent credit score. But, miss a credit card payment and your score drops a few points, putting you at 698 which means you’ll fall from “Good” to “Fair” and the rates you’re offered will be more expensive for you.
For example, say you’re applying for a credit card with an annual APR range of 13% to 21%. If your credit score is good, you might be offered an APR of 15%. But if your credit score is fair, you might be offered an APR of 19%. On a $10,000 balance, a 15% APR could mean $1,500 in interest charges over the course of a year. But if you’re paying 18% APR, that means you’re paying $1,800 extra on that balance in one year.
Paying a higher rate on long-term loans like a mortgage, student loans or car loans can mean the difference of thousands of dollars over time.
Every time you apply for a new credit card, it can ding your score. That’s because when assessing creditworthiness and determining what terms to offer an applicant, an issuer will request a copy of the person’s credit history from one or more of the three major credit bureaus. Too many inquiries can drag down your overall score so it helps to know where you stand before you apply so you don’t inadvertently drop down from a good score range into fair. Check your credit score for free before applying for a new card or any other type of loan.
If you have fair credit or worse, it may make sense to work on improving your overall credit score first, to try to qualify for more favorable rates. Here are some tips for improving your score:
* See the online application for details about terms and conditions for these offers. Every reasonable effort has been made to maintain accurate information. However all credit card information is presented without warranty. After you click on the offer you desire you will be directed to the credit card issuer's web site where you can review the terms and conditions for your selected offer.