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People with Excellent Credit Should Have One of These 5 Cards
While most people know having excellent credit saves money on everything from mortgage rates to insurance, many fail to cash in on one of excellent credit’s best benefits – lucrative credit card sign-up incentives.
Our resident credit card expert – a millennial who holds over 20 credit cards – has put together a list of the best deals presently available from our partners.
Bank of America® Travel Rewards Credit Card
The Bank of America® Travel Rewards Credit Card stands out by offering 1.5 points for every dollar you spend on purchases. This is the highest rewards rate of any no annual fee travel reward credit card. This feature alone makes this card a great deal, but it is the huge 20,000 online bonus points you can earn if you spend $1,000 on purchases in the first 90 days that makes this card a standout. Additionally, this card charges no foreign transaction fees. This saves you the typical 3% most credit cards charge on international transactions. Lastly, the Bank of America® Travel Rewards Credit Card offers a 0% introductory interest rate on purchases for 12 billing cycles, which provides yet another way to save.
Chase Sapphire Preferred® Card
Chase Sapphire Preferred® Card offers 50,000 bonus points to new card members who spend $4,000 within 3 months of opening a new account. These points are worth $625 when you redeem them for travel through Chase Ultimate Rewards®. However, this card does carry a $95 annual fee. Fortunately, the fee is waived during the first year, so cardholders essentially get a free year to evaluate whether or not this is the right card. As for earning potential, the majority of purchases earn 1 point per dollar, while travel and dining purchases pull in 2 points per dollar.
Bank of America® Cash Rewards Credit Card
The Bank of America® Cash Rewards Credit Card is an excellent no annual fee cash back credit card that provides additional value by offering a 0% introductory interest rate on purchases and qualifying balance transfers for 12 billing cycles. In terms of rewards, this card offers a fairly standard 1% cash back on every purchase, but excels by offering 3% cashback on gas and 2% cash back at grocery stores and wholesale clubs for the first $2,500 of spend every quarter of the year. This perk can add $100-$200 in additional rewards on top of the base 1% reward rate. A final sweetener is a $150 cash rewards bonus for approved applicants who spend $500 on purchases in the first 90 days of card membership.