There are many benefits of having a good credit score, and one great perk is the ability to secure the best credit card deals. Having a credit card gives you the freedom to buy now and pay over time, but high rates or low credit limits may stop you from doing some of what you want to do. When you take care of your credit by paying your bills on time and keeping your outstanding debt low, you can choose between many attractive credit card offers.
Lowest Interest Rates
The interest you pay on borrowed money determines how much you end up paying back altogether for items you finance over time. High-interest rates mean you pay back a lot more than you borrowed. When you have a great credit score, you’ll be offered the lowest possible interest rates including some cards that charge 0% interest for a year or more.
Banks and other lenders that offer credit cards compete with each other to offer incentives to choose their cards. As a consumer with great credit, you’ll be offered many different incentives on credit cards. These include:
- Cashback on purchases – You may be offered a way to earn cash back on purchases, which may include all purchases or specific things such as gas or groceries.
- Reduced rate on balance transfers – Credit cards may offer a reduced rate or a zero interest rate on balance transfers for a certain number of months.
- Air travel miles – If you’re someone who does a lot of traveling, you may be interested in a credit card that offers travel miles if you fly with specific airlines. You may also be able to earn points toward travel-related purchases such as car rentals or lodging.
Incentives on credit cards also include no annual fee and a free FICO score. Credit cards aimed at college students offer rewards for good grades and boosted cashback incentives for paying on time.
Having good credit means you’re likely to be approved for generous credit lines. This gives you the borrowing power to make purchases that are important to you, to travel, or to handle any emergencies that come up. If you already have a credit card and excellent credit, you can request an increased credit limit and there’s a good chance you’ll be approved.
Protect Your Credit
Since there are so many benefits of having a good credit score, it’s important to be proactive about your credit. Be careful to always pay your bills on time, and if you’ve accumulated a lot of debt, pay it back as soon as you can. Keep an eye on your credit report, and make sure there aren’t any errors on it. If you find mistakes on your credit report such as duplicate accounts, wrong balances, or payments reporting as late that weren’t late, dispute them immediately.
For the easiest approach to disputing misinformation on your credit report, partner with Dovly. We’re an automated credit repair engine that works 24/7 to help you track, manage and fix your credit. Contact us to get started today.