Posted on Thursday, 5th May 2011 by Sarah Sullivan
We all know how important it is to have good credit, especially in tough economic times. When lenders arent lending like they use to it becomes even more imperative to have good credit. The better credit you have the more options you have as a borrower. This holds true when it comes to credit cards, too. The better credit score you can bring to the table, the better credit card offer you will be eligible for. Here are 5 things you can look forward to when you have good credit.
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If you have good credit you are going to get approved for better offers. This includes card offers that have 0% introductory rates. Whether it is an introductory rate that is offered on purchase, balance transfers or both, theses are the kind of offers that will save you money. All the best offers out there are only available to those with the best credit scores. A lower interest rate for you means more money in your pocket.
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The point of a reward credit card is to save you money. However, its not secret that best rewards cards are reserved for those with good credit. The better credit you have, the better rewards card you can get. One of the best rewards cards out there is the Starwood Preferred Guest® Credit Card from American Express. If you dont have excellent credit, you might as well not even think about applying. However, if you do have a great credit profile then this card can save you a considerable amount of money on your traveling expenses.
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When your credit is good banks will view you as a worthy, responsible borrower and extend a higher credit limit to you. When your credit is not so good, you will either not be approved or you will only get a limited line of credit. The higher credit limit you have with your credit card means the more options you will have when it comes to using that card. Whether its earning rewards or making large purchases, a higher credit limit gives you more flexibility.
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If you have ever had bad credit then you know just how tough, if not impossible, it is to get a credit card. However, when you have good credit you can pick and choose the card you want. You dont have to settle for the bottom of the barrel offers. You can review every card out there and decide which card matches up best with your spending habits. If you want a rewards card or just a plain old basic credit card you get to choose.
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Theres nothing like earning a bonus off cold hard cash just for spending money you were going to spend anyway. There are great cash back offers out there today that give you a cash back bonus after you spend a certain dollar amount. For instance, the Chase Freedom Visa, has a limited time offer of $150 cash back after you spend $500 in 3 months. When you have good credit you will get approved for these cash back offers.
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Tags: Credit, Good Credit
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