Are you a millennial with a 700 credit score and wondering which credit cards would suit you best? Look no further! In this Flik Eco article, we'll not only explore your options but also break down complex concepts into simple and tangible ideas. Let's embark on this personal finance journey together and find the best credit card for your needs!
Best Credit Cards For A 700 Credit Score Table of Contents
Understanding Your 700 Credit Score
Understanding Your 700 Credit Score
First things first: what does a 700 credit score entail? A credit score is a three-digit number ranging from 300 to 850 that lenders use to assess your creditworthiness. The higher your score, the more likely you are to be approved for loans and credit cards with favorable terms. A credit score of 700 is generally considered "good", placing you in a prime position to qualify for better-than-average credit cards.
Factors to Consider When Choosing a Credit Card
Before diving into your best credit card options, it's essential to understand various factors that will impact your decision-making process:
Annual Fees
Some credit cards come with annual fees, which can range from as little as $25 to several hundred dollars. Consider whether the perks and benefits of the card are worth the cost of the annual fee.
Interest Rates
Interest rates vary widely among credit cards, and higher rates can lead to more expensive debt if you don't pay off your balance in full each month. Look for a card with a low APR to minimize potential interest charges.
Rewards Programs
Many credit cards offer rewards, such as cash back, points, or miles. Find a program that aligns with your spending habits and preferences so that you can maximize the benefits.
Balance Transfer Offers
If you have existing credit card debt, you may want to consider a card that offers a low or 0% introductory APR on balance transfers, allowing you to save on interest charges while paying off your debt.
Best Credit Cards for a 700 Credit Score
Now that you know the factors to consider, let's explore the best credit cards for millenials with a 700 credit score:
1. Chase Freedom Unlimited
If you value cash back rewards, consider the Chase Freedom Unlimited card, which offers 1.5% cash back on all purchases with no annual fee. Additionally, you can enjoy a 0% introductory APR on purchases and balance transfers for the first 15 months.
2. Capital One Quicksilver Cash Rewards
Another top cash back option is the Capital One Quicksilver Cash Rewards card. This card earns 1.5% cash back on all purchases, has no annual fee, and offers a 0% introductory APR on purchases and balance transfers for the first 15 months.
3. Discover it Cash Back
Favor rotating bonus categories? The Discover it Cash Back card offers 5% cash back in rotating categories, such as groceries, gas stations, and Amazon purchases. The card comes with no annual fee and an impressive 0% introductory APR on purchases and balance transfers for the first 14 months.
Best Credit Cards For A 700 Credit Score Example:
Meet Sarah, a millennial with a 700 credit score. She loves traveling, and her top priorities are earning rewards and keeping her costs low. After researching her options, she decides to apply for the Chase Freedom Unlimited card because of its 1.5% cash back on all purchases, 0% introductory APR, and no annual fee.
Congratulations! You're now equipped with knowledge on the best credit cards for a 700 credit score. Remember to weigh the factors of annual fees, interest rates, rewards, and balance transfer offers when making your decision. Your personal finance journey doesn't end here! Be sure to share this article with friends and explore other guides on Flik Eco to further improve your personal finance and investing skills. Happy credit card hunting!
