Are you ready to take advantage of the powerful financial tool that is a credit card? Congratulations! With a 700 credit score, you're in the prime position to explore incredible options that cater to your unique financial needs. In this Flik Eco article, we will shed light on the world of credit cards for a 700 credit score and explain how this credit range can fetch you better offers, lower interest rates, and more attractive rewards. Let's dive in and help you make the perfect choice.
Credit Cards For 700 Credit Score Table of Contents
Understanding A 700 Credit Score
A 700 credit score falls within the "good" range as per the credit reporting agencies. The FICO score ranges from 300 to 850, while a credit score of 670-739 is considered good, 740-799 is considered very good, and 800+ is exceptional. With a good credit score like 700, you have a better chance of getting approved for credit cards with better terms and rewards.
Types of Credit Cards for 700 Credit Score
When it comes to selecting a credit card, there are several options suited for a 700 credit score. Here's a brief overview of the types of credit cards to consider:
Balance Transfer Cards
These cards are meant for those looking to consolidate their existing credit card debt and save on interest, by transferring the balance from a high-interest card to a card offering a lower interest rate, or even an introductory 0% APR on balance transfers for a specific period.
Rewards Credit Cards
Rewards credit cards offer points, miles, or cashback on your regular spending. Some popular categories for rewards include travel, dining, groceries, and gas. If used wisely, you can accumulate rewards that can be redeemed for future purchases, travel expenses, or cashback.
Credit Building Cards
Credit building cards are designed for those who are looking to improve their credit score. These cards typically come with low credit limits and may have higher interest rates, but if you make timely payments and keep your credit utilization low, it can help you build your credit and unlock better credit card options.
Tips for Choosing the Right Credit Card
- Identify your financial goals: This could include rewards, building credit, or consolidating debt.
- Research the available options: Compare various cards catering to your goals in terms of their interest rates, rewards, and other features.
- Read the fine print: Pay attention to fees, APRs, and other terms to make sure you're getting a good deal.
- Check for pre-qualification offers: Pre-qualification helps you gauge your approval chances without impacting your credit score.
- Apply and maintain good financial habits: Once you've chosen the right card, ensure prompt payments and responsible spending habits to maintain and improve your credit score.
Credit Cards For 700 Credit Score Example:
John, a 27-year-old working professional, has a credit score of 700 and is in search of a credit card that can help him earn rewards on his daily expenses. After much research, John decided to apply for a rewards credit card that offers cashback on gas, groceries, and dining. Thanks to his credit score and thorough research, John got approved for the card and started earning cashback on his spending.
In six months, John accumulated enough cashback rewards to surprise his wife with a weekend getaway, funded in part by the wisely-used rewards from his new credit card. John made sure to pay the balance in full each month to avoid interest charges and maintain his credit score, ultimately paving the way to an even higher credit score and potentially better credit cards with more lucrative rewards in the future.
Now that you've got the scoop on credit cards for a 700 credit score, you're well-armed to make a well-informed decision. Take the time to analyze your financial goals, research your options, and pick the right card that matches your needs. With responsible usage, this could be the first step towards an even better credit score, and more exciting financial possibilities.
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