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The Best Credit Cards for People with Excellent Credit

A high credit score is important because it’ll give you access to the best rates on financial products like mortgages and car loans. And it’ll allow you to qualify for some of the best credit cards in Canada.

Your credit score is a number between 300 and 900 and lenders use it to determine your creditworthiness. A credit score above 750 is considered excellent.

There are a few rules you should follow to build excellent credit:

  • Pay all of your bills on time, even if it’s just minimum payments
  • Keep the balance of your credit card at less than 35% of your total available credit
  • Keep your oldest credit card, which will increase the overall length of your credit history
  • Don’t apply for credit very often
  • Have a variety of types of credit like a car loan, student loan, and credit cards

If you don’t know your credit score, you can have it checked with either of the two credit reporting agencies in Canada (Equifax and TransUnion). Although a credit score above 750 is considered excellent, you only need a score of 680 to access the best interest rates on mortgages or car loans and other types of credit.

If you’ve checked your credit score, and it’s above 680, you’ll qualify for some of the best credit cards in Canada. We’ve made a list of three of the top rewards cards. Keep reading to see which one is right for you.

Card details

  • Signup bonus of 30,000 points ($300 value)
  • Earn a 2% return on all your purchases
  • Free Priority Pass membership, with 4 complimentary VIP Lounge passes each year (value of US$207)
  • Extensive travel insurance

The BMO World Elite MasterCard is a rewards credit card with an annual fee of $150. The interest rate is 19.99% on purchases and 22.99% on cash advances and balance transfers. You need to have a minimum individual income of $70,000 or a family income of $120,000 to qualify for this card. The BMO World Elite MasterCard comes with perks for users including:

  • VIP airport lounge access
  • Travel and medical insurance
  • Extended warranty on purchases
  • Zero liability someone uses your card without authorization

You’re also entitled to free additional cards to help you earn rewards faster. With the BMO World Elite MasterCard, you’ll earn two points per dollar you spend, and you’ll also receive a sign-up bonus of 30,000 points. Each point is worth $0.01.

To see the dollar value of the rewards you could earn with this credit card, let’s use the following spending profile as an example:

Spending Profile
$600 on groceries
$400 on gas
$300 on travel
$100 on pharmacy
$1,600 on everything else
Total Per Month: $3,000
Total Per Year: $3,000 x 12 = $36,000

If you used the spending profile above, here’s the dollar value of the rewards you would reap over the course of a year:

Annual FeeSign-Up BonusSpending RewardsMonthly SpendingFirst Year ReturnSubsequent Years Return
$150$3002 points for $1 spent on everything2 points x $3,000 = 6,000 points per month

Value of 1 point = $0.01

6,000 x 0.01 = $60/month

Sign-up: $300

Spending Rewards: $60 x 12 = $720

Priority Pass = $207

Annual Fee: $150

Total: 300+720+207-150 = $1,077

$720+207-$150= $777

You can redeem your rewards at any airline, with no blackout dates, and you can even use your rewards to pay the taxes on your flights. You can also use your rewards to book hotels or vacation packages with no restrictions using the online BMO Rewards Centre.

Card details

  • Earn up to 100,000 TD Points plus, first year no Annual Fee for the Primary and Additional Cardholders1 (a value of up to $670). Conditions Apply. Must apply by December 5, 2021
  • Return of up to 4.5% when you use ExpediaForTD.com
  • Extensive travel insurance

Next is the TD First Class Travel Visa Infinite Card. This credit card’s annual fee is $120. The interest rate is 19.99% on purchases and 21.50% on cash advances and balance transfers. You need to have a minimum income of $60,000 or a family income of $100,000 to qualify for this credit card.

The TD First Class Travel Visa Infinite Card comes with all of the perks and benefits you’d expect from a first-class travel rewards credit card:

  • Travel accident and trip cancellation insurance
  • Car rental collision/loss damage waiver
  • Zero liability on unauthorized purchases
  • Extended warranty on purchases
  • Baggage loss/delay insurance

This credit card is a robust rewards card with handsome sign-up bonuses. If you sign up by December 5, 2021, not only is your annual fee waived in the first year, you’ll also receive up to 100,000 TD Points1 (a travel value of up to $500 when you book travel purchases through ExpediaForTD.com) as follows:

 

  • Welcome Bonus of 20,000 TD Points when you make your first Purchase with your Card.

 

  • 80,000 TD Points when you spend $1,000 within 90 days of Account opening.

 

To receive the first-year annual fee rebate, you must activate your Card and make your first Purchase on the Account within the first 3 months after Account opening.

With this credit card, you’ll earn nine points per dollar spent on travel when you book through Expedia for TD, and three points per dollar spent on everything else. Each point is worth $0.005. Here’s how much you would earn in rewards using the spending profile we mentioned above:

You can redeem your rewards through Expedia for TD for hotels, flights, and vacation packages. Or, if you’d prefer, you can book your travel through any provider and redeem with TD points within 90 days.

Once you’ve earned your rewards, you can redeem them for hotels, flights, or vacation packages, or you can transfer them point for point to Aeroplan or Avios.

The three cards above are all great options if you have an excellent credit score, but to find the best card for you, compare credit cards using our credit cards rewards calculator.

Flickr: Lendingmemo

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