How a Good Credit Score Can Make You Save Money on Credit Cards
Several financial advisors talk about how important is to keep a good credit score and how it could make you save money on credit cards. In fact, there are a lot of advantages available through credit cards when you have a good credit score.
What is a good credit score?
Before we start with the advantages of having a good credit score, let’s take a look at the definition of a good credit score.
Your credit score can go from 300 to 900. A good credit score is considered to be over 700. Actually, 75% of the Canadian population has a credit score over 700.
How to get a good credit score?
While this is it not the purpose of this article, here are a few guidelines to a good credit score:
- Pay your bills on times.
- Use your credit on a monthly basis.
- Do not max your credit cards or line of credits.
- Do not apply to more than 2 credit accounts per year (number of recent credit inquiries affect your credit score).
- Diversify your credit usage (loans, leases, mortgages, credit cards, lines of credit are different credit products that can help getting a good credit score).
Main advantages of getting a good credit score when looking for credit cards.
- Being approved for low interest rate balance transfer credit cards (as the MBNA Platinum MasterCard with a 1.99% interest rate on balance transfer for 10 months).
- Being approved for higher limits (useful for traveling and business purposes).
- Being approved for low fixed interest rate credit cards (such as the Capital One Platinum MasterCard with a 9.99% interest rate).
- Benefit from the best cash reward credit cards (like the PremierRewards Mastercard).
image source: planetina
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