Three Rules For Getting The Best Credit Card Reward Offers
People often wonder what kind of credit card will give them the most valuable credit card rewards. Should they get a travel rewards card, or a co-branded airline card, or a cash back card with rotating reward categories?
The fact is, all of these types of cards can give great rewards and be very worth carrying with you. But the way to ensure that you’ll have access to the absolute best rewards isn’t choosing a great card – it’s making sure you have great credit.
Too many credit card shoppers don’t think about their creditworthiness until they’ve been turned down for that elite travel credit card that offered such an amazing sign-on bonus, or they’ve applied for a store card at the register of their favorite shop and been told they’re ineligible. It’s embarrassing and disappointing to be rejected, even by a credit card company. To make sure it doesn’t happen to you, follow a few simple rules for maintaining a solid credit score and being deemed creditworthy by the credit card issuer of your dreams.
- Rule number one: always pay your bills on time. That goes for all your bills – credit cards, mortgage, utilities, student loans, business loans, all of it. Set up automatic payments to be deducted from your account before the due date, so you’re never late, even if you’re out of town, busy, or down with the flu.
- Rule number two: never max out your credit cards. One of the big things that counts against your credit score is if you’ve used up most of your available credit. It’s called your debt-to-credit ratio, and you want to make sure it stays below 30%. Even better, keep it below 10%. That means if you have a credit card with a $5,000 limit, you don’t want to carry a balance of more than $1,500.
- Rule number three: don’t close your accounts. The longer you have credit card accounts open, the better. Length of credit history is another thing that credit bureaus use to calculate your credit score. So, even if you’re not using an account very often, make sure it stays open, and in good standing. It’ll help boost your credit score over time.
By following these three rules, you’ll have a good credit score, which will make you creditworthy enough to qualify for the absolute best credit card rewards.
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