Best Credit Cards for Average
Credit - Knowing The Options
If folks have
Credit, how can they
distinguish which Best Credit Cards
to select when there are so many choices?
The information below discusses a couple types
of cards to offer a helpful understanding
of the advantages of each:
Cashback - With a Cashback
card, customers are offered a rebate that equals
a percentage of their transactions. For example,
if there is a Cashback
option that gives 5% cash back
on food, gas, and pharmacy
items, as the rebates add up they can be cashed in. If you
spend $150 in fuel, food,
and drug store items every week, at
the end of a 12-month period, almost $400
in rebates would be ready to cash out.
Redeemable Points - In lieu
of offering cash back, some lenders
offer points programs. Customers get
points for making purchases. With each swipe of the card, the points
accumulate. After a certain amount of points add up they can be redeemed for all kinds of goodies including
free merchandise, gift items, magazines, etc.
It is smart to be aware of whether or not the Best Credit Cards
for Average Credit you apply for offers
a redeemable rewards program.
Petro Rewards - Lenders
are often times sensitive to the cost
of gas and will reward
their customers for their purchases by offering them a prepaid
gasoline card. As the credit card is utilized, reward points add up. Once a certain number of points are earned they can be cashed in for a
free prepaid gasoline card. The cool thing is, with some cards gas rewards can even be earned
while making fuel purchases.
Points Toward Free Hotel Accommodations, Car Rentals, or Frequent Air Travel Miles - When this kind of card is utilized, redeemable points that can be cashed in for free travel miles are earned. As the points add up, they can be cashed in exchange for free airline tickets, hotel stays, or rental cars. These rewards work best for those who travel a lot.
Zero Percent Introductory Interest Rates - In the beginning when these credit cards are utilized, there are no finance charges that are applied.
This time period typically lasts anywhere from six months up to a year.
Smart customers take advantage of promotions such as this
to move balances from their current Best Credit Cards
to one like this and create a personal budget that allows them to pay the whole thing off without having to pay any finance charges. Paying the bill on or before the due date is incredibly important.
When the first payment is received late, typically
the introductory rates are changed to another
rate. Customers that are offered
Best Credit Cards for Average
Credit, and are offered a 0% promotion
should think about this option.
Secured Cards for Building Credit - Customers with a secured card
must put a few hundred to a few thousand dollars, depending on what they could afford, in a secure account that accumulates interest.
This "is what makes it a "" secured card"" ." After the deposit is made a credit card is
delivered with a spending limit that is the same as
the opening balance of the interest bearing account that was created. When purchases are made the credit limit decreases, low rate
regularly scheduled payments are determined, and payment plan
is is mailed or emailed if you choose paperless billing. If transactions are being approved, an affordable repayment plan will be created. Secured Cards for Building Credit
are excellent because they perform the same as
standard credit cards allowing customers
to do things that debit cards may not, like making travel arrangements including airline tickets
that generally do not accept debit
cards. One of the best things about the application process is that approval is usually
guaranteed no matter what. This can help in the rebuilding process because many
secured card companies report the way you pay your bill
to Experian, Equifax, and Trans Union. This could be a remarkable
way to prove you are creditworthy by showing scheduled
payments no matter if you have Average
credit or not. Once you make
six to twelve payments in a row, typically the lender will offer additional spending power without
requiring another deposit to the initial secured account.
Prepaid Credit Cards - With
a Prepaid card, there is no question about the credit limit. Similar to
a checking account, a deposit is made into an account and that is
the amount that can be used for purchases. When the prepaid card
balance becomes depleted, it can be reloaded with more money and used again. Reloadable cards
work wonderfully as gifts, they offer the kind of flexibility that debit cards have, and they work well for individuals that are unable to
get a normal banking account.
Fast approval is typically granted regardless of
your credit report and there is
no need for the prepaid company to contact the credit bureaus.
With all of the different kinds
of Best Credit Cards
for Average credit and
rewards that are offered, there is something for everyone. Consider
Best Credit Cards that make sense for your situation that will allow you to control your spending habits. Once you are approved always
spend wisely and pay the bill on or before the due date. Excellent credit is a great
thing to have.
To ensure that you keep developing a superb FICO profile, follow these easy rules:
1. Always have a balance at a percentage of the
credit max. In other words, don't
"go wild". Always retain
a bill that is generally forty to fifty percent
of the limit on any
Best Credit Cards for Average Credit.
2. Pay your credit card bill on time every month. Even if a small payment can be made, the most important thing is that the payment is made when it is due. Once a payment is more than 30 days behind, that information may be forwarded to the credit reporting agencies. This has adverse affects on the consumer's FICO report. Additionally, you may also experience more points on the card's interest rate as a result of something as small as a late payment. Therefore it is smart to stay on top of the bill.
3. Repay the balance completely every quarter.
If the card is used a lot, do your best to
take a few months and pay it off as much as possible. Afterward, go ahead and
begin creating transaction activity (like buying gas, shopping online, or making purchases) and take a few months to pay the balance off again, and keep this pattern going
This repayment history indicates to the issuers
that you will be a great customer. Some of the other benefits of this approach are
a lower interest rate, a higher credit max, and a more favorable credit report.
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Best Credit Cards
for Average credit
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