Best Credit Cards for Good
Credit - Understanding The Options
If individuals have
Credit, how can they
know which Best Credit Cards
to pick when there are so many choices?
This article will expand on several types
of cards to provide a better outline
of the benefits of each:
Cashback - With a Cashback
card, customers are offered a repayment equivalent to
a fraction of their transactions. For instance,
if there is a Cashback
solution that offers 5% cashback
on groceries, fuel, and drugstore
items, as the rewards accumulate they can be redeemed. If you
use one hundred and fifty dollars in gas, food,
and pharmacy items every 5-7 days, by
the conclusion of a 12-month period, almost $400
in cash back rewards would have accumulated.
Redeemable Points - Instead
of providing cash rewards, some lenders
present customers with points programs. Customers receive
rewards when purchases are made. Every time the card is used, the points
accumulate. When you earn enough points they can be cashed in for items including
free travel, gift items, magazines, and so on.
Always check to see if the Best Credit Cards
for Good Credit that you want will offer
Gas Rewards - Companies
can be considerate of the price
of gas and want to give incentives to
consumers for using their credit card by offering them a free
gasoline card. As purchases are made, points are earned. After a specified amount of points are accumulated you can get a
free prepaid gas card. The cool thing is, with some cards gas rewards can even be earned
while making gas purchases.
Points Redeemable for Free Hotel Accommodations, Car Rentals, or Frequent Flyer Miles - When purchases are made with this kind of card, redeemable points that can be used for free travel arrangements including airline travel are accumulated. Once a certain number of points have been accumulated, they can be cashed in exchange for free airline tickets, hotel stays, or rental cars. This kind of card is great for business travelers.
Zero Percent Introductory Interest Rates - Finance charges are not applied on these cards for a specified amount of time.
The period where no finance charges are being applied generally lasts anywhere from six to twelve months.
Generally, folks use this promotional period
to shift outstanding balances from their high interest Best Credit Cards
to one of these and pay the balances off within the promotional period. Making timely payments is imperative.
When a single payment is not paid on time, most times
0% APR rates are changed to an interest-bearing
rate. People that are approved for
Best Credit Cards for Good
Credit, and have the chance to get an introductory period free of finance charges
ought to choose this opportunity.
Secured Cards to Establish Credit - Individuals with one of these
would put a specified amount of cash into an interest-bearing savings account.
This "is what makes it a "" secured card"" ." After the deposit is made a card is
offered with a credit limit in
the amount that has been deposited in the account. Every time you use it your available credit is recalculated, low rate
recurrent payments are determined, and payment plan
is is mailed or emailed if you choose paperless billing. If the card is active you will receive a payment plan. Secured Cards to Establish Credit
are awesome because they function the same as
normal credit cards allowing customers
to do things that debit cards may not, like making travel accommodations like vehicle rentals
that typically do not take prepaid or debit
cards. Individuals with bad credit should apply because approval is generally
guaranteed whether you have good credit or not. It is important to note that many
secured card companies submit whether or not you are keeping up with your payments
to Experian, Equifax, and Trans Union. This could be a terrific
practice to show creditworthiness by paying regular
payments no matter if you have Good
credit or not. Once you have paid
several payments on or before their due date, typically the lender will offer additional spending power without
asking for another deposit to the initial secured account.
Prepaid Credit Cards - With
a Prepaid card, there is no question about the credit limit. Just like
a typical bank account, a deposit is made into an account and this is
your spending limit. As the prepaid account
balance runs out, it can be reloaded with more money and used again. Prepaid cards
work well as gifts, they make it so you don't have to carry cash all the time, and they work well for individuals that are unable to
acquire a normal bank account.
Fast approval is normally not a problem despite
your FICO profile and there is
no need for the issuer to deal with Experian, Equifax, and TransUnion.
With all of the many sorts
of Best Credit Cards
for Good credit and
rewards that they have, there is something for everyone. Look for
Best Credit Cards that allow for the most rewards. Remember these things and be sure to
spend wisely and pay the bill on or before the due date. Great credit is a wonderful
thing to have.
To make sure that you keep building the best FICO profile, take heed to these few directions:
1. Maintain your outstanding balance at no more than half of the
credit limit. Simply put, it is not smart to
"over spend". Try to keep
an account that is generally fifty percent
of the available balance on any
Best Credit Cards for Good Credit.
2. Make payments on or before the due date. Even if a small payment can be made, that's ok. When payments are made more than 30 days late, that information must be sent to the credit reporting companies. This is bad for the consumer's FICO profile. Not to mention customers may also be assessed a rising interest rate as a consequence of a single past due payment. Hence it is recommended that consumers make payments.
3. Pay the balance in total every time your finances will allow.
When the balance gets to be about half of the limit, do your best to
take a few months and pay it off at least one time per year. After the bill has been paid down to zero it is smart to
start swiping your card for purchases again and pay it back down to zero again after a few months, and keep utilizing this approach as you complete your monthly budget and annual financial plan.
This process shows the lenders
that you are an excellent credit candidate. You could also be rewarded with
a lower interest rate, higher credit limits, and a higher credit score.
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for Good credit
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