Best Credit Cards for Good
Credit - Knowing The Possibilities
If folks have
Credit, how will they
know which Best Credit Cards
to choose when there are so many possibilities?
This article discusses several kinds
of cards to offer a better understanding
of the pros of each:
Cash Back - With a Cash Back
card, customers are offered a repayment that equals
a fraction of their purchases. For instance,
if a customer has been approved for a Cash Back
option that awards 5% cash back
on groceries, gasoline, and drugstore
items, as the cash back rewards add up they earn cash value. If you
spend one hundred and fifty dollars in petro, groceries,
and drugstore items every week, at
the completion of a year, about four hundred dollars
in cash back rewards would be ready to cash out.
Redeemable Points - Instead
of offering cash rebates, some issuers
give points programs. Customers receive
rewards every time the card is used. Every time the card is used, the rewards
accumulate. When you earn enough points they can be cashed in for perks like
free hotel stays, gifts, magazines, and so on.
It is wise to see if the Best Credit Cards
for Good Credit you are considering offers
Petro Bonuses - Credit card issuers
are often times sensitive to the cost
of gasoline and want to give incentives to
people for using their cards by offering them a prepaid
fuel card. As the card is used, points are accumulated. Once enough points have been earned they can be redeemed for a
prepaid gasoline card. Sometimes, fuel points can be earned
when you are getting gas.
Points Redeemable for Free Hotel Stays, Rental Cars or Frequent Traveler Miles - When purchases are made with these cards, "customers receive "" points"" toward free travel including free frequent flyer miles." After an accumulation of a certain number of points, they can be redeemed for free travel accommodations. Business travelers find these kinds of programs to be very beneficial.
0% APR Promotions - In the beginning when these credit cards are utilized, there are no finance charges that are applied.
The promotional period usually lasts anywhere from half a year to a whole year.
Most times, people take advantage of this kind of card
to move outstanding balances from their current Best Credit Cards
to one of these 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 just one payment becomes past due, most times
the introductory rates are changed to a much higher
rate. People that are offered
Best Credit Cards for Good
Credit, and are offered an introductory period free of finance charges
ought to think about this option.
Secured Cards - Customers with a secured card
would deposit money into an account that can earn interest while it is there.
This is what secures the account. Then, a credit card is
delivered with a credit limit equal to
the amount of the deposit. Every time you use it your available credit is recalculated, low rate
regularly scheduled payments are determined, and a monthly invoice
is sent. If transactions are being approved, you will receive a payment plan. Secured Cards
are terrific because they function like
normal credit cards allowing people
to complete all kinds of transactions including booking travel arrangements including rental cars
that typically do not accept standard bank account
cards. Another great feature is that approval is typically
guaranteed no matter what. This can help in the rebuilding process because many
secured card issuers report whether or not the bill is paid on time
to be added to your credit profile. This can be a fantastic
method to show creditworthiness by showing scheduled
payments whether you have Good
credit or not. After making
six to twelve payments on or before their due date, most issuers will increase your credit limit without
requiring another deposit to the initial secured account.
Reloadable Prepaid Credit Cards - With
a Reloadable Prepaid card, there is no question about the credit limit. Just like
a typical bank account, you put money in and this is
the amount that can be spent. As the prepaid card
balance is used up, you can recharge it with an additional deposit. Reloadable prepaid credit cards
work wonderfully for staying on a budget, they offer the kind of flexibility that debit cards have, and they are a great solution for those that cannot
get a normal bank account.
Quick approval is normally granted despite
your credit score and there is
no need for the prepaid card issuer to contact Experian, Equifax, and TransUnion.
With all of the different varieties
of Best Credit Cards
for Good credit and
bonuses 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. When you receive your card be sure to
spend wisely and pay the bill on or before the due date. Good credit is an awesome
To be certain that you keep growing a top notch credit report, take heed to these simple tips:
1. Always have your outstanding balance less than the
card's limit. In other words, it is not smart to
"go crazy". It is smart to retain
an account that is somewhere around half
of the maximum spending limit on any
Best Credit Cards for Good Credit.
2. Do not default on payments. Even if the minimum is the most that your budget will allow, it is better to make that small payment on time then it is to try and pay more at a later date. If the bill is paid 30 days after the due date, it may be forwarded to the credit reporting agencies. This negatively affects the consumer's credit profile. As a result, you may also have a rising interest rate as a result of just one past due payment. Thus it is smart to stay on top of the bill.
3. Pay the balance in total every time your finances will allow.
If the card is used a lot, try to
pay it all off as much as possible. Afterward, it is smart to
start using the card again and take a few months to pay the balance off again, and don't stop this habit.
This approach demonstrates to the issuers
that you will be creditworthy. Some of the other benefits of this approach are
a lower interest rate, an increased credit limit, and a better FICO score.
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