Best Credit Cards for Great
Credit - Learning The Options
If people have
Credit, how can they
know which Best Credit Cards
to select when there are so many possibilities?
This article will expand on a couple varieties
of cards to offer a better understanding
of the benefits of each:
Money Back - With a Money Back
card, customers are rewarded with a reimbursement that equals
a percentage of their transactions. For example,
if a customer has been approved for a Money Back
solution that provides five percent cashback
on supermarket, fuel, and drugstore
purchases, as the rebates add up they can converted to cash. If you
spend $150 in gas, food,
and drugstore purchases each week, by
the completion of a 12-month period, $390
in cash back rewards would be ready to cash out.
Redeemable Points - In lieu
of rewarding customers with money back, some lenders
give points programs. Customers earn
rewards for just about every transaction. With each swipe of the card, the rewards
add up. After a certain amount of points add up they can be cashed in for things like
free hotel stays, gifts, magazines, and so on.
Always check to see if the Best Credit Cards
for Great Credit you are considering offers
a points program.
Petro Bonuses - Lenders
can be considerate of the price
of gasoline and want to give incentives to
people for using their credit card by rewarding them with a prepaid
fuel card. As the card is used, points are accumulated. Once you have completed enough transactions to accumulate a certain amount of points you are eligible for a
free prepaid fuel card. Sometimes, redeemable fuel rewards can be accumulated
when you are getting gas.
Points for Free Rental Car Upgrades, Hotel Rooms, or Frequent Traveler Miles - When this kind of card is utilized, redeemable points that can be used for free travel arrangements including airline travel are accumulated. Once a specified number of points are earned, they can be cashed in for discounted or free airline tickets or travel accommodations. Business travelers find these kinds of programs to be very beneficial.
0% Promotions - With these cards, finance charges are not accrued for a certain amount of time.
The period where no finance charges are being applied generally spans 6-12 months.
Generally, people take advantage of this kind of card
to transfer outstanding balances from their interest bearing Best Credit Cards
to one of these and pay it off while there are no finance charges being accrued. Making monthly payments on time is imperative.
When just one payment is paid late, most
the introductory rates adjust to a much higher
rate. Folks that are offered
Best Credit Cards for Great
Credit, and have the opportunity to sign up for a zero percent promotion
ought to consider this money saving option.
Secured Cards to Re-establish Credit - People with a secured card
must deposit a cash amount into a bank account that can generate interest.
This "is why the card is called "" secured"" ." At that point a card is
issued with a credit limit equal to
the opening balance of the interest bearing account that was created. As the card is used your available credit is recalculated, low interest
regularly scheduled payments are determined, and payment plan
is is mailed. If the card is active an affordable monthly invoice will be sent. Secured Cards to Re-establish Credit
are perfect because they operate the same as
conventional credit cards allowing people
the freedom to book travel arrangements including vehicle rentals
that sometimes do not accept check
cards. One of the best things about the application process is that approval is typically
guaranteed whether you have good credit or not. This is good because most
secured card companies submit whether or not the bill is paid on time
to the credit bureaus. This can be a fantastic
approach to establish creditworthiness by making scheduled
payments no matter if you have Great
credit or not. After paying
a certain number of payments in a row, some secured card companies will approve a higher limit without
asking for additional collateral.
Prepaid Credit Cards - With
a Prepaid card, you get out of it exactly what you put in. Similar to
a regular bank account, you put money in and this 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 well for financial planning, transactions can be tracked and recorded if necessary, and they are a great solution for those that cannot
acquire a conventional banking account.
Approval is typically not a problem regardless of
your credit score and there is
no need for the prepaid card issuer to deal with the three bureaus.
With all of the diverse kinds
of Best Credit Cards
for Great credit and
benefits that each of them offer, it is easy to identify the best solution for your situation. Consider
Best Credit Cards that give the benefits that fit your situation. Stay smart and be sure to
try to keep your purchases at less than half of your credit limit and make more than the minimum payment every month. Awesome credit is a wonderful
thing to have.
To make sure that you keep developing the perfect credit score, obey these three rules:
1. Maintain your outstanding balance lower than the
card's max. In other words, it is not smart to
"go wild". Always maintain
an account that is somewhere around forty percent
of the max on any
Best Credit Cards for Great Credit.
2. Make payments on or before the due date. Even if a small payment can be made, that will be just fine. If the bill is paid 30 days after the due date, it must be forwarded to the credit bureaus. This negatively affects your FICO score. And let's not forget the fact that customers may also have to pay more points on the card's interest rate as a result of a tardy payment. Hence it is advised that you be mindful of the due dates.
3. Pay the whole thing off every time you can.
If the card is used a lot, make it your goal to
bring the balance to zero at least once a year. When you do this, you can feel free to
make more purchases then pay it back down to zero again after a few months, and keep this pattern going
This sequence confirms to the lenders
that you will be a great customer. Some other perks you could get when you repay in this way are
low rates, a higher limit, and a higher FICO score.
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