Best Credit Cards for Ok
Credit - Knowing The Options
If people have
Credit, how can they
tell which Best Credit Cards
to select when there are so many options?
This article will break down several varieties
of cards to provide a useful understanding
of the advantages of each:
Cashback - With a Cashback
card, you may be offered a repayment that is the same as
a percentage of their purchases. For example,
if somebody has a Cashback
solution that offers 5% cash back
on groceries, gasoline, and pharmacy
items, as purchases increase and rewards accumulate, they earn cash value. If you
use $150 in gas, groceries,
and drug store items every week, by
the close of a 12-month period, almost $400
in cash back rewards would be ready to cash out.
Rewards Points - Instead
of providing cash rewards, some companies
present customers with redeemable rewards. Customers get
points for making purchases. With each swipe of the card, the rewards
add up. After a certain amount of points add up they can be redeemed for great stuff, such as
free merchandise, gifts, magazines, and so on.
It is smart to be aware of whether or not the Best Credit Cards
for Ok Credit you are considering offers
a redeemable rewards program.
Gasoline Bonuses - Card Issuers
can be understanding about the cost
of gasoline and want to reward
people for using their credit card by rewarding them with a free
gasoline card. As the card is used, points are accumulated. Once a certain number of points are earned you are eligible for a
prepaid gas station card. The funny thing is, with some cards fuel points can be earned
when buying gas.
Points Redeemable for Free Hotel Stays, Rental Cars 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. Business travelers find these kinds of programs to be very beneficial.
Zero Percent Introductory Interest Rates - Finance charges are not applied on these cards for a specified amount of time.
The promotional period typically spans half a year to a whole year.
Most times, customers are advised to utilize this promotional period
to shift outstanding balances from their interest bearing Best Credit Cards
to one like this and pay the balances off within the promotional period. Making timely payments is especially crucial.
When a single payment is overdue, generally
the interest free rates are changed to an interest-bearing
rate. People that are eligible for
Best Credit Cards for Ok
Credit, and are offered a 0% promotion
should consider this option.
Secured Cards to Build Creditworthiness - Customers that have a secured card
would insert a certain amount of money in a secure account that accumulates interest.
This is what secures the account. Then, a credit card is
issued with a line of credit in
the amount that has been deposited in the account. Each time a transaction is approved your available credit is recalculated, affordable
regularly scheduled payments are determined, and payment plan
is sent. If the card is being used low monthly payments will become due. Secured Cards to Build Creditworthiness
are great because they operate the same as
ordinary credit cards allowing customers
to do things that debit cards may not, like making travel accommodations like vehicle rentals
that commonly do not take standard bank account
cards. Another great feature is that approval is typically
guaranteed no matter what. But do not forget that most
credit-rebuilding card companies report whether or not timely payments are made
to Experian, Equifax, and Trans Union. This is an excellent
way to prove you are creditworthy by showing timely
payments whether you have Ok
credit or not. Once you make
a certain number of payments on or before their due date, many times the limit can be increased without
requiring an additional deposit.
Prepaid Credit Cards - With
a Prepaid card, purchases can be made without interest, fees, or finance charges. Just like
a regular bank account, a certain amount of money is deposited into an account and that becomes
the amount that can be used for purchases. When the prepaid account
balance becomes depleted, simply put more cash into the prepaid account and your card will be ready for use once again. Prepaid cards
work wonderfully for budgeting, they offer the kind of flexibility that debit cards have, and they help people that cannot
obtain a standard bank account.
Fast approval is generally granted despite
your FICO score and there is
no need for the prepaid company to deal with the credit bureaus.
With all of the various varieties
of Best Credit Cards
for Ok credit and
benefits that each of them offer, there is something for everyone. Seek
Best Credit Cards that make sense for your situation that will allow you to control your spending habits. Stay smart and always
spend wisely and pay the bill on or before the due date. Good credit is a great
thing to have.
To be certain that you keep cultivating the perfect credit score, follow these simple rules:
1. Maintain your outstanding balance lower than the
card's limit. Simply put, do not
"go wild". Make sure to keep
a balance that is somewhere around forty percent
of the maximum spending limit on any
Best Credit Cards for Ok Credit.
2. Do not default on payments. Even if a small payment can be made, pay it. When payments are made more than 30 days late, that information will be posted to the credit reporting companies. This could bring down your credit report. Additionally, when this happens you may also experience an increased interest rate as a consequence of just this one late payment. Hence it is recommended that consumers stay on top of the bill.
3. Pay the whole thing off every time your finances will allow.
When the balance gets to be about half of the limit, make it your goal to
bring the balance to zero as many times a year as possible. After the bill has been paid down to zero you can feel free to
start using the card again then take a few months to pay the balance off again, and keep this cycle going.
This sequence confirms to the issuers
that you are creditworthy. You could also be rewarded with
a lower rate, a higher credit max, and a better credit score.
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Best Credit Cards
for Ok credit
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