Best Credit Cards for Perfect
Credit - Understanding The Choices
When folks have
Credit, how do they
tell which Best Credit Cards
to pick when there are so many opportunities?
This article will discuss several kinds
of cards to give you a better outline
of the benefits of each:
Cash Back - With a Cash Back
card, customers are rewarded with a repayment that is the same as
a percentage of their purchases. For example,
if an applicant is approved for a Cash Back
solution that awards 5% cashback
on supermarket, fuel, and drugstore
purchases, as the rebates add up they can converted to cash. If you
use a hundred fifty dollars in gasoline, supermarket items,
and drugstore items every 5-7 days, by
the completion of a year, $390
in cash would have accumulated.
Rewards Points - In lieu
of rewarding customers with money back, some lenders
present customers with redeemable rewards. Customers earn
rewards for making purchases. Every time the card is used, the points
add up. After a certain amount of points add up they can be redeemed for great stuff, such as
free rental cars, gift cards, subscriptions, and more.
It is smart to be aware of whether or not the Best Credit Cards
for Perfect Credit that you want will offer
Gasoline Rewards - Credit card issuers
are often times sensitive to the cost
of gas and want to compensate
consumers for making card purchases by rewarding them with a free
gas card. As the card is used, points are accumulated. After you have earned enough points they can be turned in for a
prepaid gasoline card. The funny thing is, with some cards gas rewards can even be earned
when making gas purchases.
Points Redeemable for Free Hotel Stays, Rental Cars or Frequent Air Traveler Miles - When purchases are made with this kind of card, redeemable points that can be cashed in for free travel miles are earned. Once a specified number of points are earned, they can be applied toward all kinds of travel arrangements including free air travel. These programs are great for frequent travelers.
0% APR Promotions - What does this mean? Simply put: for a limited time, finance charges are not incurred.
This time period usually spans half a year to a whole year.
Generally, people use this time
to transfer outstanding balances from their current Best Credit Cards
to one like this and pay it off while there are no finance charges being accrued. Paying the bill on or before the due date is extremely important.
When just one payment is not received on time, most times
zero percent APR rates adjust to a higher
rate. Customers that are applying for
Best Credit Cards for Perfect
Credit, and have the opportunity to sign up for a 0% introductory rate
ought to consider this option.
Secured Cards to Build Creditworthiness - People with a secured card
would insert a specified amount of cash in a bank account that can generate interest.
This becomes the card's collateral After the deposit is made a card is
delivered with a credit limit in
the amount that has been deposited in the account. Every time you use it the amount of that transaction is deducted from your available credit balance, low rate
regularly scheduled payments are calculated, and a monthly invoice
is generated. If the card is being used low monthly payments will become due. Secured Cards to Build Creditworthiness
are perfect because they operate the same as
normal credit cards allowing customers
to do things that debit cards may not, like making travel arrangements such as vehicle rentals
that generally do not accept consumer checking account
cards. For those with bad credit approval is usually
guaranteed even if your credit is poor. It is important to note that most
credit-rebuilding card companies submit your payment schedule and how you keep up with your payments
to the credit bureaus. This can be a great
way to show creditworthiness by making scheduled
payments whether you have Perfect
credit or not. After paying
six to twelve consecutive timely payments, many times the limit can be increased without
requiring more cash to be put into the account that was used to set up the card.
Reloadable Prepaid Credit Cards - With
a Reloadable Prepaid card, purchases can be made without interest, fees, or finance charges. Similar to
a regular bank account, you put money in and that is
the amount that can be used for purchases. When the prepaid credit card
balance reaches zero, it can be reloaded with more money and used again. Prepaid cards
are excellent for financial planning, they offer the same flexibility as a check card, and they are a great solution for those that cannot
get a normal banking account.
Fast approval is typically not a problem despite
your FICO profile and there is
no need for the prepaid company to contact the three bureaus.
With all of the diverse kinds
of Best Credit Cards
for Perfect credit and
benefits that are offered, it is easy to identify the best solution for your situation. Seek
Best Credit Cards that give the benefits that fit your situation. The most important thing is to always
stay within your credit limit and make your payments on time every month. Excellent credit is a wonderful
To make certain that you keep cultivating a superb FICO profile, take heed to these three guidelines:
1. Maintain your outstanding balance lower than the
credit max. Simply put, do not
"go wild". It is important to maintain
a bill that is somewhere around forty percent
of the max on any
Best Credit Cards for Perfect Credit.
2. It is important to pay the bill when it is due. Even if a minimum payment is all you can afford to make, the most important thing is that the payment is made when it is due. Once a payment is more than 30 days behind, it must be forwarded to Experian, Equifax, and Trans Union. This could bring down the consumer's credit score. As a result, when this happens you may also have a rising interest rate as a consequence of a late payment. Thus it is wise to make this bill payment a financial priority.
3. Repay all balances down to zero every so often.
When the balance gets to be about half of the limit, try to
take a few months and pay it off at least once a year. Then once your balance is paid off you can feel free to
start swiping your card for purchases again then after a couple of billing cycles, pay the whole thing off just like you did before, and keep utilizing this approach as you complete your monthly budget and annual financial plan.
This repayment history confirms to the issuers
that you can be an excellent credit candidate. You could also be rewarded with
a lower rate, a higher limit, and a better FICO score.
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