Best Credit Cards for Perfect
Credit - Understanding The Choices
If individuals have
Credit, how do they
tell which Best Credit Cards
to pick when there are so many opportunities?
This article will expand on several varieties
of cards to offer a useful outline
of the advantages of each:
Cashback - With a Cashback
card, customers are rewarded with a refund that equals
a percentage of their purchases. For instance,
if somebody is approved for a Cashback
offer that offers 5% cash back
on supermarket, fuel, and drugstore
items, as purchases increase and rewards accumulate, they earn cash value. If you
pay a hundred fifty dollars in gasoline, food,
and drugstore items each week, by
the close of a 12-month period, about four hundred dollars
in cash back rewards would have accumulated.
Rewards Points - Instead
of giving money back, some issuers
offer redeemable rewards. Customers get
points for making purchases. Every time the card is used, the rewards
increase. After a certain amount of points add up they can be cashed in for great stuff, such as
free travel, gifts, magazines, etc.
It is smart to be aware of whether or not the Best Credit Cards
for Perfect Credit you apply for offers
Petro Rewards - Lenders
can be sensitive to the price
of fuel and will give incentives to
their customers for using their cards by rewarding them with a prepaid
gasoline card. As purchases are made, points are earned. After a specified amount of points are accumulated you can get a
free prepaid gas station card. Sometimes, gas rewards can even be earned
while you are getting gas.
Reward Points Toward Free Hotel Accommodations, Car Rentals, or Frequent Traveler Miles - When these cards are used, free travel points are earned. Once a specified number of points are earned, they can be redeemed for free travel accommodations. This kind of card is great for business travelers.
0% APR Promotions - With these cards, finance charges are not accrued for a certain amount of time.
This time period typically varies from six months up to a year.
Typically, folks use promotions such as this
to transfer balances from their current Best Credit Cards
to one like this and pay it off while there are no finance charges being accrued. Making monthly payments on time is extremely important.
When a payment is paid after the due date, most
the interest free introductory rates go up to an interest-bearing
rate. Customers that are offered
Best Credit Cards for Perfect
Credit, and are offered a 0% introductory rate
ought to consider this option.
Secured Cards for Rebuilding Credit - People that have this type of card
must insert a specified amount of cash in an account that can earn interest while it is there.
This is what secures the account. Then, a card is
offered with a spending limit equal to
the amount that has been deposited in the account. Every time you use it your available credit is recalculated, affordable
recurrent payments are determined, and a monthly invoice
is sent. If transactions are being approved, an affordable repayment plan will be created. Secured Cards for Rebuilding Credit
are good because they perform the same as
normal credit cards allowing people
to do things that debit cards may not, like making travel accommodations such as hotels
that generally do not accept check
cards. When applicants have bad credit approval is generally
guaranteed no matter what. It is important to note that most
secured card companies submit whether or not you are keeping up with your payments
to be added to your credit profile. This is a great
practice to establish creditworthiness by showing scheduled
payments no matter if you have Perfect
credit or not. Once you have paid
six to twelve payments on or before their due date, some secured card companies will approve a higher limit without
requiring another deposit to the initial secured account.
Prepaid Credit Cards - With
a Prepaid card, purchases can be made without interest, fees, or finance charges. Similar to
a checking account, you put money in and that is
the credit limit. When the prepaid card
balance becomes depleted, it can be reloaded with more money and used again. These cards
are great for students, purchases can be tracked, and they help people that cannot
obtain a traditional depository account.
Approval is typically not a problem despite
your FICO score and there is
no need for the prepaid card issuer to deal with the credit bureaus.
With all of the diverse kinds
of Best Credit Cards
for Perfect credit and
bonuses that each of them offer, there is a solution available for most credit card seekers. Look for
Best Credit Cards that make sense for your situation that will allow you to control your spending habits. The most important thing is to be sure to
spend wisely and pay the bill on or before the due date. Superb credit is a wonderful
To guarantee that you keep building a super credit profile, take heed to these three instructions:
1. Keep your outstanding balance at a percentage of the
card's limit. Another way of saying it is, do not
"max out". It is smart to carry
an account that is about sixty percent or less
of the max on any
Best Credit Cards for Perfect Credit.
2. Do not default on payments. Even if you cannot make more than the minimum payment due, the most important thing is that the payment is made when it is due. When payments are made more than 30 days late, that information may be sent to the credit reporting agencies. This could bring down your credit profile. Unfortunately, you may also have an increased interest rate as a consequence of a single past due payment. Therefore it is recommended that consumers make payments.
3. Repay the whole thing off every quarter.
When you make purchases, make it your goal to
pay the balance back down to zero as many times a year as possible. When you do this, go ahead and
begin creating transaction activity (like buying gas, shopping online, or making purchases) and after a couple of billing cycles, pay the whole thing off just like you did before, and keep this cycle going.
This sequence illustrates to the lenders
that you can be creditworthy. Some of the other benefits of this approach are
a lower interest rate, a higher limit, and a better FICO score.
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Best Credit Cards
for Perfect credit
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