Best Credit Cards for Prime
Credit - Learning The Possibilities
When people have
Credit, how do they
know which Best Credit Cards
to choose when there are so many possibilities?
This article will discuss a few types
of cards to offer a useful understanding
of the advantages of each:
Cash Back - With a Cash Back
card, customers get a refund that is the same as
a percentage of their transactions. For instance,
if a customer has been approved for a Cash Back
offer that gives five percent cashback
on food, fuel, and drugstore
items, as the rewards accumulate they can converted to cash. If you
use a hundred fifty dollars in gas, food,
and pharmacy items every week, at
the completion of a 12-month period, $390
in rebates would be available.
Rewards Points - In lieu
of providing money back, some lenders
give points programs. Customers earn
points when purchases are made. As purchases are made, the points
increase. Once a specified number of points have accumulated they can be cashed in for great stuff, such as
free travel, gift cards, magazines, and more.
Always check to see if the Best Credit Cards
for Prime Credit you apply for offers
a redeemable rewards program.
Gasoline Bonuses - Credit card issuers
can be sensitive to the price
of gas and want to give incentives to
people 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. Sometimes, fuel points can be earned
while making fuel purchases.
Rewards for Free Rental Car Upgrades, Hotel Rooms, or Frequent Air Travel Miles - When this kind of card is utilized, points that can be used as free frequent flyer miles or free travel vouchers are earned. As the points add up, they can be cashed in for discounted or free airline tickets or travel accommodations. This kind of card is great for business travelers.
Zero Percent APR Promotions - In the beginning when these credit cards are utilized, there are no finance charges that are applied.
The promotional period generally spans six months up to a year.
Many people are advised to utilize promotions such as this
to move their balance from their high interest 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. Keeping monthly payments up to date is very important.
When just one payment is not paid on time, typically
the interest free rates go up to a different
rate. Folks that are approved for
Best Credit Cards for Prime
Credit, and are offered a 0% introductory rate
should consider this money saving option.
Secured Cards to Establish Credit - Customers that have a secured credit card
would put a certain amount of money into an interest-bearing savings account.
This "is what makes it a "" secured card"" ." After the deposit is made a card is
offered with a credit limit in
the opening balance of the interest bearing account that was created. As the card is used the amount of that transaction is deducted from your available credit balance, low rate
monthly payments are calculated, and a bill
is sent. If transactions are being approved, an affordable monthly invoice will be sent. Secured Cards to Establish Credit
are good because they operate the same as
conventional credit cards allowing people
to complete all kinds of transactions including booking travel accommodations such as vehicle rentals
that sometimes do not take standard bank account
cards. When applicants have bad credit approval is typically
guaranteed no matter what. It is important to note that most
secured card issuers report whether or not you are keeping up with your payments
to be added to your credit profile. This is a wonderful
technique to show creditworthiness by making regular
payments no matter if you have Prime
credit or not. After making
six to twelve payments on or before their due date, most times the bank that gave you the card will allow you to make purchases over your current limit without
asking for an additional deposit.
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, a certain amount of money is deposited into an account and that becomes
the credit limit. As the prepaid credit card
balance becomes depleted, it can be reloaded with more money and used again. Prepaid cards
are excellent for staying on a budget, they allow people to make online purchases, and they are a great solution for those that cannot
acquire a regular depository account.
Quick approval is usually granted regardless of
your FICO score and there is
no need for the prepaid company to contact Experian, Equifax, and TransUnion.
With all of the various types
of Best Credit Cards
for Prime credit and
rewards that are available, there is something for everyone. Look for
Best Credit Cards that offer rewards that match your lifestyle and spending style. No matter which card you choose, always
make wise purchases and timely payments. Great credit is a great
thing to have.
To be certain that you keep building an excellent FICO profile, follow these general guidelines:
1. Keep a balance less than the
card's limit. Another way of saying it is, it is not smart to
"over spend". Experts agree that consumers should keep
an account that is about fifty percent
of the max on any
Best Credit Cards for Prime Credit.
2. Pay the bill on time. Even if a small payment can be made, that's ok. When payments are made more than 30 days late, it must be posted to the credit reporting agencies. This could bring down the consumer's FICO score. Unfortunately, when this happens you may also be assessed more points on the card's interest rate as a result of just this one tardy payment. Therefore it is wise to make this bill payment a financial priority.
3. Pay all balances down to zero every so often.
When purchases are made, try to
pay the balance back down to zero at least once a year. Once you do this it is smart 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 illustrates to the issuing companies
that you can be an excellent credit candidate. Some of the other benefits of this approach are
a lower rate, an increased credit limit, and a more favorable credit report.
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