Business Cards for Awesome
Credit - Knowing The Possibilities
If folks have
Credit, how do they
distinguish which Business Cards
to select when there are so many options?
This article will break down a few types
of cards to offer a useful understanding
of the advantages of each:
Money Back - With a Money Back
card, customers get a reimbursement equal to
a percentage of their purchases. For instance,
if there is a Money Back
option that awards 5% cash back
on food, fuel, and drugstore
items, as the rewards accumulate they can converted to cash. If you
use $150 in fuel, supermarket items,
and drugstore purchases every 5-7 days, at
the close of a 12-month period, $390
in cash back rewards would have accumulated.
Rewards Points - In lieu
of offering cash rebates, some issuers
present customers with redeemable rewards. Customers earn
rewards every time the card is used. With each swipe of the card, the points
add up. After a certain amount of points add up they can be redeemed for things like
free merchandise, gift items, subscriptions, and so on.
It is important to know whether or not the Business Cards
for Awesome Credit you are considering offers
Gasoline Bonuses - Credit card issuers
can be understanding about the price
of gas and will offer an incentive to
their customers for using their credit card by offering them a free
gasoline card. As the card is used, points are accumulated. After a specified amount of points are accumulated you are eligible for a
free prepaid gasoline card. The cool thing is, with some cards redeemable fuel rewards can be accumulated
when buying fuel.
Points for Free Hotel Stays, Rental Cars or Frequent Air Traveler Miles - When purchases are made with these cards, customers can earn frequent traveler's points that can be redeemed for free travel. Once a specified number of points are earned, they can be redeemed for free travel accommodations. Business travelers find these kinds of programs to be very beneficial.
Zero Percent Introductory Interest Rates - What does this mean? Simply put: for a limited time, finance charges are not incurred.
The period where no finance charges are being applied typically lasts anywhere from six to twelve months.
Many customers use this time
to transfer outstanding balances from their interest bearing Business 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 key.
When a single payment is received late, most
the interest free introductory rates go up to another
rate. Customers that are approved for
Business Cards for Awesome
Credit, and have the opportunity to sign up for a zero percent promotion
ought to think about this card.
Secured Cards - People with this type of card
simply deposits a cash amount into an account that generates interest that the secured card issuer will set up.
This account serves as the security for the issuer. Once the account is set up, a credit card is
extended to the applicant with a spending limit equal to
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 monthly invoice
is is mailed or emailed if you choose paperless billing. Just like any other credit card, when you use it low monthly payments will become due. Secured Cards
are awesome because they operate like
regular credit cards allowing you
to complete all kinds of transactions including booking travel accommodations such as rental cars
that usually do not take debit
cards. One of the best things about the application process is that approval is ordinarily
guaranteed regardless of your credit score. However, keep in mind that many
credit-rebuilding card companies submit the way you pay your bill
to Experian, Equifax, and Trans Union. This can be a good
practice to prove you are creditworthy by making scheduled
payments whether you have Awesome
credit or not. After paying
six to twelve payments on or before their due date, some secured card companies will approve a higher limit without
requiring more cash to be put into the account that was used to set up the card.
Prepaid Credit Cards - With
a Prepaid card, you get out of it exactly what you put in. Similar to
a checking account, a certain amount of money is deposited into an account and that becomes
the credit limit. When the prepaid card
balance has been completely used, it can be reloaded with more money and used again. These cards
are great for students, they offer the same flexibility as a check card, and they are generally granted to those that may not qualify to
obtain a traditional depository account.
Approval is normally guaranteed regardless of
your credit profile and there is
no need for the prepaid company to send any inquiries to the three bureaus.
With all of the various sorts
of Business Cards
for Awesome credit and
benefits that are offered, there is something for everyone. Consider
Business Cards that offer rewards that match your lifestyle and spending style. Make an educated choice and be sure to
stay within your credit limit and make your payments on time every month. Good credit is a wonderful
thing to have.
To ensure that you keep cultivating a great FICO report, obey these three guidelines:
1. Always have your outstanding balance lower than the
card's limit. In other words, it is not smart to
"go wild". Try to keep
a balance that is no more than forty to fifty percent
of the maximum spending limit on any
Business Cards for Awesome Credit.
2. Do not make late 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. Once a payment is more than 30 days behind, it could be posted to Experian, Equifax, and Trans Union. This is bad for the consumer's credit score. Unfortunately, you may also have an increased interest rate as a result of just one past due payment. Thus it is advised that you make this bill payment a financial priority.
3. Pay all balances down to zero every few months.
When the balance gets to be about half of the limit, try to
bring the balance to zero at least once a year. After the bill has been paid down to zero go ahead and
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 this cycle going.
This approach confirms to the lenders
that you are creditworthy. Some of the other benefits of this approach are
low interest rates, higher credit limits, and a more favorable credit report.
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