Business Cards for Good
Credit - Learning The Opportunities
When individuals have
Credit, how do they
know which Business Cards
to select when there are so many possibilities?
The information below will discuss a couple types
of cards to provide a useful understanding
of the benefits of each:
Cash Back - With a Cash Back
card, customers get a reimbursement that is the same as
a fraction of their transactions. For example,
if a customer has been approved for a Cash Back
solution that provides five percent cashback
on food, gasoline, and pharmacy
purchases, as the cash back rewards add up they can converted to cash. If you
use a hundred fifty dollars in gasoline, food,
and drugstore items every week, by
the completion of a 12-month period, almost $400
in cash would be ready to cash out.
Redeemable Points - Instead
of offering money back, some lenders
offer redeemable rewards. Customers get
rewards for just about every transaction. Every time the card is used, the points
increase. When you earn enough points they can be redeemed for items including
free hotel stays, gift items, magazines, and more.
It is wise to see if the Business Cards
for Good Credit you are considering offers
a points program.
Fuel Bonuses - Lenders
are often times considerate of the cost
of gas and will offer an incentive to
their customers for using their cards by offering them a prepaid
fuel card. As transactions are completed, points are accumulated and summarized. Once you have completed enough transactions to accumulate a certain amount of points they can be redeemed for a
free prepaid gas station card. Sometimes, redeemable fuel rewards can be accumulated
when buying fuel.
Reward Points Toward Free Rental Car Upgrades, Hotel Rooms, or Frequent Traveler 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 specified number of points are earned, they can be cashed in exchange for free airline tickets, hotel stays, or rental cars. These programs are great for frequent travelers.
0% APR Promotions - Customers that utilize these cards are not charged any interest or finance charges for a certain number of months.
This time period generally spans 6-12 months.
Typically, customers use promotions such as this
to move outstanding balances from their current Business Cards
to one of these, then 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 key.
When the first payment becomes past due, generally
0% APR rates adjust to a higher
rate. Folks that are approved for
Business Cards for Good
Credit, and are offered an introductory period free of finance charges
ought to think about this option.
Secured Cards to Establish Credit - People that have one of these
must put a certain amount of money into a savings account.
This is what secures the account. Once the account is set up, a card is
offered with a line of credit that is the same as
the amount that has been deposited in the account. Each time a transaction is approved the amount of that transaction is deducted from your available credit balance, affordable
recurrent payments are computed, and a monthly invoice
is generated. If the card is active an affordable monthly invoice will be sent. Secured Cards to Establish Credit
are awesome because they perform the same as
ordinary credit cards allowing you
to do things that debit cards may not, like making travel accommodations such as hotels
that usually do not take standard bank account
cards. One of the best things about the application process is that approval is generally
guaranteed no matter what. However, keep in mind that most
secured card companies submit your payment schedule and how you keep up with your payments
to Experian, Equifax, and Trans Union. This can be a fantastic
method to establish creditworthiness by making timely
payments whether you have Good
credit or not. After making
six to twelve consecutive timely payments, 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, there is no guesswork. Just like
a regular bank account, a certain amount of money is deposited into an account and that is
the amount that can be spent. When the prepaid account
balance has been completely used, simply put more cash into the prepaid account and your card will be ready for use once again. Prepaid credit cards
are great for financial planning, they allow people to make online purchases, and they are generally granted to those that may not qualify to
obtain a traditional bank account.
Fast approval is usually granted regardless of
your FICO profile and there is
no need for the prepaid card issuer to contact the credit bureaus.
With all of the many kinds
of Business Cards
for Good credit and
benefits that exist, there is something for everyone. Seek
Business Cards that make sense for your situation that will allow you to control your spending habits. When you receive your card be sure to
spend within your budget and stay under the limit. Timely payments are important as well. Awesome credit is a terrific
To ensure that you keep building a prime credit report, obey these general rules:
1. Keep your outstanding balance at no more than half of the
credit max. In other words, do not
"over spend". Try to retain
a bill that is generally fifty percent
of the limit on any
Business Cards for Good Credit.
2. Make at least the minimum payment as scheduled. Even if you cannot make more than the minimum payment due, that will be just fine. When payments are made more than 30 days late, that information may be reported to the credit reporting agencies. This is bad for the consumer's FICO score. Not to mention you may also experience a higher interest rate as a consequence of a tardy payment. Hence it is recommended that consumers be mindful of the due dates.
3. Repay all balances down to zero every couple months.
When purchases are made, make it your goal to
bring the balance to zero as often as you can. After the bill has been paid down to zero it is smart to
start swiping your card for purchases again then take a few months to pay the balance off again, and don't stop this habit.
This repayment history confirms to the issuing companies
that you can be creditworthy. You could also be rewarded with
lower rates, higher credit limits, and a higher credit score.
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