Business Cards for Ok
Credit - Understanding The Options
If folks have
Credit, how do they
distinguish which Business Cards
to select when there are so many opportunities?
The information below will expand on a couple types
of cards to offer a useful understanding
of the benefits of each:
Cash Back - With a Cash Back
card, customers get a reimbursement equal to
a fraction of their transactions. For example,
if a customer has been approved for a Cash Back
option that awards five percent cashback
on supermarket, fuel, and pharmacy
items, as the rewards accumulate they can converted to cash. If you
use a hundred fifty dollars in petro, food,
and drug store purchases every week, by
the completion of a 12-month period, about four hundred dollars
in rebates would be available.
Rewards Points - Instead
of providing cash rewards, some issuers
offer points programs. Customers receive
points when purchases are made. With each swipe of the card, the points
increase. When you earn enough points they can be cashed in for all kinds of goodies including
free merchandise, gift cards, subscriptions, etc.
Always check to see if the Business Cards
for Ok Credit you apply for offers
a redeemable rewards program.
Gasoline Rewards - Companies
are often times sensitive to the price
of fuel and will reward
their customers for using their credit card 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 you are eligible for a
prepaid gas card. Sometimes, gas rewards can even be earned
while buying gas.
Points for Free Hotel Accommodations, Car Rentals, or Frequent Traveler Miles - When these cards are used, "customers receive "" points"" toward free travel including free frequent flyer miles." After an accumulation of a certain number of points, they turn into vouchers that can be used for discounted or free travel arrangements like rental cars, hotels, or even airline tickets. Frequent travelers really like these rewards.
Zero Percent Promotions - What does this mean? Simply put: for a limited time, finance charges are not incurred.
The promotional period typically spans 6-12 months.
Many customers take advantage of this interest-free period
to move their balance from their current Business Cards
to one of these, then pay it off while there are no finance charges being accrued. Making timely payments is imperative.
When a payment is received late, most times
the interest free introductory rates adjust to another
rate. People that are eligible for
Business Cards for Ok
Credit, and are offered an interest free period
ought to think about this money saving option.
Secured Cards to Build Creditworthiness - Customers with a secured credit card
must deposit a specified amount of cash in a secure account that accumulates interest.
This becomes the card's collateral At that point a card is
delivered with a credit limit equal to
the amount of the deposit. As the card is used your available credit is recalculated, low rate
monthly payments are determined, and a bill
is given to you. If the card is active a relatively small monthly payment is expected. Secured Cards to Build Creditworthiness
are terrific because they function the same as
conventional credit cards allowing you
the freedom to book travel accommodations including airline tickets
that usually do not accept prepaid or debit
cards. One of the best things about the application process is that approval is typically
guaranteed regardless of your credit score. This is good because most
credit-rebuilding card issuers report your repayment history
to the credit bureaus. This is an excellent
method to establish creditworthiness by making regular
payments whether you have Ok
credit or not. Once you have paid
several payments in a row, some secured card companies will approve a higher limit without
requiring another deposit to the initial secured account.
Pre-paid Credit Cards - With
a Pre-paid card, purchases can be made without interest, fees, or finance charges. Just like
a conventional account, a certain amount of money is deposited into an account and that is
the amount that can be used for purchases. As the prepaid credit card
balance reaches zero, simply put more cash into the prepaid account and your card will be ready for use once again. These cards
are great for students, they offer the same flexibility as a check card, and they help people that cannot
get a conventional depository account.
Quick approval is normally granted regardless of
your bureau report and there is
no need for the prepaid card issuer to deal with Experian, Equifax, and TransUnion.
With all of the various types
of Business Cards
for Ok credit and
benefits that they have, there is something for everyone. Look for
Business Cards that give the benefits that fit your situation. Make an educated choice and always
spend within your budget and stay under the limit. Timely payments are important as well. Superb credit is fantastic
To be certain that you keep developing a top notch credit profile, obey these simple directions:
1. Keep your outstanding balance at a percentage of the
credit limit. In other words, it is not smart to
"go wild". Always keep
a bill that is about forty to fifty percent
of the max on any
Business Cards for Ok Credit.
2. Make payments on or before the due date. Even if a small payment can be made, the most important thing is that the payment is made when it is due. Once a payment is more than 30 days behind, that information must be posted to the credit reporting companies. This is not good for your credit report. And let's not forget the fact that you may also experience an increased interest rate as a result of something as small as a tardy payment. Thus it is wise to pay on time.
3. Pay the balance completely every couple months.
When the balance gets to be about half of the limit, make it your goal to
pay the balance back down to zero as many times a year as possible. Once you do this it is smart to
begin creating transaction activity (like buying gas, shopping online, or making purchases) then after a couple of billing cycles, pay the whole thing off just like you did before, and keep this cycle going.
This approach indicates to the issuers
that you will be creditworthy. Once this sequence is repeated a couple of times, you could qualify for
low interest rates, more of a limit, and a more favorable credit report.
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