Business Credit Cards for Rebuilding
Credit - Knowing The Opportunities
If people have
Credit, how do they
know which Business Credit Cards
to choose when there are so many possibilities?
The information below will expand on a few kinds
of cards to offer a helpful understanding
of the pros of each:
Cash Back - With a Cash Back
card, customers are rewarded with a refund that equals
a fraction of their purchases. For example,
if a customer has been approved for a Cash Back
option that provides five percent cash back
on food, gas, and pharmacy
items, as the cash back rewards add up they can be redeemed. If you
spend $150 in gas, groceries,
and drug store purchases weekly, by
the close of a year, about four hundred dollars
in cash back rewards would have accumulated.
Redeemable Points - In lieu
of giving cash rebates, some lenders
offer points programs. Customers get
rewards for making purchases. Every time the card is used, the rewards
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 so on.
Be sure to find out if the Business Credit Cards
for Rebuilding Credit you apply for offers
a redeemable rewards program.
Gasoline Bonuses - Companies
can be understanding about the price
of fuel and want to compensate
people for their purchases by giving them a prepaid
gasoline card. As transactions are completed, points are accumulated and summarized. Once a certain number of points are earned you are eligible for a
free prepaid fuel card. The funny thing is, with some cards fuel points can be earned
while buying fuel.
Points Redeemable for Free Hotel Stays, Rental Cars or Frequent Air Travel Miles - When purchases are made with these cards, "customers receive "" points"" toward free travel including free frequent flyer miles." Once a certain number of points have been accumulated, they can be applied toward all kinds of travel arrangements including free air travel. Business travelers find these kinds of programs to be very beneficial.
0% Promotional Interest Rates - With these cards, finance charges are not accrued for a certain amount of time.
The period where no finance charges are being applied usually lasts anywhere from six months up to a year.
Generally, people are advised to utilize this promotional period
to transfer balances from their high interest Business Credit Cards
to one of these, then pay the balances off within the promotional period. Making monthly payments on time is incredibly important.
When one payment is not paid on time, typically
the interest free introductory rates adjust to an interest-bearing
rate. Folks that are applying for
Business Credit Cards for Rebuilding
Credit, and have the chance to get a 0% promotion
ought to think about this great opportunity.
Secured Cards to Build Creditworthiness - People that have a secured card
simply puts a certain amount of money into an account specified by the secured card issuer.
This "is what makes it a "" secured card"" ." After the deposit is made a card is
issued with a credit limit in
the opening balance of the interest bearing account that was created. Each time you swipe your card the credit limit decreases, affordable
monthly payments are computed, and a bill
is generated. If transactions are being approved, a relatively small monthly payment is expected. Secured Cards to Build Creditworthiness
are good because they perform like
standard credit cards allowing customers
the freedom to book travel accommodations including hotels, rental cars, airline tickets, or cruises
that typically do not accept standard bank account
cards. However, just like prepaid cards approval is usually
guaranteed regardless of your credit score. This is good because most
secured card companies submit the way you pay your bill
to the credit bureaus. This is a great
way to establish creditworthiness by showing scheduled
payments no matter if you have Rebuilding
credit or not. Once you make
a certain number of payments on or before their due date, typically the lender will offer additional spending power without
asking for 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 conventional account, you put money in and that becomes
your spending limit. When the prepaid account
balance reaches zero, a deposit into the prepaid account can be made and the new credit limit will be the amount of the new deposit. Reloadable prepaid credit cards
are great for budgeting, purchases can be tracked, and they work well for individuals that are unable to
obtain a traditional bank account.
Fast approval is normally not a problem regardless of
your credit score and there is
no need for the prepaid company to send any inquiries to the three bureaus.
With all of the diverse kinds
of Business Credit Cards
for Rebuilding credit and
rewards that exist, there is something for everyone. Look for
Business Credit Cards that make sense for your situation that will allow you to control your spending habits. Stay smart and always
spend wisely and pay the bill on or before the due date. Superb credit is a terrific
To make sure that you keep growing a superb credit score, take heed to these general rules:
1. Always have a balance at a percentage of the
credit limit. Another way of saying it is, it is not smart to
"go wild". Try to retain
a bill that is no more than sixty percent or less
of the max on any
Business Credit Cards for Rebuilding Credit.
2. Make at least the minimum payment as scheduled. Even if you cannot make more than the minimum payment due, that's ok. Once a payment is more than 30 days behind, that information will be told to the credit reporting agencies. This is not good for your FICO profile. Not to mention when this happens you may also be assessed a rising interest rate as a consequence of a past due payment. Hence it is recommended that consumers make this bill payment a financial priority.
3. Repay the balance in total every time you can.
When you make purchases, try to
bring the balance to zero as much as possible. Subsequently, you can feel free to
start using the card again then take a few months to pay the balance off again, and keep this cycle going.
This sequence confirms to the issuing companies
that you can be a great customer. Once this sequence is repeated a couple of times, you could qualify for
a lower rate, a higher credit max, and a better FICO score.
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Business Credit Cards
for Rebuilding credit
are simple to apply for. Click now
to apply for a card that suits