Credit Cards for Average
Credit - Understanding The Opportunities
If people have
Credit, how can they
know which Credit Cards
to choose when there are so many choices?
This article discusses a few varieties
of cards to offer a helpful outline
of the benefits of each:
Cashback - With a Cashback
card, customers are rewarded with a reimbursement that equals
a percentage of their purchases. For example,
if a customer has been approved for a Cashback
option that provides 5% cashback
on groceries, gasoline, and drugstore
items, as the rebates add up they earn cash value. If you
spend $150 in fuel, food,
and pharmacy items every 5-7 days, at
the close of a 12-month period, about four hundred dollars
in rebates would be ready to cash out.
Rewards Points - Instead
of rewarding customers with cash back, some issuers
give redeemable rewards. Customers receive
points for just about every transaction. Every time the card is used, the points
add up. When you earn enough points they can be redeemed for great stuff, such as
free merchandise, gift cards, magazines, and more.
Always check to see if the Credit Cards
for Average Credit you apply for offers
a points program.
Petro Rewards - Lenders
are often times sensitive to the price
of gas and will offer an incentive to
their customers for using their cards by giving them a prepaid
gasoline card. As transactions are completed, points are accumulated and summarized. After a specified amount of points are accumulated they can be turned in for a
prepaid gasoline card. The cool thing is, with some cards gas rewards can even be earned
while making gas purchases.
Reward Points Toward Free Hotel Stays, Rental Cars or Frequent Air Travel Miles - When this kind of card is utilized, customers can earn frequent traveler's points that can be redeemed for free travel. As the points add up, they can be applied toward all kinds of travel arrangements including free air travel. This kind of card is great for business travelers.
0% Introductory Rates - Customers that utilize these cards are not charged any interest or finance charges for a certain number of months.
The period where no finance charges are being applied typically varies from half a year to a whole year.
Typically, customers take advantage of promotions such as this
to shift their balance from their high interest Credit Cards
to one like this and create a personal budget that allows them to pay the whole thing off without having to pay any finance charges. Making monthly payments on time is extremely important.
When the first payment is late, typically
the interest free rates are changed to a much higher
rate. Customers that are applying for
Credit Cards for Average
Credit, and are offered a 0% introductory rate
should consider this type of card.
Secured Cards for Building Credit - Customers with this type of card
would deposit a few hundred to a few thousand dollars, depending on what they could afford, in an account specified by the secured card issuer.
This becomes the card's collateral Then, a card is
sent with a credit limit that is the same as
the opening balance of the interest bearing account that was created. When purchases are made your available credit is recalculated, low interest
regularly scheduled payments are calculated, and a monthly invoice
is is mailed. Just like any other credit card, when you use it an affordable monthly invoice will be sent. Secured Cards for Building Credit
are good because they perform the same as
normal credit cards allowing you
the freedom to book travel accommodations including rental cars
that sometimes do not accept check
cards. One of the best things about the application process is that approval is usually
guaranteed regardless of your credit score. It is important to note that many
secured card issuers submit whether or not timely payments are made
to be added to your credit profile. This is a good
approach to prove you are creditworthy by paying timely
payments whether you have Average
credit or not. Once you make
a certain number of consecutive timely payments, typically the lender will offer additional spending power without
asking for another deposit to the initial secured account.
Prepaid Credit Cards - With
a Prepaid card, there is no question about the credit limit. Similar to
a typical bank account, a certain amount of money is deposited into an account and that is
the amount that can be used for purchases. When the prepaid card
balance has been exhausted, it can be reloaded with more money and used again. Reloadable cards
are fantastic for staying on a budget, they offer the same flexibility as a check card, and they help people that cannot
get a traditional checking account.
Quick approval is generally not a problem despite
your bureau profile and there is
no need for the issuer to send any inquiries to the three bureaus.
With all of the many sorts
of Credit Cards
for Average credit and
rewards that are offered, there is a solution available for most credit card seekers. Seek
Credit Cards that make sense for your situation that will allow you to control your spending habits. Remember these things and always
spend wisely and pay the bill on or before the due date. Superb credit is an awesome
thing to have.
To ensure that you keep cultivating the best credit profile, follow these three directions:
1. Maintain your bill at no more than half of the
card's max. Another way of saying it is, do not
"go crazy". The banks encourage their cardholders to keep
a balance that is somewhere around half
of the maximum spending limit on any
Credit Cards for Average Credit.
2. Pay your credit card bill on time every month. Even if the minimum is the most that your budget will allow, the most important thing is that the payment is made when it is due. If you miss a payment, that information must be reported to the credit bureaus. This has adverse affects on your FICO score. Additionally, when this happens you may also have to pay an increased interest rate as a consequence of something as small as a past due payment. Therefore it is recommended that consumers pay on time.
3. Pay the whole thing off every couple months.
If the card is used a lot, make it your goal to
bring the balance to zero as many times a year as possible. 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 keep utilizing this approach as you complete your monthly budget and annual financial plan.
This repayment history illustrates to the lenders
that you will be a great customer. Some of the other benefits of this approach are
low interest rates, a higher credit max, and a better FICO score.
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for Average credit
are available online. Click here
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