Credit Cards for Awesome
Credit - Understanding The Possibilities
If individuals have
Credit, how can they
know which Credit Cards
to choose when there are so many opportunities?
This article will expand on a couple kinds
of cards to offer a useful understanding
of the advantages of each:
Cashback - With a Cashback
card, customers are rewarded with a rebate that is the same as
a percentage of their purchases. For example,
if an applicant is approved for a Cashback
offer that offers five percent cash back
on groceries, gasoline, and drugstore
purchases, as the rewards accumulate they earn cash value. If you
spend a hundred fifty dollars in gasoline, groceries,
and pharmacy purchases every week, by
the completion of a 12-month period, almost $400
in cash would have accumulated.
Redeemable Points - In lieu
of rewarding customers with money back, some companies
give redeemable rewards. Customers earn
rewards for making purchases. As purchases are made, the points
accumulate. After a certain amount of points add up they can be redeemed for things like
free merchandise, gift items, magazines, etc.
Always check to see if the Credit Cards
for Awesome Credit you are considering offers
a points program.
Petro Bonuses - Card Issuers
are often times understanding about the cost
of gas and want to give incentives to
their customers for making card purchases by rewarding them with a prepaid
fuel card. As the credit card is utilized, reward points add up. After you have earned enough points they can be redeemed for a
free prepaid fuel card. Sometimes, gas rewards can even be earned
when you are getting gas.
Points for Free Rental Car Upgrades, Hotel Rooms, or Frequent Flyer Miles - When these cards are used, "customers receive "" points"" toward free travel including free frequent flyer miles." Once a certain number of points have been accumulated, they can be cashed in exchange for free airline tickets, hotel stays, or rental cars. Frequent travelers really like these rewards.
Zero Percent Introductory Rates - Finance charges are not applied on these cards for a specified amount of time.
The promotional period generally varies from half a year to a whole year.
Smart customers use this time
to shift outstanding balances from their interest bearing Credit Cards
to one of these and pay the balances off within the promotional period. Making monthly payments on time is incredibly important.
When a payment becomes past due, most
the introductory rates adjust to a much higher
rate. People that are eligible for
Credit Cards for Awesome
Credit, and are offered an introductory period free of finance charges
ought to consider this type of card.
Secured Credit Cards - Individuals with a secured credit card
must insert a specified amount of cash in a secure account that accumulates interest.
This "is why the card is called "" secured"" ." Then, a credit card is
issued with a spending limit equal to
the amount of the deposit. Each time you swipe your card your available credit is recalculated, low interest
regularly scheduled payments are determined, and a monthly invoice
is sent. If the card is being used low monthly payments will become due. Secured Credit Cards
are excellent because they perform like
conventional credit cards allowing people
the freedom to book travel accommodations including rental cars
that typically do not take check
cards. When applicants have bad credit approval is ordinarily
guaranteed whether you have good credit or not. It is important to note that most
secured card companies report whether or not the bill is paid on time
to the credit bureaus. This could be a fantastic
method to prove you are creditworthy by showing regular
payments whether you have Awesome
credit or not. After paying
a certain number of payments in a row, 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 most of the benefits of a credit card without the debt. Just like
a typical bank account, a certain amount of money is deposited into an account and that is
the amount that can be spent. After the prepaid account
balance is used up, simply put more cash into the prepaid account and your card will be ready for use once again. Reloadable cards
are good for budgeting, they offer the kind of flexibility that debit cards have, and they are a great solution for those that cannot
acquire a standard bank account.
Quick approval is generally guaranteed despite
your FICO profile and there is
no need for the bank that issues the prepaid cards to deal with the credit bureaus.
With all of the various types
of Credit Cards
for Awesome credit and
benefits that each of them offer, there is a solution available for most credit card seekers. Look for
Credit Cards that allow for the most rewards. Remember these things and always
try to keep your purchases at less than half of your credit limit and make more than the minimum payment every month. Good credit is a terrific
thing to have.
To ensure that you keep cultivating an awesome FICO profile, obey these three tips:
1. Keep your bill less than the
credit limit. In other words, it is not smart to
"go crazy". Try to keep
an account that is no more than sixty percent or less
of the limit on any
Credit Cards for Awesome Credit.
2. Do not default on payments. Even if you cannot make more than the minimum payment due, pay it before the due date. When payments are made more than 30 days late, that information could be reported to Experian, Equifax, and Trans Union. This has adverse affects on your FICO score. And let's not forget the fact that you may also have to pay a higher interest rate as a consequence of a single tardy payment. Thus it is smart to stay on top of the bill.
3. Repay the balance completely every quarter.
When the balance gets to be about half of the limit, do your best to
pay the balance back down to zero as much as possible. Afterward, you can feel free to
begin creating transaction activity (like buying gas, shopping online, or making purchases) then pay it back down to zero again after a few months, and keep utilizing this approach as you complete your monthly budget and annual financial plan.
This pattern demonstrates to the lenders
that you can be an excellent credit candidate. Once this sequence is repeated a couple of times, you could qualify for
a lower interest rate, an increased credit limit, and a higher FICO score.
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