Credit Cards for Excellent
Credit - Knowing The Choices
When folks have
Credit, how will they
know which Credit Cards
to select when there are so many choices?
This article will break down several kinds
of cards to provide a useful outline
of the advantages of each:
Money Back - With a Money Back
card, customers get a repayment equivalent to
a fraction of their transactions. For example,
if somebody is approved for a Money Back
offer that provides five percent cashback
on supermarket, gasoline, and drugstore
items, as the rewards accumulate they can be redeemed. If you
spend one hundred and fifty dollars in gas, groceries,
and drug store purchases each week, at
the conclusion of a 12-month period, about four hundred dollars
in cash would be ready to cash out.
Redeemable Points - Instead
of giving money back, some issuers
offer redeemable rewards. Customers earn
rewards every time the card is used. Every time the card is used, the points
add up. After a certain amount of points add up they can be cashed in for all kinds of goodies including
free merchandise, gift items, magazines, etc.
It is important to know whether or not the Credit Cards
for Excellent Credit you are considering offers
a redeemable rewards program.
Gasoline Rewards - Credit card issuers
can be sensitive to the price
of gas and will reward
consumers for making card purchases by rewarding them with a prepaid
fuel card. As transactions are completed, points are accumulated and summarized. Once a certain number of points are earned you can get a
free prepaid gas card. The funny thing is, with some cards gas rewards can even be earned
while you are gassing up your vehicle.
Rewards for Free Rental Car Upgrades, Hotel Rooms, or Frequent Flyer Miles - When this kind of card is utilized, points that can be used as free frequent flyer miles or free travel vouchers are earned. 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% APR Promotions - Finance charges are not applied on these cards for a specified amount of time.
The period where no finance charges are being applied usually lasts anywhere from six months up to a year.
Most times, customers are advised to utilize this promotional period
to transfer outstanding balances from their current Credit Cards
to one like this and pay it off while there are no finance charges being accrued. Making monthly payments on time is imperative.
When the first payment is paid late, most
0% APR rates are changed to an interest-bearing
rate. Folks that are approved for
Credit Cards for Excellent
Credit, and have the opportunity to sign up for a zero percent promotion
should choose this money saving option.
Secured Credit Cards - Customers that have one of these
must deposit a few hundred to a few thousand dollars, depending on what they could afford, in a bank account that can generate interest.
This account serves as the security for the issuer. After the deposit is made a card is
extended to the applicant with a credit limit in
the amount that has been deposited in the account. As the card is used the credit limit decreases, low interest
monthly payments are computed, and payment plan
is generated. If purchases are made you will receive a payment plan. Secured Credit Cards
are awesome because they operate like
ordinary credit cards allowing customers
the freedom to book travel accommodations like rental cars
that typically do not take prepaid or debit
cards. Individuals with bad credit should apply because approval is generally
guaranteed regardless of your credit score. It is important to note that most
secured card companies report the way you pay your bill
to Experian, Equifax, and Trans Union. This is an excellent
practice to establish creditworthiness by showing regular
payments whether you have Excellent
credit or not. Once you make
several consecutive timely payments, most times the bank that gave you the card will allow you to make purchases over your current limit without
requiring another deposit to the initial secured account.
Prepaid Credit Cards - With
a Prepaid card, there is no guesswork. Similar to
a regular bank account, a deposit is made into an account and this becomes
your spending limit. When the prepaid account
balance becomes depleted, it can be reloaded with more money and used again. Reloadable prepaid credit cards
are good for staying on a budget, they make it so you don't have to carry cash all the time, and they are generally granted to those that may not qualify to
acquire a normal checking account.
Quick approval is normally granted regardless of
your bureau profile and there is
no need for the prepaid company to contact Experian, Equifax, and TransUnion.
With all of the many kinds
of Credit Cards
for Excellent credit and
benefits that are offered, it is easy to identify the best solution for your situation. Look for
Credit Cards that make sense for your situation that will allow you to control your spending habits. The most important thing is to be sure to
try to keep your purchases at less than half of your credit limit and make more than the minimum payment every month. Perfect credit is an awesome
To be certain that you keep cultivating an awesome FICO report, obey these general tips:
1. Keep your outstanding balance less than the
card's limit. Simply put, don't
"max out". Experts agree that consumers should retain
a bill that is about fifty percent
of the maximum spending limit on any
Credit Cards for Excellent Credit.
2. Pay the bill on time. Even if a small payment can be made, it is better to make that small payment on time then it is to try and pay more at a later date. When payments are made more than 30 days late, it must be told to the credit reporting companies. This negatively affects the consumer's FICO profile. As a result, customers may also have a higher interest rate as a result of a single delayed payment. Thus it is wise to make this bill payment a financial priority.
3. Repay the balance in total every few months.
When the balance gets to be about half of the limit, do your best to
pay the balance back down to zero as often as you can. Then once your balance is paid off it is okay to
make more purchases and after a couple of billing cycles, pay the whole thing off just like you did before, and make this your repayment pattern.
This approach confirms to the issuers
that you can be an excellent credit candidate. Some of the other benefits of this approach are
low interest rates, a higher limit, and a better FICO score.
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