Credit Cards for Excellent
Credit - Understanding The Options
When folks have
Credit, how do they
know which Credit Cards
to choose when there are so many options?
This article will break down a few types
of cards to give you a better understanding
of the benefits of each:
Cash Back - With a Cash Back
card, customers are rewarded with a rebate equal to
a percentage of their purchases. For example,
if there is a Cash Back
option that offers 5% cash back
on supermarket, gasoline, and drugstore
purchases, as the rebates add up they can be cashed in. If you
spend $150 in gas, food,
and pharmacy purchases each week, at
the end of a year, $390
in rebates would be available.
Rewards Points - Instead
of offering cash back, some issuers
offer points programs. Customers earn
rewards for making purchases. As purchases are made, the rewards
add up. Once a specified number of points have accumulated they can be redeemed for perks like
free merchandise, gift cards, magazines, etc.
Always check to see if the Credit Cards
for Excellent Credit you apply for offers
Gas Rewards - Lenders
can be sensitive to the cost
of gas and will reward
their customers for their purchases by giving them a prepaid
gas card. As purchases are made, points are earned. Once a certain number of points are earned they can be redeemed for a
prepaid gas card. The funny thing is, with some cards fuel points can be earned
when making gas purchases.
Points Toward Free Hotel Stays, Rental Cars or Frequent Flyer Miles - When purchases are made with these cards, redeemable points that can be cashed in for free travel miles are earned. Once a specified number of points are earned, they can be cashed in for discounted or free airline tickets or travel accommodations. These rewards work best for those who travel a lot.
Zero Percent APR Promotions - With these cards, finance charges are not accrued for a certain amount of time.
The promotional period usually varies from 6-12 months.
Many people use this interest-free period
to transfer balances from their high interest Credit Cards
to one of these, then pay the balances off within the promotional period. Making timely payments is very important.
When one payment becomes past due, most
0% APR rates adjust to a higher
rate. Customers that are applying for
Credit Cards for Excellent
Credit, and are offered a 0% promotion
should consider this option.
Secured Credit Cards - People that have a secured card
would deposit a cash amount into an interest-bearing savings account.
This becomes the card's collateral At that point a credit card is
issued with a line of credit in
the amount of the deposit. When purchases are made the credit limit decreases, affordable
monthly payments are calculated, and a bill
is sent. If purchases are made a relatively small monthly payment is expected. Secured Credit Cards
are great because they function like
regular credit cards allowing customers
to do things that debit cards may not, like making travel arrangements such as hotels
that generally do not accept debit
cards. However, just like prepaid cards approval is usually
guaranteed regardless of your credit score. This can help in the rebuilding process because many
secured card issuers report your payment schedule and how you keep up with your payments
to the credit bureaus. This can be a great
way to establish creditworthiness by showing timely
payments whether you have Excellent
credit or not. After making
several consecutive timely payments, many times the limit can be increased without
requiring an additional deposit.
Prepaid Credit Cards - With
a Prepaid card, you get out of it exactly what you put in. Similar to
a checking account, a certain amount of money is deposited into an account and this is
your spending limit. When the prepaid credit card
balance reaches zero, you can recharge it with an additional deposit. Prepaid credit cards
are great for budgeting, they allow people to make online purchases, and they help people that cannot
obtain a conventional checking account.
Approval is usually guaranteed regardless of
your credit score and there is
no need for the issuer to deal with the credit bureaus.
With all of the different types
of Credit Cards
for Excellent credit and
rewards that are available, there is something for everyone. Look for
Credit Cards that offer rewards that match your lifestyle and spending style. The most important thing is to be sure to
make wise purchases and timely payments. Excellent credit is a great
To make sure that you keep building an excellent credit profile, follow these simple rules:
1. Maintain a balance less than the
credit limit. In other words, don't
"max out". Try to keep
a balance that is no more than half
of the limit on any
Credit Cards for Excellent Credit.
2. Pay your credit card bill on time every month. Even if a minimum payment is all you can afford to make, be sure to pay the bill on time. When payments are made more than 30 days late, it will be reported to the credit bureaus. This negatively affects your credit score. Additionally, customers may also have to pay a higher interest rate as a result of a late payment. Therefore it is wise to make payments.
3. Pay all balances down to zero every few months.
When you make purchases, try to
take a few months and pay it off at least once a year. Then once your balance is paid off you can feel free to
make more purchases and take a few months to pay the balance off again, and keep this cycle going.
This process shows the lenders
that you are creditworthy. You could also be rewarded with
low interest rates, higher credit limits, and a higher credit score.
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