Credit Cards for Fair
Credit - Knowing The Choices
When people have
Credit, how can they
know which Credit Cards
to choose when there are so many possibilities?
This article will break down several varieties
of cards to give you a helpful outline
of the advantages of each:
Cashback - With a Cashback
card, customers are rewarded with a repayment equal to
a fraction of their transactions. For example,
if an applicant is approved for a Cashback
solution that offers five percent cash back
on supermarket, gasoline, and drugstore
purchases, as the rewards accumulate they earn cash value. If you
spend $150 in fuel, groceries,
and drugstore items each week, by
the completion of a 12-month period, $390
in cash back rewards would be available.
Rewards Points - Instead
of providing cash back, some companies
give redeemable rewards. Customers get
rewards every time the card is used. Every time the card is used, the points
accumulate. Once a specified number of points have accumulated they can be cashed in for great stuff, such as
free rental cars, gift items, subscriptions, etc.
It is important to know whether or not the Credit Cards
for Fair Credit that you want will offer
Gas Rewards - Credit card issuers
can be sensitive to the price
of fuel and want to give incentives to
their customers for using their credit card by rewarding them with a free
fuel card. As purchases are made, points are earned. Once you have completed enough transactions to accumulate a certain amount of points you can get a
free prepaid gas card. The funny thing is, with some cards gas rewards can even be earned
while buying fuel.
Points Redeemable for Free Rental Car Upgrades, Hotel Rooms, or Frequent Traveler Miles - When these cards are used, customers can earn frequent traveler's points that can be redeemed for free travel. Once a certain number of points have been accumulated, they can be applied toward all kinds of travel arrangements including free air travel. These rewards work best for those who travel a lot.
0% Promotional Interest Rates - With these cards, finance charges are not accrued for a certain amount of time.
This time period typically spans 6-12 months.
Generally, people are advised to utilize promotions such as this
to shift their balance from their high interest Credit Cards
to one of these, then create a personal budget that allows them to pay the whole thing off without having to pay any finance charges. Keeping monthly payments up to date is incredibly important.
When one payment becomes past due, typically
0% APR rates go up to a different
rate. People that are eligible for
Credit Cards for Fair
Credit, and have the opportunity to sign up for a 0% introductory rate
ought to consider this great opportunity.
Secured Credit Cards - People that have one of these
simply inserts money in an account specified by the secured card issuer.
This is what secures the account. At that point a card is
extended to the applicant with a line of credit in
the opening balance of the interest bearing account that was created. Every time you use it your available credit is recalculated, affordable
regularly scheduled payments are computed, and a bill
is given to you. If transactions are being approved, you will receive a payment plan. Secured Credit Cards
are terrific because they perform like
regular credit cards allowing customers
the freedom to book travel arrangements such as vehicle rentals
that typically do not accept consumer checking account
cards. Individuals with bad credit should apply because approval is ordinarily
guaranteed whether you have good credit or not. It is important to note that most
secured card issuers submit whether or not the bill is paid on time
to be added to your credit profile. This can be a great
method to show creditworthiness by making timely
payments whether you have Fair
credit or not. After making
several payments in a row, many times the limit can be increased without
asking for an additional deposit.
Reloadable Prepaid Credit Cards - With
a Reloadable Prepaid card, purchases can be made without interest, fees, or finance charges. Just like
a conventional account, a deposit is made into an account and that becomes
the credit limit. As the prepaid credit card
balance becomes depleted, simply put more cash into the prepaid account and your card will be ready for use once again. Prepaid cards
are terrific as gifts, they offer the same flexibility as a check card, and they work well for individuals that are unable to
get a conventional depository account.
Quick approval is normally granted regardless of
your bureau profile and there is
no need for the bank that issues the prepaid cards to send any inquiries to the three bureaus.
With all of the many sorts
of Credit Cards
for Fair credit and
incentives that each of them offer, there is a solution available for most credit card seekers. Consider
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. Super credit is a great
To ensure that you keep cultivating a super credit profile, take heed to these general directions:
1. Keep your outstanding balance lower than the
credit limit. In other words, don't
"go crazy". Always carry
a bill that is generally forty to fifty percent
of the available balance on any
Credit Cards for Fair Credit.
2. Do not make late payments. Even if you have to make just the minimum payment that is listed on your monthly statement, pay it. If the bill is paid 30 days after the due date, that information must be forwarded to Experian, Equifax, and Trans Union. This could bring down your FICO profile. As a result, when this happens you may also be assessed an increased interest rate as a consequence of just this one late payment. Therefore it is smart to make payments.
3. Pay the balance completely every time your finances will allow.
If the card is used a lot, make it your goal to
pay it all off as often as you can. Subsequently, it is smart to
begin creating transaction activity (like buying gas, shopping online, or making purchases) then pay it off once again after over the course of a few billing cycles, and keep this cycle going.
This process shows the issuing companies
that you can be an excellent credit candidate. Most lenders reward customers like this with
a lower interest rate, a higher credit max, and a higher credit score.
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