Credit Cards for Good
Credit - Understanding The Choices
If people have
Credit, how will they
distinguish which Credit Cards
to choose when there are so many possibilities?
This article will expand on a few types
of cards to offer a better understanding
of the pros of each:
Cashback - With a Cashback
card, customers are rewarded with a refund that equals
a percentage of their transactions. For instance,
if somebody has a Cashback
option that awards 5% cash back
on supermarket, fuel, and pharmacy
items, as the cash back rewards add up they can be cashed in. If you
spend $150 in gasoline, groceries,
and pharmacy purchases each week, by
the close of a year, $390
in cash would be available.
Rewards Points - Instead
of providing cash rewards, some companies
give points programs. Customers earn
points for making purchases. With each swipe of the card, the points
add up. Once a specified number of points have accumulated they can be redeemed for great stuff, such as
free merchandise, gift cards, magazines, and more.
It is wise to see if the Credit Cards
for Good Credit you apply for offers
Gasoline Bonuses - Lenders
are often times considerate of the cost
of fuel and want to offer an incentive to
people for their purchases by rewarding them with a free
fuel card. As transactions are completed, points are accumulated and summarized. After a specified amount of points are accumulated they can be cashed in for a
prepaid gas station card. The funny thing is, with some cards gas points are actually accumulated even
while you are getting gas.
Points Toward Free Rental Car Upgrades, Hotel Rooms, or Frequent Flyer Miles - When these cards are used, customers can earn frequent traveler's points that can be redeemed for free travel. Once enough points are accumulated, they can be cashed in exchange for free airline tickets, hotel stays, or rental cars. These programs are great for frequent travelers.
Zero Percent APR Promotions - With these cards, finance charges are not accrued for a certain amount of time.
The promotional period typically lasts anywhere from six months up to a year.
Generally, customers take advantage of this time
to shift their balance from their current Credit Cards
to one of these, then pay the balances off within the promotional period. Making timely payments is very important.
When the first payment becomes past due, most
0% APR rates are changed to another
rate. People that are applying for
Credit Cards for Good
Credit, and have the chance to get a 0% introductory rate
ought to choose this type of card.
Secured Cards to Build Creditworthiness - Customers with this type of card
must deposit a specified amount of cash in a savings account.
This "is why the card is called "" secured"" ." Once the account is set up, a credit card is
delivered with a credit max that is the same as
the opening balance of the interest bearing account that was created. When purchases are made the credit limit decreases, affordable
regularly scheduled payments are determined, and a bill
is is mailed or emailed if you choose paperless billing. If the card is active low monthly payments will become due. Secured Cards to Build Creditworthiness
are perfect because they operate like
ordinary credit cards allowing you
the freedom to book travel accommodations such as airline tickets
that sometimes do not take consumer checking account
cards. For those with bad credit approval is usually
guaranteed even if your credit is poor. This is good because most
credit-rebuilding card issuers report whether or not timely payments are made
to the credit bureaus. This can be a good
practice to establish creditworthiness by paying regular
payments whether you have Good
credit or not. After making
six to twelve payments on or before their due date, most issuers will increase your credit limit without
asking for an additional deposit.
Prepaid Credit Cards - With
a Prepaid card, you get most of the benefits of a credit card without the debt. Just like
a regular bank account, a certain amount of money is deposited into an account and this is
your spending limit. As the prepaid credit card
balance reaches zero, simply put more cash into the prepaid account and your card will be ready for use once again. Reloadable prepaid credit cards
are great for parents to use to give an allowance to their teen or college student, they allow people to make online purchases, and they help people that cannot
get a standard bank account.
Quick approval is typically guaranteed regardless of
your bureau report and there is
no need for the prepaid company to send any inquiries to the credit bureaus.
With all of the various types
of Credit Cards
for Good credit and
benefits that are offered, 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 always
stay within your credit limit and make your payments on time every month. Superb credit is fantastic
To guarantee that you keep cultivating a super credit report, take heed to these general tips:
1. Always have a balance lower than the
card's max. Another way of saying it is, don't
"max out". Always carry
a balance that is about half
of the max on any
Credit Cards for Good Credit.
2. Pay your credit card bill on time every month. Even if a small payment can be made, pay it. Once a payment is more than 30 days behind, it will be reported to the credit reporting companies. This negatively affects the consumer's credit profile. As a result, you may also experience more points on the card's interest rate as a consequence of just this one late payment. Therefore it is recommended that consumers make this bill payment a financial priority.
3. Pay the balance completely every couple months.
When the balance gets to be about half of the limit, do your best to
pay the balance back down to zero as many times a year as possible. Afterward, it is wise to
start using the card again and after a couple of billing cycles, pay the whole thing off just like you did before, and keep utilizing this approach as you complete your monthly budget and annual financial plan.
This cycle confirms to the lenders
that you can be a great customer. Once this sequence is repeated a couple of times, you could qualify for
lower rates, higher credit limits, and a higher FICO score.
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