Credit Cards for Good
Credit - Learning The Possibilities
When people have
Credit, how will they
tell which Credit Cards
to select when there are so many options?
This article discusses a couple types
of cards to provide a better outline
of the pros of each:
Cashback - With a Cashback
card, customers are offered a reimbursement equal to
a percentage of their transactions. For example,
if an applicant is approved for a Cashback
offer that provides 5% cash back
on groceries, gas, and pharmacy
purchases, as the cash back rewards add up they earn cash value. If you
use one hundred and fifty dollars in gas, food,
and pharmacy purchases weekly, by
the conclusion of a 12-month period, about four hundred dollars
in rebates would have accumulated.
Rewards Points - In lieu
of providing cash rebates, some issuers
present customers with redeemable rewards. Customers receive
points every time the card is used. Every time the card is used, the rewards
accumulate. Once a specified number of points have accumulated they can be redeemed for all kinds of goodies including
free hotel stays, gifts, magazines, and more.
Be sure to find out if the Credit Cards
for Good Credit that you want will offer
a points program.
Petro Rewards - Card Issuers
can be sensitive to the cost
of gasoline and will compensate
consumers for making card purchases by offering them a free
gasoline card. As the credit card is utilized, reward points add up. After you have earned enough points they can be cashed in for a
free prepaid gasoline card. Sometimes, gas rewards can even be earned
when making gas purchases.
Points for Free Hotel Stays, Rental Cars or Frequent Air Traveler Miles - When purchases are made with these cards, free travel points are earned. Once enough points are accumulated, they can be cashed in for discounted or free airline tickets or travel accommodations. This kind of card is great for business travelers.
Zero Percent Promotional Interest Rates - Finance charges are not applied on these cards for a specified amount of time.
The period where no finance charges are being applied generally spans six to twelve months.
Smart folks are advised to utilize this promotional period
to transfer their balance from their interest bearing Credit Cards
to one like this and pay it off while there are no finance charges being accrued. Paying the bill on or before the due date is extremely important.
When one payment becomes past due, most times
zero percent APR rates go up to a higher
rate. People that are applying for
Credit Cards for Good
Credit, and have the opportunity to sign up for a zero percent promotion
should choose this card.
Secured Cards to Build Creditworthiness - Customers with one of these
simply puts a specified amount of cash into an account that generates interest that the secured card issuer will set up.
This becomes the card's collateral Once the account is set up, a card is
delivered with a credit max in
the amount that has been deposited in the account. As the card is used the credit limit decreases, low interest
monthly payments are calculated, and a monthly invoice
is given to you. If the card is active an affordable repayment plan will be created. Secured Cards to Build Creditworthiness
are awesome because they perform like
standard credit cards allowing people
to complete all kinds of transactions including booking travel arrangements such as airline tickets
that commonly do not accept consumer checking account
cards. Individuals with bad credit should apply because approval is ordinarily
guaranteed even if your credit is poor. This can help in the rebuilding process because many
credit-rebuilding card issuers report your payment schedule and how you keep up with your payments
to be added to your credit profile. This is a wonderful
method to prove you are creditworthy by paying regular
payments whether you have Good
credit or not. After making
a certain number of consecutive timely payments, most issuers will increase your credit limit without
requiring another deposit to the initial secured account.
Pre-paid Credit Cards - With
a Pre-paid card, you get most of the benefits of a credit card without the debt. Just like
a regular bank account, a deposit is made into an account and this becomes
the amount that can be used for purchases. As the prepaid credit card
balance has been exhausted, you can recharge it with an additional deposit. Reloadable prepaid credit cards
are fantastic for students, transactions can be tracked and recorded if necessary, and they are generally granted to those that may not qualify to
acquire a traditional checking account.
Quick approval is generally not a problem despite
your credit profile and there is
no need for the bank that issues the prepaid cards to send any inquiries to the credit bureaus.
With all of the different types
of Credit Cards
for Good credit and
rewards that exist, it is easy to identify the best solution for your situation. Seek
Credit Cards that offer rewards that match your lifestyle and spending style. Make an educated choice and be sure to
spend wisely and pay the bill on or before the due date. Good credit is a terrific
To be certain that you keep building a prime credit score, obey these simple rules:
1. Keep your outstanding balance at no more than half of the
credit limit. Another way of saying it is, it is not smart to
"go crazy". Most people with excellent credit make it a point to retain
a bill that is generally fifty percent
of the limit 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, the most important thing is that the payment is made when it is due. When payments are made more than 30 days late, that information could be told to the credit reporting companies. This is bad for the consumer's FICO profile. Additionally, customers may also have to pay a rising interest rate as a result of one delayed payment. Hence it is advised that you be mindful of the due dates.
3. Pay the entire bill every so often.
When the balance gets to be about half of the limit, try to
take a few months and pay it off as many times a year as possible. Subsequently, it is okay to
start using the card again then pay it back down to zero again after a few months, and keep this pattern going
This cycle demonstrates to the lenders
that you will be an excellent credit candidate. Once this sequence is repeated a couple of times, you could qualify for
a lower interest rate, more of a limit, and a higher credit score.
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to start the application for a solution that suits