Credit Cards for Good
Credit - Learning The Possibilities
When individuals have
Credit, how do they
distinguish which Credit Cards
to choose when there are so many choices?
This article discusses 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 offered a reimbursement that equals
a fraction of their purchases. For instance,
if a customer has been approved for a Cash Back
solution that provides 5% cashback
on food, fuel, and drugstore
items, as the rebates add up they earn cash value. If you
use $150 in fuel, food,
and pharmacy purchases every week, at
the completion of a 12-month period, almost $400
in rebates would be ready to cash out.
Redeemable Points - Instead
of rewarding customers with money back, some issuers
offer redeemable rewards. Customers get
rewards every time the card is used. With each swipe of the card, the rewards
increase. Once a specified number of points have accumulated they can be redeemed for great stuff, such as
free merchandise, gifts, magazines, and so on.
It is important to know whether or not the Credit Cards
for Good Credit that you want will offer
a redeemable rewards program.
Petro Bonuses - Companies
are often times sensitive to the cost
of gasoline and will give incentives to
their customers for their purchases by offering them a prepaid
gasoline card. As the card is used, points are accumulated. Once a certain number of points are earned they can be turned in for a
prepaid gas card. The funny thing is, with some cards redeemable fuel rewards can be accumulated
when making gas purchases.
Points Redeemable for Free Rental Car Upgrades, Hotel Rooms, or Frequent Air Travel Miles - When this kind of card is utilized, free travel points are earned. Once a specified number of points are earned, they can be applied toward all kinds of travel arrangements including free air travel. These programs are great for frequent travelers.
Zero Percent Introductory Rates - What does this mean? Simply put: for a limited time, finance charges are not incurred.
The period where no finance charges are being applied generally spans half a year to a whole year.
Typically, folks are advised to utilize this time
to transfer their balance from their interest bearing Credit Cards
to one like this and pay the balances off within the promotional period. Paying the bill on or before the due date is especially crucial.
When a single payment is received late, generally
0% APR rates adjust to a higher
rate. People that are eligible for
Credit Cards for Good
Credit, and have the chance to get an interest free period
should think about this opportunity.
Secured Cards for Rebuilding Credit - Customers with one of these
would insert a cash amount in an interest-bearing savings account.
This "is why the card is called "" secured"" ." Then, a card is
sent with a spending limit equal to
the opening balance of the interest bearing account that was created. When purchases are made the credit limit decreases, affordable
monthly payments are computed, and a bill
is is mailed or emailed if you choose paperless billing. If the card is being used low monthly payments will become due. Secured Cards for Rebuilding Credit
are excellent because they function like
normal credit cards allowing people
to complete all kinds of transactions including booking travel accommodations such as rental cars
that sometimes do not take standard bank account
cards. However, just like prepaid cards approval is ordinarily
guaranteed no matter what. It is important to note that most
credit-rebuilding card companies report your payment schedule and how you keep up with your payments
to be added to your credit profile. This is a terrific
approach to establish creditworthiness by making scheduled
payments whether you have Good
credit or not. Once you have paid
a certain number of payments in a row, typically the lender will offer additional spending power without
asking for an additional deposit.
Prepaid Credit Cards - With
a Prepaid card, purchases can be made without interest, fees, or finance charges. Similar to
a conventional account, a certain amount of money is deposited into an account and that is
the amount that can be spent. As the prepaid account
balance is used up, a deposit into the prepaid account can be made and the new credit limit will be the amount of the new deposit. Prepaid credit cards
are fantastic for financial planning, they make it so you don't have to carry cash all the time, and they help people that cannot
get a standard bank account.
Fast approval is normally granted regardless of
your bureau score and there is
no need for the issuer to deal with Experian, Equifax, and TransUnion.
With all of the various types
of Credit Cards
for Good credit and
rewards that are available, there is something for everyone. Consider
Credit Cards that allow for the most rewards. When you receive your card be sure to
make wise purchases and timely payments. Prime credit is a wonderful
To be certain that you keep growing a superb credit profile, obey these three instructions:
1. Always have a balance at no more than half of the
credit limit. Simply put, do not
"go crazy". Experts agree that consumers should maintain
a balance that is about half
of the max on any
Credit Cards for Good Credit.
2. Make the monthly payments by the due date. Even if you cannot make more than the minimum payment due, that's ok. If you miss a payment, that information could be told to Experian, Equifax, and Trans Union. This has adverse affects on the consumer's FICO score. And let's not forget the fact that customers may also be assessed more points on the card's interest rate as a result of a solitary past due payment. Thus it is advised that you make payments.
3. Pay the balance in total every few months.
When purchases are made, try to
pay it all off as much as possible. Subsequently, it is okay to
begin creating transaction activity (like buying gas, shopping online, or making purchases) and after a couple of billing cycles, pay the whole thing off just like you did before, and keep this cycle going.
This approach indicates to the lenders
that you can be creditworthy. Once this sequence is repeated a couple of times, you could qualify for
low interest rates, more of a limit, and a higher FICO score.
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