Credit Cards for Poor
Credit - Knowing The Choices
When individuals have
Credit, how do they
know which Credit Cards
to select when there are so many possibilities?
The information below will discuss a few types
of cards to offer a better understanding
of the benefits of each:
Cashback - With a Cashback
card, customers are offered a rebate that is the same as
a fraction of their transactions. For instance,
if somebody has a Cashback
offer that provides 5% cash back
on food, gas, and pharmacy
purchases, as the rebates add up they earn cash value. If you
pay $150 in gasoline, food,
and drugstore items every 5-7 days, by
the completion of a 12-month period, $390
in cash back rewards would be available.
Redeemable Points - In lieu
of offering cash rebates, some issuers
offer redeemable rewards. Customers get
points when purchases are made. Every time the card is used, the rewards
accumulate. When you earn enough points they can be redeemed for all kinds of goodies including
free travel, gifts, subscriptions, etc.
It is wise to see if the Credit Cards
for Poor Credit that you want will offer
Gasoline Rewards - Companies
are often times considerate of the price
of gas and will offer an incentive to
their customers for their purchases by rewarding them with a free
gasoline card. As transactions are completed, points are accumulated and summarized. After you have earned enough points they can be redeemed for a
prepaid gas station card. Sometimes, redeemable fuel rewards can be accumulated
when making gas purchases.
Reward Points Toward Free Hotel Stays, Rental Cars or Frequent Air Traveler Miles - When purchases are made with these cards, points that can be used as free frequent flyer miles or free travel vouchers are earned. Once a specified number of points are earned, they can be redeemed for free travel accommodations. These programs are great for frequent travelers.
Zero Percent APR Promotions - 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 people take advantage of this interest-free period
to shift balances from their interest bearing Credit Cards
to one of these, then pay it off while there are no finance charges being accrued. Making monthly payments on time is incredibly important.
When one payment is paid after the due date, most times
the interest free introductory rates go up to an interest-bearing
rate. People that are applying for
Credit Cards for Poor
Credit, and have the opportunity to sign up for a 0% introductory rate
should think about this option.
Secured Cards - Customers that have one of these
must deposit a certain amount of money in an interest-bearing savings account.
This is what secures the account. Once the account is set up, a card is
extended to the applicant with a spending limit equal to
the opening balance of the interest bearing account that was created. Each time a transaction is approved the credit limit decreases, low rate
monthly payments are computed, and a monthly invoice
is is mailed or emailed if you choose paperless billing. If purchases are made an affordable monthly invoice will be sent. Secured Cards
are awesome because they operate the same as
ordinary credit cards allowing people
to do things that debit cards may not, like making travel arrangements including vehicle rentals
that sometimes do not accept standard bank account
cards. Another great feature is that approval is usually
guaranteed whether you have good credit or not. This is good because most
credit-rebuilding card issuers report whether or not timely payments are made
to Experian, Equifax, and Trans Union. This can be a good
method to prove you are creditworthy by showing timely
payments no matter if you have Poor
credit or not. After paying
several payments in a row, most issuers will increase your credit limit without
asking for another deposit to the initial secured account.
Prepaid Credit Cards - With
a Prepaid card, purchases can be made without interest, fees, or finance charges. Just like
a conventional account, a certain amount of money is deposited into an account and this becomes
your spending limit. As the prepaid account
balance becomes depleted, a deposit into the prepaid account can be made and the new credit limit will be the amount of the new deposit. Prepaid cards
are good as gifts, they offer the same flexibility as a check card, and they work well for individuals that are unable to
get a standard depository account.
Quick approval is usually not a problem despite
your FICO report and there is
no need for the issuer to send any inquiries to the credit bureaus.
With all of the different varieties
of Credit Cards
for Poor credit and
benefits that each of them offer, there is something for everyone. Consider
Credit Cards that allow for the most rewards. Make an educated choice and always
make wise purchases and timely payments. Excellent credit is a wonderful
thing to have.
To make certain that you keep developing an awesome FICO score, obey these three rules:
1. Maintain your outstanding balance at no more than half of the
credit limit. In other words, it is not smart to
"max out". Experts agree that consumers should keep
a balance that is somewhere around forty percent
of the maximum spending limit on any
Credit Cards for Poor Credit.
2. It is important to pay the bill when it is due. Even if the minimum is the most that your budget will allow, 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 will be posted to Experian, Equifax, and Trans Union. This is bad for the consumer's credit report. And let's not forget the fact that when this happens you may also be assessed more points on the card's interest rate as a consequence of a solitary past due payment. Therefore it is wise to stay on top of the bill.
3. Repay all balances down to zero every few months.
When the balance gets to be about half of the limit, do your best to
bring the balance to zero at least one time per year. Then once your balance is paid off it is smart to
make more purchases then pay it off once again after over the course of a few billing cycles, and make this your repayment pattern.
This process confirms to the issuers
that you will be a great customer. You could also be rewarded with
lower rates, more of a limit, and a better FICO score.
Our network partners provide services in
one or more of the following regions: Alabama
* Alaska * Arizona * Arkansas * California
* Colorado * Connecticut * Delaware * District
of Columbia * Florida * Georgia * Hawaii
* Idaho * Illinois * Indiana * Iowa * Kansas
* Kentucky * Louisiana * Maine * Maryland
* Massachusetts * Michigan * Minnesota *
Mississippi * Missouri * Montana * Nebraska
* Nevada * New Hampshire * New Jersey *
New Mexico * New York * North Carolina *
North Dakota * Ohio * Oklahoma * Oregon
* Pennsylvania * Rhode Island * South Carolina
* South Dakota * Tennessee * Texas * Utah
* Vermont * Virginia * Washington * West
Virginia * Wisconsin * Wyoming
for Poor credit
are our specialty. Click now
to start the application for a solution that could be the answer to