Credit Cards for Prime
Credit - Learning The Choices
If folks have
Credit, how do they
distinguish which Credit Cards
to pick when there are so many possibilities?
This article discusses a few types
of cards to give you a helpful outline
of the pros of each:
Cashback - With a Cashback
card, customers are offered a reimbursement that equals
a fraction of their transactions. For example,
if a customer has been approved for a Cashback
option that offers 5% cash back
on supermarket, gasoline, and drugstore
items, as the rewards accumulate they can be cashed in. If you
use one hundred and fifty dollars in fuel, food,
and drug store items weekly, at
the close of a year, about four hundred dollars
in rebates would have accumulated.
Rewards Points - Instead
of providing money back, some lenders
give points programs. Customers receive
points when purchases are made. Every time the card is used, the rewards
increase. After a certain amount of points add up they can be cashed in for all kinds of goodies including
free hotel stays, gift cards, magazines, and more.
Always check to see if the Credit Cards
for Prime Credit that you want will offer
a redeemable rewards program.
Gasoline Rewards - Companies
can be considerate of the price
of gas and want to compensate
their customers for their purchases by rewarding them with a free
fuel card. As transactions are completed, points are accumulated and summarized. Once you have completed enough transactions to accumulate a certain amount of points they can be cashed in for a
prepaid gasoline card. The funny thing is, with some cards redeemable fuel rewards can be accumulated
while buying gas.
Points for Free Hotel Stays, Rental Cars or Frequent Air Travel Miles - When these cards are used, redeemable points that can be cashed in for free travel miles are earned. Once a certain number of points have been accumulated, they can be redeemed for free travel accommodations. This kind of card is great for business travelers.
0% Promotional Interest Rates - Customers that utilize these cards are not charged any interest or finance charges for a certain number of months.
The promotional period usually varies from six to twelve months.
Most times, folks use promotions such as this
to transfer their balance from their interest bearing Credit Cards
to one like this and create a personal budget that allows them to pay the whole thing off without having to pay any finance charges. Making monthly payments on time is key.
When just one payment is not received on time, generally
the introductory rates adjust to a much higher
rate. Folks that are eligible for
Credit Cards for Prime
Credit, and are offered a 0% promotion
should think about this opportunity.
Secured Cards to Re-establish Credit - Individuals with this type of card
simply inserts a cash amount into an account that can earn interest while it is there.
This "is why the card is called "" secured"" ." Then, a credit card is
delivered with a credit max that is the same as
the amount that has been deposited in the account. Each time a transaction is approved your available credit is recalculated, low interest
regularly scheduled payments are calculated, and a monthly invoice
is sent. If the card is active low monthly payments will become due. Secured Cards to Re-establish Credit
are terrific because they perform like
standard credit cards allowing people
to do things that debit cards may not, like making travel arrangements such as rental cars
that generally do not accept standard bank account
cards. Another great feature is that approval is usually
guaranteed no matter what. This is good because most
credit-rebuilding card issuers report whether or not you are keeping up with your payments
to be added to your credit profile. This could be a wonderful
technique to establish creditworthiness by making regular
payments no matter if you have Prime
credit or not. Once you have paid
several consecutive timely payments, some secured card companies will approve a higher limit without
asking for additional collateral.
Pre-paid Credit Cards - With
a Pre-paid card, there is no guesswork. Just like
a typical bank account, you put money in and that is
the amount that can be used for purchases. As the prepaid account
balance is used up, simply put more cash into the prepaid account and your card will be ready for use once again. Prepaid credit cards
work wonderfully for parents to use to give an allowance to their teen or college student, they allow people to make online purchases, and they work well for individuals that are unable to
acquire a normal depository account.
Fast approval is typically guaranteed regardless of
your bureau score and there is
no need for the bank that issues the prepaid cards to contact Experian, Equifax, and TransUnion.
With all of the various types
of Credit Cards
for Prime credit and
benefits that are offered, there is a solution available for most credit card seekers. Seek
Credit Cards that offer rewards that match your lifestyle and spending style. When you receive your card always
stay within your credit limit and make your payments on time every month. Good credit is a great
To make sure that you keep cultivating the best FICO profile, obey these three guidelines:
1. Maintain a balance lower than the
credit max. Simply put, do not
"go crazy". Try to retain
a balance that is somewhere around sixty percent or less
of the limit on any
Credit Cards for Prime Credit.
2. Do not make late payments. Even if a minimum payment is all you can afford to make, pay it before the due date. If the bill is paid 30 days after the due date, that information must be reported to the credit reporting agencies. This has adverse affects on the consumer's FICO profile. Additionally, customers may also have a higher interest rate as a result of one past due payment. Therefore it is smart to make payments.
3. Pay all balances down to zero every so often.
When you make purchases, do your best to
pay it all off as much as possible. Once you do this you can feel free to
begin creating transaction activity (like buying gas, shopping online, or making purchases) then take a few months to pay the balance off again, and keep this pattern going
This approach illustrates to the issuing companies
that you can be a great customer. Some of the other benefits of this approach are
low rates, a higher credit max, and a better credit profile.
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