Credit Cards for Subprime
Credit - Learning The Options
If folks have
Credit, how will they
know which Credit Cards
to choose when there are so many opportunities?
The information below will break down several types
of cards to give you a useful outline
of the benefits of each:
Cashback - With a Cashback
card, customers are rewarded with a rebate that equals
a fraction of their transactions. For instance,
if somebody is approved for a Cashback
option that gives five percent cashback
on groceries, gas, and drugstore
items, as the rebates add up they earn cash value. If you
use $150 in fuel, groceries,
and pharmacy items every 5-7 days, at
the end of a 12-month period, almost $400
in rebates would be available.
Rewards Points - Instead
of offering cash rewards, some issuers
give points programs. Customers earn
points for making purchases. With each swipe of the card, the points
add up. After a certain amount of points add up they can be redeemed for things like
free hotel stays, gift items, magazines, and so on.
Always check to see if the Credit Cards
for Subprime Credit you are considering offers
a points program.
Petro Bonuses - Lenders
can be sensitive to the price
of gas and want to reward
consumers for their purchases by offering them a free
gas card. As the credit card is utilized, reward points add up. After a specified amount of points are accumulated they can be redeemed for a
prepaid gas station card. The funny thing is, with some cards gas points are actually accumulated even
when you are gassing up your vehicle.
Points Toward Free Hotel Stays, Rental Cars or Frequent Air Traveler Miles - When purchases are made with this kind of card, free travel points are earned. Once enough points are accumulated, they can be cashed in exchange for free airline tickets, hotel stays, or rental cars. These rewards work best for those who travel a lot.
Zero Percent APR Promotions - In the beginning when these credit cards are utilized, there are no finance charges that are applied.
The promotional period usually varies from six months up to a year.
Smart people use this time
to shift balances from their current Credit Cards
to one of these, then 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 extremely important.
When a single payment is not received on time, most times
zero percent APR rates go up to another
rate. People that are applying for
Credit Cards for Subprime
Credit, and have the chance to get a 0% promotion
should choose this money saving option.
Secured Cards to Build Creditworthiness - Customers that have a secured credit card
simply puts money in an interest-bearing savings account.
This "is what makes it a "" secured card"" ." At that point a credit card is
offered with a spending limit that is the same as
the amount that has been deposited in the account. Each time you swipe your card your available credit is recalculated, affordable
monthly payments are determined, and payment plan
is sent. Just like any other credit card, when you use it an affordable monthly invoice will be sent. Secured Cards to Build Creditworthiness
are good because they perform the same as
standard credit cards allowing you
the freedom to book travel arrangements including airline tickets
that usually do not accept prepaid or debit
cards. Another great feature is that approval is ordinarily
guaranteed whether you have good credit or not. It is important to note that many
credit-rebuilding card companies report whether or not timely payments are made
to Experian, Equifax, and Trans Union. This is an excellent
practice to prove you are creditworthy by paying scheduled
payments no matter if you have Subprime
credit or not. Once you make
six to twelve payments on or before their due date, most times the bank that gave you the card will allow you to make purchases over your current limit without
asking for an additional deposit.
Pre-paid Credit Cards - With
a Pre-paid card, there is no guesswork. Similar to
a checking account, you put money in and that becomes
the credit limit. After the prepaid credit card
balance runs out, you can recharge it with an additional deposit. Reloadable prepaid cards
are good for students, they offer the kind of flexibility that debit cards have, and they are generally granted to those that may not qualify to
obtain a typical bank account.
Quick approval is generally guaranteed despite
your FICO profile and there is
no need for the issuer to contact the three bureaus.
With all of the many kinds
of Credit Cards
for Subprime credit and
incentives that each of them offer, it is easy to identify the best solution for your situation. Seek
Credit Cards that give the benefits that fit your situation. The most important thing is to always
try to keep your purchases at less than half of your credit limit and make more than the minimum payment every month. Super credit is an awesome
To guarantee that you keep developing a great FICO score, take heed to these easy guidelines:
1. Keep your bill lower than the
credit max. Simply put, do not
"go wild". It is smart to maintain
a bill that is somewhere around forty to fifty percent
of the max on any
Credit Cards for Subprime Credit.
2. It is important to pay the bill when it is due. Even if you cannot make more than the minimum payment due, that will be just fine. If you miss a payment, it will be told to the credit bureaus. This has adverse affects on the consumer's credit profile. Not to mention when this happens you may also experience a rising interest rate as a consequence of a late payment. Thus it is smart to pay on time.
3. Pay the entire bill every time your finances will allow.
When you make purchases, do your best to
pay it all off as often as you can. After completing this, you can feel free to
start swiping your card for purchases again then after a couple of billing cycles, pay the whole thing off just like you did before, and make this your repayment pattern.
This cycle shows the issuing companies
that you can be creditworthy. Most lenders reward customers like this with
lower rates, a higher credit max, and a higher FICO score.
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