Good Credit Cards for Average
Credit - Knowing The Choices
When individuals have
Credit, how can they
know which Good Credit Cards
to pick when there are so many opportunities?
This article will break down a couple kinds
of cards to provide a helpful outline
of the benefits of each:
Cash Back - With a Cash Back
card, customers get a rebate equivalent to
a percentage of their transactions. For example,
if somebody has a Cash Back
solution that gives five percent cash back
on groceries, gasoline, and pharmacy
purchases, as the rewards accumulate they can be cashed in. If you
pay $150 in fuel, supermarket items,
and pharmacy items weekly, at
the completion of a year, about four hundred dollars
in cash back rewards would be ready to cash out.
Rewards Points - In lieu
of offering cash rewards, some companies
offer points programs. Customers get
points for making purchases. Every time the card is used, the points
increase. When you earn enough points they can be cashed in for things like
free merchandise, gifts, magazines, etc.
Always check to see if the Good Credit Cards
for Average Credit you apply for offers
a redeemable rewards program.
Fuel Rewards - Companies
are often times understanding about the price
of gas and want to reward
consumers for using their cards by giving them a prepaid
fuel card. As the card is used, points are accumulated. After a specified amount of points are accumulated they can be redeemed for a
prepaid gasoline card. The cool thing is, with some cards gas points are actually accumulated even
while you are getting gas.
Rewards for Free Hotel Stays, Rental Cars or Frequent Flyer Miles - When purchases are made with these cards, "customers receive "" points"" toward free travel including free frequent flyer miles." Once a certain number of points have been accumulated, they can be applied toward all kinds of travel arrangements including free air travel. These programs are great for frequent travelers.
0% APR Promotions - With these cards, finance charges are not accrued for a certain amount of time.
This time period generally spans half a year to a whole year.
Typically, people are advised to utilize this time
to move balances from their interest bearing Good Credit Cards
to one of these and pay the balances off within the promotional period. Making monthly payments on time is crucial.
When a payment is not received on time, most
the interest free introductory rates go up to a different
rate. Individuals that are approved for
Good Credit Cards for Average
Credit, and have the chance to get a zero percent promotion
ought to choose this card.
Secured Credit Cards - People with a secured credit card
would put a cash amount into an account that generates interest that the secured card issuer will set up.
This becomes the card's collateral Then, a credit card is
offered with a line of credit that is the same as
the amount that has been deposited in the account. As the card is used the amount of that transaction is deducted from your available credit balance, affordable
regularly scheduled payments are determined, and a bill
is sent. If the card is being used low monthly payments will become due. Secured Credit Cards
are great because they operate the same as
regular credit cards allowing you
to do things that debit cards may not, like making travel arrangements like hotels
that generally do not accept debit
cards. Individuals with bad credit should apply because approval is generally
guaranteed even if your credit is poor. This is good because many
credit-rebuilding card companies report the way you pay your bill
to be added to your credit profile. This could be an excellent
way to show creditworthiness by making regular
payments no matter if you have Average
credit or not. Once you have paid
six to twelve payments in a row, some secured card companies will approve a higher limit without
requiring another deposit to the initial secured account.
Reloadable Prepaid Credit Cards - With
a Reloadable Prepaid card, you get most of the benefits of a credit card without the debt. Similar to
a checking account, you put money in and this is
your spending limit. When the prepaid credit card
balance has been exhausted, a deposit into the prepaid account can be made and the new credit limit will be the amount of the new deposit. Reloadable prepaid cards
work wonderfully for staying on a budget, they make it so you don't have to carry cash all the time, and they work well for individuals that are unable to
obtain a standard banking account.
Approval is typically granted despite
your credit score and there is
no need for the bank that issues the prepaid cards to contact the three bureaus.
With all of the diverse kinds
of Good Credit Cards
for Average credit and
rewards that are offered, there is a solution available for most credit card seekers. Seek
Good Credit Cards that allow for the most rewards. When you receive your card be sure to
try to keep your purchases at less than half of your credit limit and make more than the minimum payment every month. Awesome credit is a great
To be certain that you keep growing an excellent FICO profile, follow these few guidelines:
1. Maintain your outstanding balance at no more than half of the
credit max. Another way of saying it is, it is not smart to
"go crazy". Try to keep
an account that is about sixty percent or less
of the max on any
Good Credit Cards for Average Credit.
2. Make the monthly payments by the due date. Even if the minimum is the most that your budget will allow, be sure to pay the bill on time. Once a payment is more than 30 days behind, that information will be told to Experian, Equifax, and Trans Union. This is bad for the consumer's credit report. Unfortunately, customers may also have an increased interest rate as a result of just one tardy payment. Therefore it is wise to make this bill payment a financial priority.
3. Pay the balance completely every time your finances will allow.
When purchases are made, do your best to
pay it all off at least once a year. Afterward, go ahead and
start using the card again then pay it off once again after over the course of a few billing cycles, and keep this cycle going.
This pattern illustrates to the issuers
that you are a great customer. Most lenders reward customers like this with
lower rates, higher credit limits, and a higher FICO score.
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