Good Credit Cards for Bad
Credit - Knowing The Possibilities
When individuals have
Credit, how can they
know which Good Credit Cards
to select when there are so many opportunities?
The information below will expand on several types
of cards to offer a helpful outline
of the pros of each:
Cash Back - With a Cash Back
card, customers are offered a reimbursement that equals
a fraction of their purchases. For example,
if an applicant is approved for a Cash Back
option that awards five percent cash back
on supermarket, fuel, and drugstore
purchases, as purchases increase and rewards accumulate, they earn cash value. If you
use $150 in gas, groceries,
and drugstore items every 5-7 days, at
the conclusion of a year, $390
in rebates would be available.
Rewards Points - In lieu
of offering cash rebates, some companies
give redeemable rewards. Customers get
points for making purchases. With each swipe of the card, the rewards
accumulate. After a certain amount of points add up they can be redeemed for great stuff, such as
free merchandise, gifts, magazines, and more.
It is wise to see if the Good Credit Cards
for Bad Credit that you want will offer
Petro Bonuses - Credit card issuers
can be considerate of the cost
of gas and will reward
their customers for using their credit card by offering them a prepaid
gas card. As purchases are made, points are earned. Once you have completed enough transactions to accumulate a certain amount of points you can get a
prepaid gas station card. The funny thing is, with some cards gas points are actually accumulated even
when buying gas.
Points Redeemable for Free Hotel Stays, Rental Cars or Frequent Traveler Miles - When purchases are made with this kind of card, redeemable points that can be cashed in for free travel miles are earned. As the points add up, they can be cashed in exchange for free airline tickets, hotel stays, or rental cars. Frequent travelers really like these rewards.
Zero Percent Promotional Interest Rates - Finance charges are not applied on these cards for a specified amount of time.
The promotional period usually spans six to twelve months.
Typically, folks are advised to utilize this kind of card
to shift balances from their high interest Good 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 extremely important.
When the first payment is late, most
the interest free introductory rates go up to another
rate. Folks that are approved for
Good Credit Cards for Bad
Credit, and have the opportunity to sign up for an introductory period free of finance charges
should think about this option.
Secured Cards for Building Credit - Customers that have a secured card
simply deposits a specified amount of cash into a bank account that can generate interest.
This "is why the card is called "" secured"" ." Once the account is set up, a credit card is
extended to the applicant with a credit limit in
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 calculated, and a bill
is generated. Just like any other credit card, when you use it an affordable repayment plan will be created. Secured Cards for Building Credit
are terrific because they operate like
ordinary credit cards allowing you
the freedom to book travel arrangements like rental cars
that sometimes do not take prepaid or debit
cards. Another great feature is that approval is usually
guaranteed no matter what. This can help in the rebuilding process because many
credit-rebuilding card issuers report your repayment history
to Experian, Equifax, and Trans Union. This is a remarkable
technique to establish creditworthiness by making timely
payments no matter if you have Bad
credit or not. After making
a certain number of consecutive timely payments, typically the lender will offer additional spending power without
asking for an additional deposit.
Prepaid Credit Cards - With
a 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 becomes
your spending limit. When the prepaid card
balance has been completely used, it can be reloaded with more money and used again. Prepaid credit cards
are good for financial planning, they make it so you don't have to carry cash all the time, and they help people that cannot
obtain a standard depository account.
Fast approval is typically granted despite
your credit report and there is
no need for the bank that issues the prepaid cards to deal with the three bureaus.
With all of the different kinds
of Good Credit Cards
for Bad credit and
bonuses that each of them offer, there is a solution available for most credit card seekers. Look for
Good Credit Cards that make sense for your situation that will allow you to control your spending habits. Once you are approved always
spend within your budget and stay under the limit. Timely payments are important as well. Good credit is an awesome
To make sure that you keep cultivating a top notch credit profile, obey these simple instructions:
1. Maintain a balance at a percentage of the
card's max. Another way of saying it is, don't
"over spend". Most people with excellent credit make it a point to retain
an account that is somewhere around sixty percent or less
of the limit on any
Good Credit Cards for Bad Credit.
2. Pay the bill on time. Even if a small payment can be made, it is better to make that small payment on time then it is to try and pay more at a later date. If the bill is paid 30 days after the due date, that information could be forwarded to the credit reporting companies. This has adverse affects on your credit profile. And let's not forget the fact that when this happens you may also be assessed an increased interest rate as a result of just this one late payment. Thus it is wise to make payments.
3. Repay the whole thing off every time your finances will allow.
When purchases are made, do your best to
pay it all off as often as you can. When you do this, it is smart 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 don't stop this habit.
This approach demonstrates to the issuing companies
that you can be a great customer. Once this sequence is repeated a couple of times, you could qualify for
a lower rate, more of a limit, and a better FICO score.
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Good Credit Cards
for Bad credit
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