Good Credit Cards for Excellent
Credit - Knowing The Opportunities
If individuals have
Credit, how will they
know which Good Credit Cards
to choose when there are so many choices?
The information below will expand on a few varieties
of cards to give you a useful outline
of the benefits of each:
Cashback - With a Cashback
card, customers are offered a refund that equals
a percentage of their transactions. For example,
if somebody is approved for a Cashback
option that gives 5% cash back
on supermarket, gasoline, and pharmacy
items, as purchases increase and rewards accumulate, they can be redeemed. If you
pay one hundred and fifty dollars in gas, groceries,
and pharmacy purchases every 5-7 days, by
the completion of a 12-month period, about four hundred dollars
in cash back rewards would be ready to cash out.
Redeemable Points - Instead
of rewarding customers with cash rewards, some lenders
give redeemable rewards. Customers get
rewards every time the card is used. With each swipe of the card, the rewards
add up. Once a specified number of points have accumulated they can be cashed in for perks like
free rental cars, gift cards, magazines, etc.
It is smart to be aware of whether or not the Good Credit Cards
for Excellent Credit you apply for offers
a redeemable rewards program.
Petro Rewards - Credit card issuers
can be considerate of the price
of fuel and will compensate
their customers for making card purchases by offering them a free
gas card. As purchases are made, points are earned. Once enough points have been earned you are eligible for a
prepaid fuel card. The funny thing is, with some cards gas rewards can even be earned
when buying gas.
Points for Free Hotel Stays, Rental Cars or Frequent Flyer Miles - When these cards are used, redeemable points that can be cashed in for free travel miles are earned. As the points add up, they turn into vouchers that can be used for discounted or free travel arrangements like rental cars, hotels, or even airline tickets. These programs are great for frequent travelers.
Zero Percent Promotional Interest Rates - Customers that utilize these cards are not charged any interest or finance charges for a certain number of months.
The period where no finance charges are being applied typically spans six to twelve months.
Typically, people are advised to utilize this time
to transfer outstanding balances from their interest bearing Good Credit Cards
to one of these 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 incredibly important.
When one payment is paid after the due date, most times
0% APR rates are changed to another
rate. People that are eligible for
Good Credit Cards for Excellent
Credit, and have the chance to get a 0% promotion
ought to consider this card.
Secured Cards to Re-establish Credit - Customers that have this type of card
simply deposits a specified amount of cash into a secure account that accumulates interest.
This becomes the card's collateral Once the account is set up, a card is
extended to the applicant with a spending limit equal to
the amount of the deposit. When purchases are made the amount of that transaction is deducted from your available credit balance, low rate
regularly scheduled payments are calculated, and a monthly invoice
is is mailed or emailed if you choose paperless billing. If the card is being used low monthly payments will become due. Secured Cards to Re-establish Credit
are perfect because they function the same as
regular credit cards allowing people
to do things that debit cards may not, like making travel arrangements such as hotels
that typically do not accept prepaid or debit
cards. Individuals with bad credit should apply because approval is generally
guaranteed even if your credit is poor. It is important to note that most
secured card issuers report whether or not you are keeping up with your payments
to Experian, Equifax, and Trans Union. This is a wonderful
technique to establish creditworthiness by paying timely
payments no matter if you have Excellent
credit or not. After paying
a certain number of payments on or before their due date, most issuers will increase your credit limit without
requiring another deposit to the initial secured account.
Prepaid Credit Cards - With
a Prepaid card, purchases can be made without interest, fees, or finance charges. Similar to
a typical bank account, you put money in and this becomes
the credit limit. When the prepaid account
balance reaches zero, 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 students, they offer the kind of flexibility that debit cards have, and they are a great solution for those that cannot
obtain a traditional checking account.
Fast approval is normally granted regardless of
your bureau score and there is
no need for the issuer to deal with Experian, Equifax, and TransUnion.
With all of the various types
of Good Credit Cards
for Excellent credit and
incentives that exist, it is easy to identify the best solution for your situation. Seek
Good Credit Cards that make sense for your situation that will allow you to control your spending habits. The most important thing is to always
stay within your credit limit and make your payments on time every month. Awesome credit is a wonderful
To make sure that you keep developing the perfect FICO report, take heed to these general instructions:
1. Maintain your outstanding balance at a percentage of the
credit max. In other words, do not
"over spend". Make sure to carry
an account that is about forty percent
of the max on any
Good Credit Cards for Excellent Credit.
2. Do not default on payments. Even if the minimum is the most that your budget will allow, pay it. If you miss a payment, that information could be told to the credit reporting agencies. This is not good for the consumer's FICO score. Not to mention customers may also have to pay a rising interest rate as a result of just one delayed payment. Therefore it is smart to be mindful of the due dates.
3. Pay all balances down to zero every few months.
When you make purchases, make it your goal to
bring the balance to zero at least one time per year. Afterward, it is smart to
begin creating transaction activity (like buying gas, shopping online, or making purchases) then pay it back down to zero again after a few months, and don't stop this habit.
This repayment history indicates to the lenders
that you are creditworthy. Once this sequence is repeated a couple of times, you could qualify for
low rates, a higher credit max, and a better credit profile.
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