Good Credit Cards for Fair
Credit - Learning The Options
If people have
Credit, how do they
tell which Good Credit Cards
to select when there are so many choices?
This article will discuss a couple types
of cards to offer a helpful understanding
of the advantages of each:
Cash Back - With a Cash Back
card, customers get a refund equal to
a fraction of their transactions. For example,
if there is a Cash Back
option that awards five percent cashback
on supermarket, gasoline, and pharmacy
purchases, as purchases increase and rewards accumulate, they can be redeemed. If you
spend $150 in gasoline, groceries,
and drug store items every 5-7 days, at
the end of a year, almost $400
in rebates would have accumulated.
Rewards Points - Instead
of giving cash back, some lenders
present customers with redeemable rewards. Customers get
points for making purchases. As purchases are made, the rewards
accumulate. Once a specified number of points have accumulated they can be cashed in for perks like
free merchandise, gifts, magazines, etc.
Be sure to find out if the Good Credit Cards
for Fair Credit you apply for offers
Petro Bonuses - Lenders
can be understanding about the cost
of gas and want to give incentives to
their customers for using their credit card by offering them a free
gasoline card. As transactions are completed, points are accumulated and summarized. Once enough points have been earned they can be turned in for a
prepaid fuel card. The cool thing is, with some cards fuel points can be earned
when buying fuel.
Points Toward Free Hotel Accommodations, Car Rentals, or Frequent Traveler Miles - When these cards are used, customers can earn frequent traveler's points that can be redeemed for free travel. Once a certain number of points have been accumulated, they can be cashed in exchange for free airline tickets, hotel stays, or rental cars. Frequent travelers really like these rewards.
Zero Percent Promotions - In the beginning when these credit cards are utilized, there are no finance charges that are applied.
This time period generally lasts anywhere from half a year to a whole year.
Smart customers take advantage of this promotional period
to move balances from their high interest 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 timely payments is imperative.
When just one payment is received late, most times
the interest free introductory rates are changed to a higher
rate. Folks that are applying for
Good Credit Cards for Fair
Credit, and are offered a 0% introductory rate
should choose this opportunity.
Secured Cards to Re-establish Credit - People that have a secured card
simply inserts a certain amount of money in a bank account that can generate interest.
This is what secures the account. At that point a card is
extended to the applicant with a spending limit that is the same as
the opening balance of the interest bearing account that was created. Every time you use it the credit limit decreases, low interest
recurrent payments are computed, and a bill
is is mailed. If purchases are made an affordable repayment plan will be created. Secured Cards to Re-establish Credit
are great because they function like
conventional credit cards allowing you
to do things that debit cards may not, like making travel arrangements including hotels, rental cars, airline tickets, or cruises
that generally do not accept consumer checking account
cards. One of the best things about the application process is that approval is usually
guaranteed whether you have good credit or not. It is important to note that most
secured card companies submit whether or not timely payments are made
to Experian, Equifax, and Trans Union. This can be a terrific
method to show creditworthiness by paying regular
payments no matter if you have Fair
credit or not. Once you have paid
a certain number of payments on or before their due date, typically the lender will offer additional spending power without
requiring more cash to be put into the account that was used to set up the card.
Pre-paid Credit Cards - With
a Pre-paid card, there is no question about the credit limit. Just like
a typical bank account, a certain amount of money is deposited into an account and that becomes
your spending limit. After the prepaid card
balance has been exhausted, simply put more cash into the prepaid account and your card will be ready for use once again. Reloadable prepaid cards
are fantastic for budgeting, transactions can be tracked and recorded if necessary, and they work well for individuals that are unable to
acquire a typical banking account.
Approval is normally granted regardless of
your FICO score and there is
no need for the prepaid card issuer to deal with the credit bureaus.
With all of the many sorts
of Good Credit Cards
for Fair credit and
incentives that are available, there is something for everyone. Look for
Good Credit Cards that offer rewards that match your lifestyle and spending style. Make an educated choice and 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. Superb credit is a wonderful
thing to have.
To be certain that you keep cultivating a great credit profile, obey these easy tips:
1. Maintain your outstanding balance lower than the
credit limit. In other words, it is not smart to
"go wild". Make sure to maintain
an account that is somewhere around half
of the limit on any
Good Credit Cards for Fair Credit.
2. Do not default on payments. Even if you cannot make more than the minimum payment due, the most important thing is that the payment is made when it is due. When payments are made more than 30 days late, it must be told to the credit reporting companies. This has adverse affects on the consumer's FICO score. Additionally, when this happens you may also have to pay a higher interest rate as a result of something as small as a tardy payment. Therefore it is smart to make this bill payment a financial priority.
3. Pay all balances down to zero every couple months.
When you make purchases, make it your goal to
bring the balance to zero as much as possible. After the bill has been paid down to zero go ahead and
start swiping your card for purchases again then pay it off once again after over the course of a few billing cycles, and keep this cycle going.
This approach indicates to the issuing companies
that you will be creditworthy. Some of the other benefits of this approach are
a lower interest rate, a higher limit, and a better credit profile.
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Good Credit Cards
for Fair credit
are easy to find. Act now
to start the application for a solution that could be the answer to