Good Credit Cards for Fair
Credit - Understanding The Options
When folks have
Credit, how can they
tell which Good Credit Cards
to select when there are so many choices?
This article discusses a few varieties
of cards to provide a helpful outline
of the advantages of each:
Cashback - With a Cashback
card, customers are rewarded with a reimbursement equal to
a fraction of their transactions. For example,
if somebody has a Cashback
offer that gives five percent cash back
on food, gasoline, and drugstore
purchases, as the rewards accumulate they can be cashed in. If you
spend one hundred and fifty dollars in fuel, groceries,
and pharmacy items each week, by
the close of a year, about four hundred dollars
in cash would have accumulated.
Rewards Points - Instead
of offering money back, some lenders
present customers with redeemable rewards. Customers get
points every time the card is used. Every time the card is used, the rewards
add up. Once a specified number of points have accumulated they can be redeemed for all kinds of goodies including
free hotel stays, gift cards, subscriptions, and more.
It is important to know whether or not the Good Credit Cards
for Fair Credit you apply for offers
Gas Rewards - Card Issuers
can be sensitive to the price
of gas and will compensate
their customers for their purchases by giving them a free
gasoline card. As transactions are completed, points are accumulated and summarized. After you have earned enough points you can get a
prepaid gas card. The funny thing is, with some cards fuel points can be earned
while buying fuel.
Reward Points Toward Free Hotel Accommodations, Car Rentals, or Frequent Air Traveler Miles - When these cards are used, redeemable points that can be used for free travel arrangements including airline travel are accumulated. Once a specified number of points are earned, 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 APR Promotions - Finance charges are not applied on these cards for a specified amount of time.
The period where no finance charges are being applied generally varies from six to twelve months.
Smart customers are advised to utilize this promotional period
to transfer their balance from their high interest Good Credit Cards
to one of these, then pay it off while there are no finance charges being accrued. Making monthly payments on time is very important.
When just one payment is received late, typically
zero percent APR rates are changed to a different
rate. People that are offered
Good Credit Cards for Fair
Credit, and have the chance to get a 0% introductory rate
should think about this card.
Secured Credit Cards - Customers that have one of these
must insert a cash amount in an account specified by the secured card issuer.
This account serves as the security for the issuer. Then, a credit card is
offered with a line of credit equal to
the opening balance of the interest bearing account that was created. Each time a transaction is approved your available credit is recalculated, low interest
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 an affordable repayment plan will be created. Secured Credit Cards
are terrific because they perform like
standard credit cards allowing people
the freedom to book travel arrangements like airline tickets
that usually do not accept prepaid or debit
cards. Individuals with bad credit should apply because approval is usually
guaranteed even if your credit is poor. It is important to note that most
secured card companies report the way you pay your bill
to be added to your credit profile. This can be a wonderful
method to prove you are creditworthy by showing timely
payments whether you have Fair
credit or not. After making
several payments in a row, 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.
Prepaid Credit Cards - With
a Prepaid card, you get out of it exactly what you put in. Similar to
a checking account, you put money in and that becomes
the amount that can be used for purchases. After the prepaid account
balance becomes depleted, you can recharge it with an additional deposit. Reloadable cards
are fantastic for students, transactions can be tracked and recorded if necessary, and they are a great solution for those that cannot
get a conventional checking account.
Fast approval is usually granted despite
your bureau profile and there is
no need for the bank that issues the prepaid cards to deal with Experian, Equifax, and TransUnion.
With all of the diverse types
of Good Credit Cards
for Fair credit and
incentives that each of them offer, there is something for everyone. Look for
Good Credit Cards that offer rewards that match your lifestyle and spending style. Once you are approved always
spend within your budget and stay under the limit. Timely payments are important as well. Superb credit is an awesome
To make sure that you keep building an excellent credit profile, take heed to these general instructions:
1. Always have your bill at a percentage of the
card's max. Another way of saying it is, don't
"over spend". Make sure to retain
a balance that is generally forty to fifty percent
of the maximum spending limit on any
Good Credit Cards for Fair Credit.
2. Make the monthly payments by the due date. Even if you have to make just the minimum payment that is listed on your monthly statement, that's ok. Once a payment is more than 30 days behind, it will be reported to Experian, Equifax, and Trans Union. This is bad for your FICO score. Not to mention when this happens you may also experience a rising interest rate as a consequence of just this one past due payment. Therefore it is recommended that consumers pay on time.
3. Pay all balances down to zero every few billing cycles.
When you make purchases, try to
bring the balance to zero as many times a year as possible. When you do this, it is smart to
start using the card again then pay it off once again after over the course of a few billing cycles, and make this your repayment pattern.
This cycle indicates to the issuers
that you will be a great customer. Most lenders reward customers like this with
low interest rates, higher credit limits, and a better credit score.
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Good Credit Cards
for Fair credit
are available online. Click here
to apply for a card that suits