Good Credit Cards for Fair
Credit - Understanding The Opportunities
If individuals have
Credit, how can they
know which Good Credit Cards
to pick when there are so many opportunities?
This article will expand on several kinds
of cards to offer a better outline
of the benefits of each:
Cash Back - With a Cash Back
card, customers get a refund equivalent to
a percentage of their transactions. For instance,
if a customer has been approved for a Cash Back
option that awards 5% cash back
on food, gasoline, and pharmacy
items, as the cash back rewards add up they earn cash value. If you
pay one hundred and fifty dollars in gas, supermarket items,
and drugstore items each week, by
the end of a 12-month period, about four hundred dollars
in cash back rewards would have accumulated.
Redeemable Points - Instead
of providing cash back, some lenders
give points programs. Customers receive
rewards when purchases are made. As purchases are made, the points
accumulate. When you earn enough points they can be cashed in for perks like
free merchandise, gift cards, magazines, and so on.
It is wise to see if the Good Credit Cards
for Fair Credit that you want will offer
Gas Rewards - Card Issuers
can be sensitive to the cost
of fuel and want to reward
consumers for their purchases by giving them a free
gas card. As purchases are made, points are earned. Once enough points have been earned they can be redeemed for a
free prepaid gasoline card. Sometimes, fuel points can be earned
while making gas purchases.
Points Redeemable for Free Rental Car Upgrades, Hotel Rooms, or Frequent Traveler Miles - When purchases are made with this kind of card, redeemable points that can be used for free travel arrangements including airline travel are accumulated. As the points add up, they can be redeemed for free travel accommodations. Business travelers find these kinds of programs to be very beneficial.
0% Introductory Rates - In the beginning when these credit cards are utilized, there are no finance charges that are applied.
This time period typically varies from half a year to a whole year.
Smart people are advised to utilize promotions such as this
to shift balances from their current Good Credit Cards
to one like this 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 key.
When a payment becomes past due, most
the interest free rates are changed to a different
rate. Customers that are applying for
Good Credit Cards for Fair
Credit, and are offered a 0% promotion
ought to think about this great opportunity.
Secured Credit Cards - Individuals with one of these
simply inserts a cash amount into a secure account that accumulates interest.
This account serves as the security for the issuer. After the deposit is made a credit card is
sent with a line of credit in
the opening balance of the interest bearing account that was created. When purchases are made the amount of that transaction is deducted from your available credit balance, low rate
monthly payments are computed, and a monthly invoice
is generated. If the card is being used a relatively small monthly payment is expected. Secured Credit Cards
are awesome because they perform the same as
conventional credit cards allowing people
to complete all kinds of transactions including booking travel arrangements like hotels
that typically do not accept consumer checking account
cards. However, just like prepaid cards approval is typically
guaranteed even if your credit is poor. However, keep in mind that most
credit-rebuilding card issuers submit whether or not timely payments are made
to Experian, Equifax, and Trans Union. This is an excellent
technique to establish creditworthiness by showing regular
payments no matter if you have Fair
credit or not. After making
several payments on or before their due date, some secured card companies will approve a higher limit without
asking for another deposit to the initial secured account.
Pre-paid Credit Cards - With
a Pre-paid card, you get most of the benefits of a credit card without the debt. Similar to
a typical bank account, you put money in and this becomes
the amount that can be used for purchases. As the prepaid card
balance is used up, simply put more cash into the prepaid account and your card will be ready for use once again. These cards
are excellent for students, they offer the same flexibility as a check card, and they are generally granted to those that may not qualify to
acquire a standard depository account.
Fast approval is usually not a problem despite
your FICO report and there is
no need for the prepaid card issuer to contact Experian, Equifax, and TransUnion.
With all of the many sorts
of Good Credit Cards
for Fair credit and
bonuses that are available, there is something for everyone. Consider
Good Credit Cards that allow for the most rewards. No matter which card you choose, always
make wise purchases and timely payments. Prime credit is fantastic
thing to have.
To make certain that you keep building a prime FICO profile, take heed to these simple guidelines:
1. Keep a balance less than the
card's limit. Simply put, don't
"go crazy". It is smart to maintain
an account that is no more than forty to fifty percent
of the available balance on any
Good Credit Cards for Fair Credit.
2. It is important to pay the bill when it is due. Even if the minimum is the most that your budget will allow, it is better to make that small payment on time then it is to try and pay more at a later date. Once a payment is more than 30 days behind, that information must be told to the credit reporting companies. This is not good for the consumer's credit report. And let's not forget the fact that customers may also have to pay a rising interest rate as a result of a solitary past due payment. Hence it is recommended that consumers pay the bill.
3. Pay the balance completely every few months.
When purchases are made, try to
bring the balance to zero as much as possible. Afterward, go ahead and
start using the card again and pay it back down to zero again after a few months, and keep this cycle going.
This process confirms to the issuers
that you are creditworthy. You could also be rewarded with
low interest rates, a higher limit, and a better FICO score.
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Good Credit Cards
for Fair credit
are waiting for your application. Click here
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