Good Credit Cards for Good
Credit - Understanding The Choices
When people have
Credit, how do they
know which Good Credit Cards
to select when there are so many opportunities?
This article will expand on a couple types
of cards to provide a better outline
of the benefits of each:
Cash Back - With a Cash Back
card, customers get a rebate that is the same as
a percentage of their purchases. For example,
if there is a Cash Back
offer that provides five percent cash back
on groceries, fuel, and pharmacy
items, as the rewards accumulate they can be redeemed. If you
spend $150 in fuel, supermarket items,
and drugstore items every week, at
the completion of a 12-month period, $390
in rebates would be ready to cash out.
Rewards Points - Instead
of offering cash back, some issuers
offer points programs. Customers earn
rewards for making purchases. Every time the card is used, the rewards
add up. After a certain amount of points add up they can be redeemed for all kinds of goodies including
free merchandise, gift cards, subscriptions, and so on.
It is wise to see if the Good Credit Cards
for Good Credit you apply for offers
a redeemable rewards program.
Fuel Rewards - Companies
are often times sensitive to the price
of fuel and will offer an incentive to
their customers for their purchases by offering them a prepaid
gas card. As the credit card is utilized, reward points add up. Once you have completed enough transactions to accumulate a certain amount of points they can be turned in for a
prepaid gas card. Sometimes, fuel points can be earned
when making fuel purchases.
Points Redeemable for Free Rental Car Upgrades, Hotel Rooms, or Frequent Flyer Miles - When purchases are made with this kind of card, points that can be used as free frequent flyer miles or free travel vouchers are earned. As the points add up, they can be applied toward all kinds of travel arrangements including free air travel. These programs are great for frequent travelers.
0% APR Promotions - Finance charges are not applied on these cards for a specified amount of time.
This time period typically spans 6-12 months.
Most times, folks are advised to utilize this promotional period
to move balances from their current Good Credit Cards
to one of these, then pay the balances off within the promotional period. Keeping monthly payments up to date is incredibly important.
When a single payment becomes past due, most times
the interest free rates adjust to an interest-bearing
rate. Folks that are offered
Good Credit Cards for Good
Credit, and have the chance to get a 0% promotion
should consider this opportunity.
Secured Cards to Re-establish Credit - Customers with this type of card
simply puts money in an account specified by the secured card issuer.
This "is why the card is called "" secured"" ." Once the account is set up, a card is
delivered with a credit max in
the opening balance of the interest bearing account that was created. As the card is used your available credit is recalculated, low rate
recurrent payments are determined, and a monthly invoice
is generated. If the card is active low monthly payments will become due. Secured Cards to Re-establish Credit
are awesome because they function the same as
ordinary credit cards allowing you
to do things that debit cards may not, like making travel accommodations such as rental cars
that commonly do not take standard bank account
cards. One of the best things about the application process is that approval is generally
guaranteed whether you have good credit or not. It is important to note that many
credit-rebuilding card companies submit whether or not the bill is paid on time
to be added to your credit profile. This could be a great
way to establish creditworthiness by showing regular
payments whether you have Good
credit or not. After making
a certain number of payments in a row, some secured card companies will approve a higher limit without
asking for more cash to be put into the account that was used to set up the card.
Prepaid Credit Cards - With
a Prepaid card, there is no question about the credit limit. Similar to
a typical bank account, a deposit is made into an account and that becomes
the credit limit. As the prepaid card
balance has been exhausted, a deposit into the prepaid account can be made and the new credit limit will be the amount of the new deposit. These cards
are terrific for staying on a budget, purchases can be tracked, and they are generally granted to those that may not qualify to
obtain a conventional banking account.
Quick approval is generally guaranteed despite
your FICO report and there is
no need for the prepaid company to contact the three bureaus.
With all of the different types
of Good Credit Cards
for Good credit and
rewards that exist, it is easy to identify the best solution for your situation. Consider
Good Credit Cards that allow for the most rewards. Make an educated choice and always
try to keep your purchases at less than half of your credit limit and make more than the minimum payment every month. Great credit is fantastic
To be certain that you keep growing a top notch credit profile, obey these general guidelines:
1. Maintain your outstanding balance less than the
card's max. In other words, it is not smart to
"go crazy". It is important to keep
an account that is about fifty percent
of the maximum spending limit on any
Good Credit Cards for Good Credit.
2. Pay the bill on time. Even if a small payment can be made, that's ok. If the bill is paid 30 days after the due date, that information will be reported to the credit reporting agencies. This has adverse affects on the consumer's FICO report. And let's not forget the fact that you may also have to pay an increased interest rate as a result of a single tardy payment. Therefore it is advised that you pay on time.
3. Repay the entire bill every time you can.
When purchases are made, do your best to
take a few months and pay it off at least one time per year. After completing this, it is okay to
start using the card again and take a few months to pay the balance off again, and keep this pattern going
This approach confirms to the issuing companies
that you can be a great customer. Some of the other benefits of this approach are
lower rates, higher credit limits, and a better credit score.
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