Good Credit Cards for Great
Credit - Learning The Choices
If people have
Credit, how can they
distinguish which Good Credit Cards
to select when there are so many options?
The information below will expand on several varieties
of cards to give you a useful understanding
of the benefits of each:
Money Back - With a Money Back
card, customers are offered a refund that is the same as
a percentage of their transactions. For example,
if an applicant is approved for a Money Back
offer that gives five percent cash back
on groceries, gasoline, and pharmacy
purchases, as the rebates add up they can converted to cash. If you
use one hundred and fifty dollars in fuel, groceries,
and pharmacy purchases weekly, by
the conclusion of a year, $390
in cash would be ready to cash out.
Rewards Points - Instead
of providing cash back, some lenders
offer points programs. Customers receive
rewards when purchases are made. As purchases are made, the rewards
accumulate. After a certain amount of points add up they can be cashed in for all kinds of goodies including
free rental cars, gift items, subscriptions, and so on.
Be sure to find out if the Good Credit Cards
for Great Credit you are considering offers
a points program.
Petro Rewards - Card Issuers
can be considerate of the price
of fuel and will compensate
their customers for their purchases by rewarding them with a prepaid
gasoline card. As purchases are made, points are earned. Once a certain number of points are earned they can be redeemed for a
free prepaid gas station card. Sometimes, redeemable fuel rewards can be accumulated
when making gas purchases.
Points for Free Rental Car Upgrades, Hotel Rooms, or Frequent Flyer Miles - When purchases are made with these cards, "customers receive "" points"" toward free travel including free frequent flyer miles." Once a specified number of points are earned, they can be cashed in exchange for free airline tickets, hotel stays, or rental cars. Frequent travelers really like these rewards.
Zero Percent APR Promotions - What does this mean? Simply put: for a limited time, finance charges are not incurred.
The period where no finance charges are being applied usually varies from 6-12 months.
Generally, customers take advantage of this time
to shift balances from their interest bearing Good Credit Cards
to one of these and pay it off while there are no finance charges being accrued. Paying the bill on or before the due date is crucial.
When just one payment is not paid on time, most times
the interest free rates adjust to a different
rate. Folks that are applying for
Good Credit Cards for Great
Credit, and are offered a zero percent promotion
ought to choose this great opportunity.
Secured Cards to Establish Credit - Customers that have a secured credit card
would deposit a few hundred to a few thousand dollars, depending on what they could afford, in an account that generates interest that the secured card issuer will set up.
This becomes the card's collateral At that point a credit card is
extended to the applicant with a line of credit in
the opening balance of the interest bearing account that was created. As the card is used the amount of that transaction is deducted from your available credit balance, low interest
regularly scheduled payments are determined, and a monthly invoice
is sent. If the card is active you will receive a payment plan. Secured Cards to Establish Credit
are great because they operate the same as
normal credit cards allowing customers
the freedom to book travel accommodations including vehicle rentals
that generally do not take check
cards. Another great feature is that approval is ordinarily
guaranteed despite your credit profile. This is good because most
credit-rebuilding card companies submit your repayment history
to Experian, Equifax, and Trans Union. This is a great
technique to show creditworthiness by showing regular
payments no matter if you have Great
credit or not. Once you have paid
several payments on or before their due date, typically the lender will offer additional spending power without
requiring another deposit to the initial secured account.
Pre-paid Credit Cards - With
a Pre-paid card, purchases can be made without interest, fees, or finance charges. Just like
a typical bank account, a certain amount of money is deposited into an account and that is
the credit limit. As the prepaid credit card
balance becomes depleted, you can recharge it with an additional deposit. Prepaid credit cards
work wonderfully for financial planning, purchases can be tracked, and they are generally granted to those that may not qualify to
acquire a typical banking account.
Approval is generally guaranteed despite
your credit profile and there is
no need for the prepaid company to deal with the three bureaus.
With all of the different varieties
of Good Credit Cards
for Great credit and
rewards that each of them offer, there is something for everyone. Seek
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. Awesome credit is an awesome
thing to have.
To make certain that you keep developing a prime credit profile, take heed to these easy rules:
1. Maintain a balance lower than the
credit max. Another way of saying it is, do not
"max out". It is smart to carry
a balance that is no more than fifty percent
of the available balance on any
Good Credit Cards for Great Credit.
2. Pay your credit card bill on time every month. Even if a small payment can be made, that's ok. When payments are made more than 30 days late, that information will be reported to Experian, Equifax, and Trans Union. This negatively affects the consumer's credit profile. Unfortunately, you may also have to pay more points on the card's interest rate as a consequence of just this one tardy payment. Hence it is advised that you be mindful of the due dates.
3. Repay the balance completely every few months.
When the balance gets to be about half of the limit, make it your goal to
pay it all off at least one time per year. Once you do this go ahead and
make more purchases and pay it back down to zero again after a few months, and make this your repayment pattern.
This pattern confirms to the lenders
that you are creditworthy. Once this sequence is repeated a couple of times, you could qualify for
low rates, higher credit limits, and a better credit score.
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