Good Credit Cards for Great
Credit - Understanding The Choices
If individuals have
Credit, how can they
distinguish which Good Credit Cards
to choose when there are so many opportunities?
This article discusses several kinds
of cards to provide a better understanding
of the benefits of each:
Cash Back - With a Cash Back
card, customers get a refund that is the same as
a fraction of their purchases. For instance,
if somebody has a Cash Back
offer that provides 5% cash back
on supermarket, gas, and drugstore
purchases, as the cash back rewards add up they can be cashed in. If you
spend one hundred and fifty dollars in gas, food,
and drug store items each week, at
the end of a year, about four hundred dollars
in cash back rewards would be ready to cash out.
Redeemable Points - In lieu
of rewarding customers with cash back, some lenders
present customers with redeemable rewards. Customers receive
rewards for just about every transaction. Every time the card is used, the rewards
increase. After a certain amount of points add up they can be redeemed for great stuff, such as
free hotel stays, gifts, magazines, and so on.
Be sure to find out if the Good Credit Cards
for Great Credit you apply for offers
a points program.
Gas Rewards - Credit card issuers
are often times sensitive to the cost
of gasoline and will give incentives to
their customers for using their credit card by giving them a prepaid
gas card. As the card is used, points are accumulated. After you have earned enough points you can get a
free prepaid gasoline card. Sometimes, gas points are actually accumulated even
while making gas purchases.
Points Redeemable for Free Hotel Stays, Rental Cars or Frequent Air Travel Miles - When these cards are used, points that can be used as free frequent flyer miles or free travel vouchers are earned. Once a specified number of points are earned, they can be cashed in for discounted or free airline tickets or travel accommodations. Business travelers find these kinds of programs to be very beneficial.
Zero Percent Introductory Interest Rates - Finance charges are not applied on these cards for a specified amount of time.
The period where no finance charges are being applied usually spans six months up to a year.
Generally, folks take advantage of promotions such as this
to shift 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 the first payment is received late, most times
0% APR rates adjust to an interest-bearing
rate. People that are eligible for
Good Credit Cards for Great
Credit, and have the opportunity to sign up for a 0% introductory rate
should choose this great opportunity.
Secured Credit Cards - People with a secured credit card
simply puts a specified amount of cash in an account that can earn interest while it is there.
This is what secures the account. After the deposit is made a card is
extended to the applicant with a line of credit equal to
the amount of the deposit. Every time you use it the credit limit decreases, low rate
recurrent payments are computed, and payment plan
is is mailed or emailed if you choose paperless billing. If purchases are made you will receive a payment plan. Secured Credit Cards
are excellent because they function like
ordinary credit cards allowing people
to do things that debit cards may not, like making travel arrangements such as vehicle rentals
that commonly do not take prepaid or debit
cards. However, just like prepaid cards approval is generally
guaranteed despite your credit profile. However, keep in mind that most
secured card issuers report your payment schedule and how you keep up with your payments
to Experian, Equifax, and Trans Union. This can be a good
technique to show creditworthiness by paying scheduled
payments no matter if you have Great
credit or not. Once you have paid
several consecutive timely payments, most times the bank that gave you the card will allow you to make purchases over your current limit without
requiring additional collateral.
Reloadable Prepaid Credit Cards - With
a Reloadable Prepaid card, you get most of the benefits of a credit card without the debt. Just like
a checking account, a certain amount of money is deposited into an account and this is
the amount that can be spent. As the prepaid card
balance has been completely used, 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 excellent for budgeting, they allow people to make online purchases, and they are generally granted to those that may not qualify to
acquire a typical depository account.
Approval is typically guaranteed regardless of
your credit score and there is
no need for the issuer to contact the credit bureaus.
With all of the different sorts
of Good Credit Cards
for Great credit and
incentives that each of them offer, it is easy to identify the best solution for your situation. Consider
Good Credit Cards that allow for the most rewards. No matter which card you choose, always
make wise purchases and timely payments. Excellent credit is a great
To make certain that you keep growing a great FICO score, obey these few tips:
1. Always have a balance at a percentage of the
credit limit. In other words, it is not smart to
"max out". It is important to keep
a bill that is somewhere around forty to fifty percent
of the maximum spending limit on any
Good Credit Cards for Great Credit.
2. It is important to pay the bill when it is due. Even if a small payment can be made, be sure to pay the bill on time. If the bill is paid 30 days after the due date, that information could be reported to the credit reporting companies. This could bring down your FICO report. As a result, you may also have to pay more points on the card's interest rate as a consequence of just this one delayed payment. Therefore it is wise to stay on top of the bill.
3. Repay the balance completely every quarter.
If the card is used a lot, make it your goal to
take a few months and pay it off as often as you can. Then once your balance is paid off you can feel free to
begin creating transaction activity (like buying gas, shopping online, or making purchases) and pay it back down to zero again after a few months, and don't stop this habit.
This sequence indicates to the lenders
that you can be a great customer. Once this sequence is repeated a couple of times, you could qualify for
lower rates, an increased credit limit, and a better credit score.
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