Good Credit Cards for Great
Credit - Knowing The Options
If people have
Credit, how do they
know which Good Credit Cards
to select when there are so many possibilities?
This article will break down a couple types
of cards to give you a helpful understanding
of the benefits of each:
Cash Back - With a Cash Back
card, customers are offered a refund equal to
a percentage of their purchases. For example,
if somebody has a Cash Back
option that offers 5% cash back
on supermarket, gasoline, and drugstore
purchases, as the rewards accumulate they can be redeemed. If you
spend one hundred and fifty dollars in gas, supermarket items,
and pharmacy purchases each week, by
the end of a year, almost $400
in cash back rewards would have accumulated.
Redeemable Points - Instead
of providing cash rebates, some companies
present customers with redeemable rewards. Customers get
rewards for just about every transaction. Every time the card is used, the points
accumulate. When you earn enough points they can be redeemed for things like
free merchandise, gift cards, magazines, and more.
It is smart to be aware of whether or not the Good Credit Cards
for Great Credit you apply for offers
Petro Rewards - Credit card issuers
are often times understanding about the price
of gas and want to compensate
their customers for using their cards by giving them a free
fuel 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 cashed in for a
free prepaid fuel card. Sometimes, fuel points can be earned
while making gas purchases.
Points for Free Hotel Accommodations, Car Rentals, or Frequent Flyer Miles - When these cards are used, points that can be used as free frequent flyer miles or free travel vouchers are earned. Once enough points are accumulated, they can be cashed in exchange for free airline tickets, hotel stays, or rental cars. Frequent travelers really like these rewards.
0% Promotional Interest Rates - With these cards, finance charges are not accrued for a certain amount of time.
The period where no finance charges are being applied generally lasts anywhere from 6-12 months.
Generally, customers use this interest-free period
to move their balance from their high interest 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 imperative.
When a payment is received late, most
the interest free introductory rates go up to another
rate. People that are applying for
Good Credit Cards for Great
Credit, and have the opportunity to sign up for a zero percent promotion
should think about this great opportunity.
Secured Cards to Build Creditworthiness - Customers that have a secured card
must deposit a certain amount of money in an account specified by the secured card issuer.
This becomes the card's collateral At that point a credit card is
issued with a credit max equal to
the amount that has been deposited in the account. As the card is used the credit limit decreases, affordable
recurrent payments are computed, and payment plan
is is mailed or emailed if you choose paperless billing. If transactions are being approved, an affordable repayment plan will be created. Secured Cards to Build Creditworthiness
are excellent because they function like
normal credit cards allowing people
to complete all kinds of transactions including booking travel accommodations including hotels
that commonly do not accept prepaid or debit
cards. When applicants have bad credit approval is ordinarily
guaranteed even if your credit is poor. It is important to note that most
credit-rebuilding card issuers report whether or not the bill is paid on time
to be added to your credit profile. This can be an excellent
technique to establish creditworthiness by showing regular
payments whether you have Great
credit or not. After paying
six to twelve consecutive timely payments, typically the lender will offer additional spending power without
asking for another deposit to the initial secured account.
Reloadable Prepaid Credit Cards - With
a Reloadable Prepaid card, there is no question about the credit limit. Similar to
a regular bank account, a deposit is made into an account and this is
the credit limit. After the prepaid credit card
balance becomes depleted, a deposit into the prepaid account can be made and the new credit limit will be the amount of the new deposit. Reloadable prepaid cards
work wonderfully for staying on a budget, transactions can be tracked and recorded if necessary, and they are generally granted to those that may not qualify to
acquire a typical banking account.
Approval is normally granted despite
your credit report and there is
no need for the bank that issues the prepaid cards to contact the credit bureaus.
With all of the diverse varieties
of Good Credit Cards
for Great credit and
bonuses that each of them offer, there is something for everyone. Seek
Good Credit Cards that allow for the most rewards. Once you are approved be sure to
stay within your credit limit and make your payments on time every month. Superb credit is fantastic
To make sure that you keep cultivating an awesome FICO report, take heed to these three guidelines:
1. Always have your bill at a percentage of the
credit limit. Simply put, it is not smart to
"go crazy". Always carry
a bill that is somewhere around half
of the maximum spending limit on any
Good Credit Cards for Great Credit.
2. Keep the credit card bill paid on time. Even if you have to make just the minimum payment that is listed on your monthly statement, the most important thing is that the payment is made when it is due. When payments are made more than 30 days late, that information will be reported to Experian, Equifax, and Trans Union. This has adverse affects on your FICO score. Not to mention when this happens you may also have to pay a higher interest rate as a consequence of a solitary late payment. Hence it is recommended that consumers make payments.
3. Repay the balance in total every time your finances will allow.
When the balance gets to be about half of the limit, do your best to
take a few months and pay it off at least one time per year. Afterward, you can feel free to
make more purchases and pay it off once again after over the course of a few billing cycles, and make this your repayment pattern.
This repayment history shows the issuers
that you can be a great customer. Most lenders reward customers like this with
low interest rates, a higher limit, and a better credit score.
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