Good Credit Cards for Poor
Credit - Understanding The Options
When individuals have
Credit, how do they
know which Good Credit Cards
to pick when there are so many options?
The information below will break down a couple types
of cards to offer a useful outline
of the advantages of each:
Money Back - With a Money Back
card, customers are rewarded with a rebate that is the same as
a fraction of their purchases. For example,
if somebody is approved for a Money Back
offer that provides 5% cash back
on supermarket, gasoline, and drugstore
purchases, as the cash back rewards add up they can be cashed in. If you
spend a hundred fifty dollars in gasoline, food,
and drug store items every week, at
the conclusion of a 12-month period, almost $400
in cash back rewards would be ready to cash out.
Redeemable Points - In lieu
of offering money back, some issuers
present customers with redeemable rewards. Customers get
rewards when purchases are made. With each swipe of the card, the rewards
accumulate. When you earn enough points they can be redeemed for items including
free rental cars, gifts, subscriptions, and more.
It is smart to be aware of whether or not the Good Credit Cards
for Poor Credit that you want will offer
Fuel Bonuses - Lenders
are often times considerate of the cost
of fuel and want to compensate
people for using their credit card by rewarding them with a free
gas card. As the credit card is utilized, reward points add up. After a specified amount of points are accumulated you can get a
free prepaid gas card. Sometimes, gas points are actually accumulated even
while you are gassing up your vehicle.
Reward Points Toward Free Rental Car Upgrades, Hotel Rooms, or Frequent Flyer Miles - When purchases are made with these cards, customers can earn frequent traveler's points that can be redeemed for free travel. After an accumulation of a certain number of points, they can be cashed in for discounted or free airline tickets or travel accommodations. Frequent travelers really like these rewards.
0% APR Promotions - With these cards, finance charges are not accrued for a certain amount of time.
The promotional period typically varies from 6-12 months.
Most times, customers are advised to utilize promotions such as this
to move outstanding balances from their high interest Good Credit Cards
to one of these, then create a personal budget that allows them to pay the whole thing off without having to pay any finance charges. Making monthly payments on time is very important.
When a payment is overdue, most times
the introductory rates go up to another
rate. Individuals that are eligible for
Good Credit Cards for Poor
Credit, and are offered an introductory period free of finance charges
ought to consider this great opportunity.
Secured Cards for Rebuilding Credit - Customers that have a secured card
must deposit a certain amount of money in an account specified by the secured card issuer.
This "is why the card is called "" secured"" ." At that point a card is
extended to the applicant with a credit limit that is the same as
the amount of the deposit. Each time a transaction is approved your available credit is recalculated, low interest
recurrent payments are computed, and a bill
is is mailed or emailed if you choose paperless billing. If purchases are made an affordable repayment plan will be created. Secured Cards for Rebuilding Credit
are terrific because they operate like
ordinary credit cards allowing people
the freedom to book travel accommodations such as airline tickets
that typically do not accept check
cards. When applicants have bad credit approval is typically
guaranteed despite your credit profile. This is good because many
credit-rebuilding card issuers report whether or not the bill is paid on time
to Experian, Equifax, and Trans Union. This can be a terrific
way to show creditworthiness by making regular
payments no matter if you have Poor
credit or not. Once you make
six to twelve consecutive timely payments, many times the limit can be increased without
asking for an additional deposit.
Pre-paid Credit Cards - With
a Pre-paid card, you get out of it exactly what you put in. Just like
a regular bank account, a certain amount of money is deposited into an account and this is
the credit limit. After the prepaid account
balance has been exhausted, simply put more cash into the prepaid account and your card will be ready for use once again. Reloadable prepaid credit cards
are great for financial planning, they offer the kind of flexibility that debit cards have, and they are a great solution for those that cannot
obtain a standard checking account.
Approval is generally guaranteed despite
your FICO score and there is
no need for the prepaid card issuer to contact the credit bureaus.
With all of the diverse types
of Good Credit Cards
for Poor credit and
rewards that are available, it is easy to identify the best solution for your situation. Look for
Good Credit Cards that offer rewards that match your lifestyle and spending style. Stay smart 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. Superb credit is fantastic
To be certain that you keep developing a great credit report, obey these easy guidelines:
1. Maintain your outstanding balance lower than the
credit limit. Simply put, don't
"over spend". Always maintain
a bill that is generally sixty percent or less
of the available balance on any
Good Credit Cards for Poor Credit.
2. Do not make late payments. 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. When payments are made more than 30 days late, that information will be reported to the credit bureaus. This is not good for the consumer's credit score. Additionally, when this happens you may also experience an increased interest rate as a result of something as small as a past due payment. Hence it is wise to pay on time.
3. Repay all balances down to zero every so often.
If the card is used a lot, try to
take a few months and pay it off as often as you can. After the bill has been paid down to zero you can feel free to
make more purchases then after a couple of billing cycles, pay the whole thing off just like you did before, and don't stop this habit.
This repayment history illustrates to the issuers
that you will be creditworthy. Some of the other benefits of this approach are
a lower interest rate, a higher credit max, and a more favorable credit report.
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Good Credit Cards
for Poor credit
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