Good Credit Cards for Rebuilding
Credit - Learning The Options
When individuals have
Credit, how can they
tell which Good Credit Cards
to pick when there are so many possibilities?
This article discusses a few varieties
of cards to offer a useful understanding
of the benefits of each:
Cash Back - With a Cash Back
card, customers get a refund that equals
a fraction of their transactions. For instance,
if somebody has a Cash Back
option that provides five percent cash back
on supermarket, fuel, and drugstore
items, as the rewards accumulate they can be redeemed. If you
use a hundred fifty dollars in gas, supermarket items,
and drugstore items every week, at
the conclusion of a year, $390
in rebates would be ready to cash out.
Redeemable Points - In lieu
of giving cash rebates, some lenders
present customers with points programs. Customers receive
rewards when purchases are made. Every time the card is used, the points
add up. When you earn enough points they can be redeemed for things like
free merchandise, gift cards, subscriptions, etc.
It is important to know whether or not the Good Credit Cards
for Rebuilding Credit you apply for offers
a points program.
Gas Rewards - Card Issuers
are often times sensitive to the cost
of gasoline and want to offer an incentive to
people for using their credit card by giving them a free
gasoline card. As the card is used, points are accumulated. After you have earned enough points you are eligible for a
prepaid gas card. The funny thing is, with some cards gas points are actually accumulated even
while making gas purchases.
Points Toward Free Rental Car Upgrades, Hotel Rooms, or Frequent Air Travel Miles - When this kind of card is utilized, points that can be used as free frequent flyer miles or free travel vouchers are earned. Once a certain number of points have been accumulated, they can be applied toward all kinds of travel arrangements including free air travel. Frequent travelers really like these rewards.
Zero Percent Promotional Interest Rates - With these cards, finance charges are not accrued for a certain amount of time.
The promotional period usually varies from 6-12 months.
Many people take advantage of this kind of card
to move balances from their interest bearing Good Credit Cards
to one of these and create a personal budget that allows them to pay the whole thing off without having to pay any finance charges. Paying the bill on or before the due date is especially crucial.
When just one payment is late, most times
zero percent APR rates are changed to an interest-bearing
rate. Folks that are approved for
Good Credit Cards for Rebuilding
Credit, and have the chance to get a 0% introductory rate
should think about this type of card.
Secured Cards to Build Creditworthiness - Customers with one of these
simply deposits a specified amount of cash in an account that can earn interest while it is there.
This becomes the card's collateral Then, a card is
offered with a credit max that is the same as
the amount of the deposit. When purchases are made the credit limit decreases, low rate
regularly scheduled payments are calculated, and a bill
is is mailed. If the card is active an affordable monthly invoice will be sent. Secured Cards to Build Creditworthiness
are great because they function the same as
standard credit cards allowing people
the freedom to book travel arrangements such as hotels
that commonly do not accept check
cards. Another great feature is that approval is usually
guaranteed even if your credit is poor. It is important to note that many
secured card companies report whether or not timely payments are made
to Experian, Equifax, and Trans Union. This can be a great
approach to show creditworthiness by showing timely
payments whether you have Rebuilding
credit or not. After paying
a certain number of consecutive timely payments, most issuers will increase your credit 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, purchases can be made without interest, fees, or finance charges. Similar to
a typical bank account, a certain amount of money is deposited into an account and that becomes
the amount that can be spent. When 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. Reloadable cards
work well for budgeting, they offer the kind of flexibility that debit cards have, and they are a great solution for those that cannot
obtain a normal depository account.
Approval is generally granted despite
your FICO score and there is
no need for the bank that issues the prepaid cards to deal with the three bureaus.
With all of the diverse varieties
of Good Credit Cards
for Rebuilding credit and
benefits that are available, there is a solution available for most credit card seekers. Seek
Good Credit Cards that offer rewards that match your lifestyle and spending style. No matter which card you choose, always
spend wisely and pay the bill on or before the due date. Awesome credit is an awesome
To ensure that you keep cultivating the best credit report, obey these simple tips:
1. Keep your outstanding balance less than the
credit limit. In other words, do not
"max out". It is smart to retain
an account that is somewhere around fifty percent
of the max on any
Good Credit Cards for Rebuilding Credit.
2. Make the monthly payments by the due date. Even if you have to make just the minimum payment that is listed on your monthly statement, it is better to make that small payment on time then it is to try and pay more at a later date. If you miss a payment, it will be told to Experian, Equifax, and Trans Union. This is not good for your FICO score. And let's not forget the fact that customers may also be assessed more points on the card's interest rate as a result of a single late payment. Hence it is advised that you pay on time.
3. Repay the balance in total every quarter.
When you make purchases, make it your goal to
take a few months and pay it off as often as you can. After completing this, it is smart to
start using the card again and pay it back down to zero again after a few months, and keep this cycle going.
This repayment history demonstrates to the issuing companies
that you can be an excellent credit candidate. Some other perks you could get when you repay in this way are
a lower interest rate, a higher credit max, and a better credit profile.
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Good Credit Cards
for Rebuilding credit
are simple to apply for. Click here
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