Popular Credit Cards for Bad
Credit - Understanding The Possibilities
If folks have
Credit, how can they
know which Popular Credit Cards
to pick when there are so many options?
The information below will discuss several types
of cards to give you a better understanding
of the pros of each:
Cash Back - With a Cash Back
card, you may be offered a reimbursement that equals
a percentage of their purchases. For example,
if somebody is approved for a Cash Back
offer that gives five percent cashback
on groceries, fuel, and pharmacy
purchases, as purchases increase and rewards accumulate, they can be cashed in. If you
spend one hundred and fifty dollars in gasoline, groceries,
and drugstore items each week, by
the conclusion of a year, $390
in cash back rewards would have accumulated.
Redeemable Points - In lieu
of offering cash rebates, some companies
give redeemable rewards. Customers get
points every time the card is used. Every time the card is used, the points
increase. Once a specified number of points have accumulated they can be redeemed for all kinds of goodies including
free hotel stays, gifts, magazines, etc.
Always check to see if the Popular Credit Cards
for Bad Credit you apply for offers
a points program.
Gasoline Bonuses - Lenders
are often times understanding about the cost
of gas and want to reward
their customers for using their cards by giving them a free
fuel card. As purchases are made, points are earned. After a specified amount of points are accumulated you are eligible for a
free prepaid gasoline card. The cool thing is, with some cards fuel points can be earned
when making fuel purchases.
Reward Points Toward Free Hotel Accommodations, Car Rentals, or Frequent Air Travel Miles - When these cards are used, "customers receive "" points"" toward free travel including free frequent flyer miles." As the points add up, they can be cashed in exchange for free airline tickets, hotel stays, or rental cars. These programs are great for frequent travelers.
Zero Percent 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 typically lasts anywhere from half a year to a whole year.
Most times, customers are advised to utilize promotions such as this
to transfer their balance from their interest bearing Popular Credit Cards
to one like this and pay it off while there are no finance charges being accrued. Making timely payments is crucial.
When a payment is paid after the due date, most
the interest free rates go up to another
rate. Customers that are applying for
Popular Credit Cards for Bad
Credit, and are offered a zero percent promotion
ought to think about this type of card.
Secured Cards to Establish Credit - Customers with this type of card
must deposit money in an account specified by the secured card issuer.
This is what secures the account. Once the account is set up, a credit card is
sent with a spending limit that is the same as
the opening balance of the interest bearing account that was created. Every time you use it the amount of that transaction is deducted from your available credit balance, low rate
regularly scheduled payments are calculated, and a monthly invoice
is generated. If the card is being used a relatively small monthly payment is expected. Secured Cards to Establish Credit
are good because they operate like
normal credit cards allowing you
the freedom to book travel arrangements such as airline tickets
that generally do not accept standard bank account
cards. When applicants have bad credit approval is usually
guaranteed no matter what. However, keep in mind that most
secured card issuers submit your repayment history
to Experian, Equifax, and Trans Union. This can be a good
method to establish creditworthiness by making scheduled
payments no matter if you have Bad
credit or not. After paying
several payments in a row, some secured card companies will approve a higher limit without
requiring another deposit to the initial secured account.
Prepaid Credit Cards - With
a Prepaid card, you get out of it exactly what you put in. Similar to
a checking account, you put money in and that is
your spending limit. When the prepaid card
balance runs out, 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 terrific for students, transactions can be tracked and recorded if necessary, and they are a great solution for those that cannot
obtain a regular depository account.
Quick approval is normally guaranteed regardless of
your credit report and there is
no need for the prepaid card issuer to contact the credit bureaus.
With all of the many varieties
of Popular Credit Cards
for Bad credit and
incentives that exist, there is a solution available for most credit card seekers. Seek
Popular Credit Cards that allow for the most rewards. Remember these things and always
make wise purchases and timely payments. Top notch credit is a great
To make sure that you keep cultivating the best FICO profile, take heed to these easy tips:
1. Keep a balance at no more than half of the
card's limit. Simply put, it is not smart to
"go crazy". It is smart to retain
an account that is generally forty percent
of the maximum spending limit on any
Popular Credit Cards for Bad Credit.
2. Make at least the minimum payment as scheduled. Even if you have to make just the minimum payment that is listed on your monthly statement, pay it. If the bill is paid 30 days after the due date, it must be forwarded to the credit reporting companies. This could bring down your FICO report. Unfortunately, you may also have more points on the card's interest rate as a result of a solitary past due payment. Thus it is smart to be mindful of the due dates.
3. Repay the balance in total every quarter.
When you make purchases, do your best to
pay the balance back down to zero as often as you can. Afterward, go ahead and
make more purchases and after a couple of billing cycles, pay the whole thing off just like you did before, and make this your repayment pattern.
This repayment history demonstrates to the issuing companies
that you will be a great customer. Some of the other benefits of this approach are
a lower interest rate, an increased credit limit, and a better credit profile.
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