Popular Credit Cards for Bad
Credit - Learning The Possibilities
When individuals have
Credit, how do they
distinguish which Popular Credit Cards
to pick when there are so many possibilities?
This article discusses a few varieties
of cards to give you a helpful outline
of the advantages of each:
Cash Back - With a Cash Back
card, customers are rewarded with a repayment that is the same as
a percentage of their purchases. For instance,
if somebody is approved for a Cash Back
option that provides 5% cash back
on supermarket, gas, and pharmacy
items, as the cash back rewards add up they can be redeemed. If you
use $150 in fuel, food,
and drug store purchases every 5-7 days, at
the end of a year, almost $400
in cash back rewards would have accumulated.
Redeemable Points - Instead
of giving money back, some issuers
present customers with points programs. Customers receive
rewards when purchases are made. With each swipe of the card, the rewards
accumulate. Once a specified number of points have accumulated they can be redeemed for things like
free hotel stays, gift items, magazines, etc.
It is smart to be aware of whether or not the Popular Credit Cards
for Bad Credit you are considering offers
a redeemable rewards program.
Gas Bonuses - Companies
are often times sensitive to the price
of gasoline and want to give incentives to
people for using their credit card by rewarding them with a prepaid
gasoline card. As purchases are made, points are earned. Once you have completed enough transactions to accumulate a certain amount of points they can be redeemed for a
prepaid gas station card. The cool thing is, with some cards redeemable fuel rewards can be accumulated
while you are gassing up your vehicle.
Points for Free Hotel Stays, Rental Cars or Frequent Traveler Miles - When purchases are made with this kind of card, points that can be used as free frequent flyer miles or free travel vouchers are earned. After an accumulation of a certain number of points, they can be applied toward all kinds of travel arrangements including free air travel. These programs are great for frequent travelers.
0% Promotional Interest Rates - What does this mean? Simply put: for a limited time, finance charges are not incurred.
The promotional period usually spans six to twelve months.
Most times, people take advantage of this promotional period
to transfer outstanding balances from their current Popular Credit Cards
to one of these, then pay the balances off within the promotional period. Keeping monthly payments up to date is crucial.
When a payment is paid late, most
the interest free rates adjust to a much higher
rate. People that are applying for
Popular Credit Cards for Bad
Credit, and are offered an interest free period
ought to think about this type of card.
Secured Cards for Rebuilding Credit - People that have this type of card
must deposit a cash amount in an account that can earn interest while it is there.
This "is why the card is called "" secured"" ." Once the account is set up, a card is
sent with a credit max in
the amount of the deposit. Each time a transaction is approved the credit limit decreases, affordable
recurrent payments are calculated, and a monthly invoice
is is mailed. If purchases are made a relatively small monthly payment is expected. Secured Cards for Rebuilding Credit
are good because they function the same as
standard credit cards allowing you
to do things that debit cards may not, like making travel accommodations including airline tickets
that usually do not take debit
cards. However, just like prepaid cards approval is ordinarily
guaranteed even if your credit is poor. This can help in the rebuilding process because most
credit-rebuilding card companies submit the way you pay your bill
to Experian, Equifax, and Trans Union. This could be a great
way to prove you are creditworthy by paying scheduled
payments no matter if you have Bad
credit or not. After paying
several payments on or before their due date, most issuers will increase your credit limit without
asking for another deposit to the initial secured account.
Pre-paid Credit Cards - With
a Pre-paid card, you get most of the benefits of a credit card without the debt. Similar to
a conventional account, you put money in and this is
your spending limit. When the prepaid card
balance becomes depleted, simply put more cash into the prepaid account and your card will be ready for use once again. Prepaid cards
are fantastic for parents to use to give an allowance to their teen or college student, transactions can be tracked and recorded if necessary, and they are a great solution for those that cannot
get a regular banking account.
Quick approval is normally guaranteed despite
your credit profile and there is
no need for the prepaid card issuer to send any inquiries to the credit bureaus.
With all of the many types
of Popular Credit Cards
for Bad credit and
benefits that they have, there is something for everyone. Consider
Popular Credit Cards that make sense for your situation that will allow you to control your spending habits. Remember these things and be sure to
make wise purchases and timely payments. Great credit is a terrific
To ensure that you keep developing a prime credit score, obey these few directions:
1. Maintain your outstanding balance less than the
card's limit. Simply put, don't
"max out". Make sure to carry
an account that is no more than fifty percent
of the limit on any
Popular Credit Cards for Bad Credit.
2. Pay the bill on time. Even if a small payment can be made, be sure to pay the bill on time. When payments are made more than 30 days late, that information will be forwarded to the credit bureaus. This is bad for the consumer's credit score. As a result, when this happens you may also have a rising interest rate as a result of something as small as a late payment. Thus it is advised that you be mindful of the due dates.
3. Repay all balances down to zero every few months.
When you make purchases, make it your goal to
pay it all off as often as you can. When you do this, it is wise to
begin creating transaction activity (like buying gas, shopping online, or making purchases) then take a few months to pay the balance off again, and keep this pattern going
This cycle shows the issuers
that you can be a great customer. You could also be rewarded with
a lower interest rate, more of a limit, and a more favorable credit report.
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Popular Credit Cards
for Bad credit
are simple to apply for. Act now
to apply for a card that fits