Popular Credit Cards for Building
Credit - Knowing The Choices
If individuals have
Credit, how can they
distinguish which Popular Credit Cards
to choose when there are so many choices?
This article will break down a couple types
of cards to offer a useful outline
of the benefits of each:
Money Back - With a Money Back
card, you may be offered a reimbursement equivalent to
a fraction of their purchases. For example,
if somebody has a Money Back
offer that offers 5% cash back
on groceries, gasoline, and drugstore
purchases, as the rebates add up they can converted to cash. If you
spend a hundred fifty dollars in fuel, groceries,
and pharmacy items weekly, at
the conclusion of a 12-month period, about four hundred dollars
in cash would be available.
Rewards Points - In lieu
of rewarding customers with cash back, some companies
present customers with points programs. Customers get
rewards every time the card is used. With each swipe of the card, the points
add up. Once a specified number of points have accumulated they can be cashed in for items including
free merchandise, gift cards, magazines, etc.
Always check to see if the Popular Credit Cards
for Building Credit that you want will offer
Petro Rewards - Card Issuers
are often times understanding about the price
of gas and will give incentives to
their customers for making card purchases by giving them a prepaid
gasoline card. As transactions are completed, points are accumulated and summarized. Once you have completed enough transactions to accumulate a certain amount of points you can get a
free prepaid gas station card. The funny thing is, with some cards fuel points can be earned
while you are gassing up your vehicle.
Reward Points Toward Free Hotel Accommodations, Car Rentals, or Frequent Air Traveler Miles - When purchases are made with these cards, 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 redeemed for free travel accommodations. Frequent travelers really like these rewards.
0% Introductory Interest Rates - Customers that utilize these cards are not charged any interest or finance charges for a certain number of months.
The promotional period typically spans 6-12 months.
Many customers are advised to utilize this promotional period
to shift outstanding balances from their current Popular Credit Cards
to one like this and create a personal budget that allows them to pay the whole thing off without having to pay any finance charges. Making timely payments is imperative.
When a single payment is paid after the due date, most
zero percent APR rates go up to a much higher
rate. Customers that are offered
Popular Credit Cards for Building
Credit, and have the opportunity to sign up for a zero percent promotion
ought to choose this money saving option.
Secured Cards to Build Creditworthiness - Customers with a secured card
would insert a specified amount of cash in a bank account that can generate interest.
This becomes the card's collateral After the deposit is made a card is
sent with a credit max in
the opening balance of the interest bearing account that was created. Each time you swipe your card the credit limit decreases, affordable
regularly scheduled payments are determined, and payment plan
is generated. If purchases are made an affordable repayment plan will be created. Secured Cards to Build Creditworthiness
are excellent because they operate the same as
normal credit cards allowing you
to do things that debit cards may not, like making travel arrangements including rental cars
that generally do not accept standard bank account
cards. Individuals with bad credit should apply because approval is typically
guaranteed even if your credit is poor. But do not forget that many
secured card issuers submit whether or not you are keeping up with your payments
to Experian, Equifax, and Trans Union. This is a wonderful
approach to show creditworthiness by showing regular
payments no matter if you have Building
credit or not. Once you have paid
six to twelve payments on or before their due date, some secured card companies will approve a higher limit without
requiring another deposit to the initial secured account.
Reloadable Prepaid Credit Cards - With
a Reloadable Prepaid card, there is no guesswork. Similar to
a typical bank account, you put money in and this is
the amount that can be spent. As the prepaid account
balance reaches zero, a deposit into the prepaid account can be made and the new credit limit will be the amount of the new deposit. Prepaid credit cards
are great for parents to use to give an allowance to their teen or college student, they allow people to make online purchases, and they work well for individuals that are unable to
get a regular bank account.
Quick approval is usually guaranteed despite
your bureau report and there is
no need for the issuer to deal with the credit bureaus.
With all of the diverse kinds
of Popular Credit Cards
for Building credit and
rewards that exist, there is something for everyone. Consider
Popular Credit Cards that give the benefits that fit your situation. Once you are approved 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. Good credit is a terrific
To make sure that you keep growing the perfect credit score, follow these three tips:
1. Maintain a balance lower than the
credit limit. In other words, do not
"max out". Always maintain
a bill that is no more than forty to fifty percent
of the limit on any
Popular Credit Cards for Building Credit.
2. Make at least the minimum payment as scheduled. Even if you cannot make more than the minimum payment due, pay it. Once a payment is more than 30 days behind, it may be told to the credit reporting companies. This could bring down your FICO profile. And let's not forget the fact that you may also be assessed a rising interest rate as a consequence of something as small as a delayed payment. Therefore it is wise to make this bill payment a financial priority.
3. Repay the entire bill every time your finances will allow.
If the card is used a lot, do your best to
bring the balance to zero as often as you can. After the bill has been paid down to zero it is okay to
begin creating transaction activity (like buying gas, shopping online, or making purchases) then after a couple of billing cycles, pay the whole thing off just like you did before, and keep this cycle going.
This cycle indicates to the issuing companies
that you can be an excellent credit candidate. Some of the other benefits of this approach are
a lower interest rate, a higher limit, and a higher FICO score.
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