Popular Credit Cards for Building
Credit - Learning The Opportunities
If folks have
Credit, how can they
tell which Popular Credit Cards
to choose when there are so many possibilities?
This article will discuss a couple types
of cards to provide a better outline
of the advantages of each:
Money Back - With a Money Back
card, customers are rewarded with a refund equal to
a percentage of their transactions. For example,
if there is a Money Back
option that offers 5% cash back
on supermarket, fuel, and pharmacy
items, as the cash back rewards add up they can be redeemed. If you
use $150 in gas, supermarket items,
and drug store purchases weekly, by
the completion of a 12-month period, $390
in cash back rewards would be ready to cash out.
Rewards Points - In lieu
of rewarding customers with cash rewards, some issuers
present customers with redeemable rewards. Customers receive
points every time the card is used. As purchases are made, the points
increase. When you earn enough points they can be cashed in for all kinds of goodies including
free rental cars, gifts, subscriptions, and so on.
Always check to see if the Popular Credit Cards
for Building Credit you apply for offers
a points program.
Gasoline Rewards - Card Issuers
are often times understanding about the price
of fuel and will give incentives to
people for their purchases by giving them a prepaid
gas card. As transactions are completed, points are accumulated and summarized. Once you have completed enough transactions to accumulate a certain amount of points they can be redeemed for a
free prepaid gas station card. The funny thing is, with some cards gas rewards can even be earned
when you are gassing up your vehicle.
Points Toward Free Hotel Accommodations, Car Rentals, or Frequent Air Traveler Miles - When purchases are made with these cards, redeemable points that can be cashed in for free travel miles are earned. Once enough points are accumulated, they can be cashed in for discounted or free airline tickets or travel accommodations. Business travelers find these kinds of programs to be very beneficial.
0% Promotions - With these cards, finance charges are not accrued for a certain amount of time.
The period where no finance charges are being applied generally lasts anywhere from six months up to a year.
Many customers take advantage of this time
to move balances from their interest bearing Popular Credit Cards
to one like this and pay it off while there are no finance charges being accrued. Keeping monthly payments up to date is crucial.
When the first payment is received late, most times
the introductory rates adjust to another
rate. Customers that are approved for
Popular Credit Cards for Building
Credit, and have the opportunity to sign up for a 0% promotion
should think about this opportunity.
Secured Credit Cards - Customers that have a secured card
simply deposits a cash amount into a secure account that accumulates interest.
This is what secures the account. At that point a credit card is
sent with a credit max equal to
the amount that has been deposited in the account. Each time you swipe your card the amount of that transaction is deducted from your available credit balance, low rate
recurrent payments are calculated, and payment plan
is is mailed. If the card is being used you will receive a payment plan. Secured Credit Cards
are excellent because they operate the same as
ordinary credit cards allowing people
to do things that debit cards may not, like making travel arrangements including hotels
that commonly do not accept check
cards. Individuals with bad credit should apply because approval is ordinarily
guaranteed regardless of your credit score. However, keep in mind that many
credit-rebuilding card issuers submit whether or not timely payments are made
to Experian, Equifax, and Trans Union. This is a fantastic
technique to show creditworthiness by paying scheduled
payments whether you have Building
credit or not. After making
six to twelve payments on or before their due date, typically the lender will offer additional spending power without
requiring another deposit to the initial secured account.
Reloadable Prepaid Credit Cards - With
a Reloadable Prepaid card, you get most of the benefits of a credit card without the debt. Similar to
a typical bank account, a certain amount of money is deposited into an account and this is
the credit limit. As 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. These cards
are terrific for students, they make it so you don't have to carry cash all the time, and they work well for individuals that are unable to
acquire a traditional depository account.
Fast approval is typically granted regardless of
your credit score and there is
no need for the prepaid card issuer to deal with Experian, Equifax, and TransUnion.
With all of the different sorts
of Popular Credit Cards
for Building credit and
bonuses that each of them offer, it is easy to identify the best solution for your situation. Seek
Popular Credit Cards that offer rewards that match your lifestyle and spending style. No matter which card you choose, always
make wise purchases and timely payments. Excellent credit is a terrific
To make certain that you keep building an excellent FICO score, follow these three rules:
1. Keep a balance lower than the
card's max. In other words, don't
"max out". Always retain
a bill that is generally forty percent
of the available balance on any
Popular Credit Cards for Building Credit.
2. Do not default on payments. Even if a minimum payment is all you can afford to make, be sure to pay the bill on time. If the bill is paid 30 days after the due date, it will be reported to Experian, Equifax, and Trans Union. This is bad for your credit score. As a result, when this happens you may also have to pay an increased interest rate as a consequence of a single tardy payment. Thus it is recommended that consumers pay on time.
3. Repay the whole thing off every few months.
When purchases are made, try to
pay the balance back down to zero as much as possible. Afterward, go ahead and
start using the card again then pay it back down to zero again after a few months, and keep this pattern going
This sequence indicates to the lenders
that you can be creditworthy. You could also be rewarded with
a lower rate, a higher limit, and a better credit score.
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Popular Credit Cards
for Building credit
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