Popular Credit Cards for Poor
Credit - Knowing The Opportunities
If people have
Credit, how will they
tell which Popular Credit Cards
to pick when there are so many options?
The information below discusses a few types
of cards to offer a helpful understanding
of the benefits of each:
Cash Back - With a Cash Back
card, customers get a rebate equivalent to
a fraction of their transactions. For example,
if somebody is approved for a Cash Back
option that provides 5% cash back
on food, gas, and drugstore
items, as purchases increase and rewards accumulate, they can converted to cash. If you
use a hundred fifty dollars in fuel, food,
and pharmacy items every 5-7 days, at
the end of a 12-month period, about four hundred dollars
in cash back rewards would have accumulated.
Rewards Points - In lieu
of providing money back, some companies
present customers with points programs. Customers earn
points when purchases are made. With each swipe of the card, the points
add up. After a certain amount of points add up they can be cashed in for things like
free travel, gifts, magazines, etc.
It is important to know whether or not the Popular Credit Cards
for Poor Credit that you want will offer
a points program.
Petro Bonuses - Lenders
are often times considerate of the price
of fuel and want to compensate
people for using their credit card by giving them a prepaid
gas card. As transactions are completed, points are accumulated and summarized. After you have earned enough points they can be cashed in for a
free prepaid gas card. The funny thing is, with some cards fuel points can be earned
when buying gas.
Reward Points Toward Free Hotel Stays, Rental Cars or Frequent Air Travel Miles - When purchases are made with this kind of card, customers can earn frequent traveler's points that can be redeemed for free travel. Once enough points are accumulated, they can be redeemed for free travel accommodations. These programs are great for frequent travelers.
Zero Percent Promotional Interest Rates - In the beginning when these credit cards are utilized, there are no finance charges that are applied.
The period where no finance charges are being applied generally lasts anywhere from six months up to a year.
Generally, folks take advantage of this promotional period
to move balances from their interest bearing Popular Credit Cards
to one of these and pay the balances off within the promotional period. Making timely payments is incredibly important.
When the first payment is received late, generally
0% APR rates adjust to another
rate. Folks that are offered
Popular Credit Cards for Poor
Credit, and are offered an interest free period
ought to choose this great opportunity.
Secured Cards to Build Creditworthiness - People that have a secured credit card
simply deposits money into a secure account that accumulates interest.
This is what secures the account. At that point a credit card is
offered 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 credit limit decreases, low rate
recurrent payments are computed, and payment plan
is given to you. If the card is active low monthly payments will become due. Secured Cards to Build Creditworthiness
are excellent because they function like
normal credit cards allowing customers
the freedom to book travel arrangements like hotels, rental cars, airline tickets, or cruises
that typically do not take standard bank account
cards. One of the best things about the application process is that approval is generally
guaranteed regardless of your credit score. This can help in the rebuilding process because most
credit-rebuilding card issuers submit whether or not the bill is paid on time
to the credit bureaus. This is a fantastic
practice to prove you are creditworthy by making regular
payments no matter if you have Poor
credit or not. After making
several payments in a row, most issuers will increase your credit limit without
asking for additional collateral.
Prepaid Credit Cards - With
a Prepaid card, purchases can be made without interest, fees, or finance charges. Similar to
a checking account, a deposit is made into an account and this becomes
the amount that can be used for purchases. As the prepaid credit card
balance reaches zero, simply put more cash into the prepaid account and your card will be ready for use once again. Reloadable prepaid cards
are excellent for students, they offer the same flexibility as a check card, and they are generally granted to those that may not qualify to
acquire a traditional bank account.
Quick approval is generally granted despite
your FICO score and there is
no need for the bank that issues the prepaid cards to send any inquiries to the three bureaus.
With all of the various kinds
of Popular Credit Cards
for Poor credit and
rewards that are offered, there is a solution available for most credit card seekers. Look for
Popular Credit Cards that make sense for your situation that will allow you to control your spending habits. No matter which card you choose, always
stay within your credit limit and make your payments on time every month. Top notch credit is an awesome
thing to have.
To guarantee that you keep building the best credit score, take heed to these simple instructions:
1. Maintain a balance lower than the
card's max. In other words, don't
"go wild". It is important to carry
a bill that is somewhere around half
of the max on any
Popular Credit Cards for Poor Credit.
2. Make the monthly payments by the due date. Even if a minimum payment is all you can afford to make, pay it. Once a payment is more than 30 days behind, it may be told to the credit reporting agencies. This has adverse affects on the consumer's credit score. Not to mention you may also experience a higher interest rate as a consequence of a solitary tardy payment. Thus it is smart to pay the bill.
3. Repay the balance completely every so often.
When the balance gets to be about half of the limit, make it your goal to
pay it all off at least once a year. Afterward, it is smart to
start swiping your card for purchases again then after a couple of billing cycles, pay the whole thing off just like you did before, and make this your repayment pattern.
This cycle confirms to the issuing companies
that you will be a great customer. Once this sequence is repeated a couple of times, you could qualify for
low rates, more of a limit, and a higher FICO score.
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Popular Credit Cards
for Poor credit
are simple to apply for. Click here
to apply for a solution that suits