Popular Credit Cards for Prime
Credit - Knowing The Opportunities
If people have
Credit, how will they
tell which Popular Credit Cards
to pick when there are so many options?
This article discusses several varieties
of cards to offer a helpful understanding
of the benefits of each:
Money Back - With a Money Back
card, customers are rewarded with a reimbursement equivalent to
a fraction of their purchases. For instance,
if somebody is approved for a Money Back
offer that offers five percent cashback
on food, gas, and drugstore
purchases, as the rebates add up they can be redeemed. If you
spend a hundred fifty dollars in gasoline, supermarket items,
and pharmacy items every week, at
the conclusion of a year, almost $400
in cash back rewards would have accumulated.
Redeemable Points - In lieu
of rewarding customers with cash back, some issuers
give redeemable rewards. Customers get
points for just about every transaction. As purchases are made, the points
add up. Once a specified number of points have accumulated they can be redeemed for all kinds of goodies including
free rental cars, gift items, subscriptions, and more.
It is important to know whether or not the Popular Credit Cards
for Prime Credit you apply for offers
a redeemable rewards program.
Fuel Bonuses - Card Issuers
are often times considerate of the cost
of fuel and will give incentives to
their customers for using their credit card by rewarding them with a prepaid
gasoline card. As the credit card is utilized, reward points add up. Once enough points have been earned they can be turned in for a
free prepaid gasoline card. The cool thing is, with some cards redeemable fuel rewards can be accumulated
when making gas purchases.
Points Toward Free Hotel Accommodations, Car Rentals, or Frequent Traveler Miles - When purchases are made with this kind of card, "customers receive "" points"" toward free travel including free frequent flyer miles." As the points add up, they can be cashed in for discounted or free airline tickets or travel accommodations. These rewards work best for those who travel a lot.
Zero Percent Promotional Interest Rates - In the beginning when these credit cards are utilized, there are no finance charges that are applied.
This time period usually lasts anywhere from six months up to a year.
Smart folks take advantage of this promotional period
to move outstanding balances from their interest bearing Popular Credit Cards
to one of these, then pay the balances off within the promotional period. Making monthly payments on time is very important.
When just one payment is overdue, most
the interest free introductory rates go up to a much higher
rate. Customers that are eligible for
Popular Credit Cards for Prime
Credit, and have the chance to get a 0% promotion
should choose this great opportunity.
Secured Cards to Build Creditworthiness - Customers that have a secured card
simply inserts money into a secure account that accumulates interest.
This account serves as the security for the issuer. After the deposit is made a card is
sent with a line of credit in
the amount that has been deposited in the account. Every time you use it your available credit is recalculated, low rate
regularly scheduled payments are calculated, and a bill
is is mailed. If purchases are made an affordable repayment plan will be created. Secured Cards to Build Creditworthiness
are terrific because they function like
normal credit cards allowing customers
to do things that debit cards may not, like making travel accommodations including airline tickets
that typically do not take standard bank account
cards. However, just like prepaid cards approval is generally
guaranteed no matter what. However, keep in mind that most
secured card companies report whether or not the bill is paid on time
to Experian, Equifax, and Trans Union. This could be a remarkable
technique to establish creditworthiness by making timely
payments whether you have Prime
credit or not. After making
a certain number of consecutive timely payments, some secured card companies will approve a higher limit without
asking for an additional deposit.
Prepaid Credit Cards - With
a Prepaid card, there is no question about the credit limit. Just like
a checking account, a deposit is made into an account and that becomes
the amount that can be spent. When the prepaid card
balance has been exhausted, simply put more cash into the prepaid account and your card will be ready for use once again. Reloadable cards
work well for staying on a budget, transactions can be tracked and recorded if necessary, and they are a great solution for those that cannot
get a normal depository account.
Fast approval is generally not a problem despite
your credit score and there is
no need for the bank that issues the prepaid cards to contact Experian, Equifax, and TransUnion.
With all of the diverse types
of Popular Credit Cards
for Prime credit and
bonuses that exist, it is easy to identify the best solution for your situation. Seek
Popular Credit Cards that allow for the most rewards. Remember these things and be sure to
spend wisely and pay the bill on or before the due date. Perfect credit is an awesome
thing to have.
To make sure that you keep developing a prime credit score, obey these easy directions:
1. Always have a balance less than the
card's limit. Simply put, it is not smart to
"over spend". It is important to keep
a bill that is about sixty percent or less
of the max on any
Popular Credit Cards for Prime Credit.
2. Pay the bill on time. Even if a minimum payment is all you can afford to make, that will be just fine. When payments are made more than 30 days late, that information will be told to the credit bureaus. This has adverse affects on the consumer's FICO profile. As a result, customers may also have to pay more points on the card's interest rate as a consequence of a late payment. Hence it is smart to make payments.
3. Pay the balance in total every quarter.
When the balance gets to be about half of the limit, do your best to
take a few months and pay it off as many times a year as possible. Then once your balance is paid off it is okay to
start swiping your card for purchases again then take a few months to pay the balance off again, and keep this cycle going.
This repayment history confirms to the lenders
that you can be creditworthy. Most lenders reward customers like this with
a lower rate, a higher credit max, and a better FICO score.
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