Popular Credit Cards for Subprime
Credit - Learning The Options
If folks have
Credit, how will they
know which Popular Credit Cards
to pick when there are so many choices?
This article will break down a few kinds
of cards to give you a helpful understanding
of the benefits of each:
Cash Back - With a Cash Back
card, customers are rewarded with a repayment that is the same as
a fraction of their purchases. For instance,
if an applicant is approved for a Cash Back
solution that awards 5% cashback
on supermarket, gasoline, and pharmacy
purchases, as the cash back rewards add up they can be cashed in. If you
pay $150 in fuel, food,
and pharmacy items each week, by
the completion of a 12-month period, $390
in rebates would have accumulated.
Redeemable Points - Instead
of rewarding customers with cash back, some issuers
give points programs. Customers get
points every time the card is used. Every time the card is used, the points
increase. When you earn enough points they can be redeemed for all kinds of goodies including
free merchandise, gifts, subscriptions, etc.
It is wise to see if the Popular Credit Cards
for Subprime Credit you apply for offers
Fuel Rewards - Companies
can be sensitive to the price
of gas and want to reward
consumers for using their credit card by offering them a prepaid
gas card. As purchases are made, points are earned. After you have earned enough points you are eligible for a
prepaid gasoline card. The cool thing is, with some cards redeemable fuel rewards can be accumulated
while making fuel purchases.
Points Redeemable for Free Rental Car Upgrades, Hotel Rooms, or Frequent Air Travel Miles - When this kind of card is utilized, free travel points are earned. Once enough points are accumulated, they can be redeemed for free travel accommodations. These rewards work best for those who travel a lot.
Zero Percent Promotions - Finance charges are not applied on these cards for a specified amount of time.
The promotional period typically lasts anywhere from 6-12 months.
Many customers are advised to utilize this kind of card
to transfer balances from their high interest Popular Credit Cards
to one of these, then pay the balances off within the promotional period. Keeping monthly payments up to date is very important.
When one payment is not received on time, generally
the introductory rates go up to another
rate. Individuals that are offered
Popular Credit Cards for Subprime
Credit, and have the chance to get a zero percent promotion
should consider this great opportunity.
Secured Cards for Rebuilding Credit - Individuals with a secured credit card
would deposit a certain amount of money in an interest-bearing savings account.
This becomes the card's collateral Once the account is set up, a card is
offered with a spending limit that is the same as
the amount that has been deposited in the account. Each time you swipe your card your available credit is recalculated, low rate
recurrent payments are determined, and a bill
is is mailed. If the card is active you will receive a payment plan. Secured Cards for Rebuilding Credit
are perfect because they perform the same as
ordinary credit cards allowing customers
to do things that debit cards may not, like making travel accommodations including vehicle rentals
that typically do not take prepaid or debit
cards. Another great feature is that approval is generally
guaranteed no matter what. However, keep in mind that many
secured card companies report your payment schedule and how you keep up with your payments
to the credit bureaus. This could be a fantastic
practice to establish creditworthiness by showing regular
payments no matter if you have Subprime
credit or not. Once you make
six to twelve consecutive timely payments, many times the limit can be increased without
asking for more cash to be put into the account that was used to set up the card.
Prepaid Credit Cards - With
a Prepaid card, you get out of it exactly what you put in. Similar to
a typical bank account, you put money in and that is
the amount that can be used for purchases. As the prepaid account
balance is used up, you can recharge it with an additional deposit. Reloadable prepaid cards
work well as gifts, transactions can be tracked and recorded if necessary, and they are a great solution for those that cannot
obtain a standard checking account.
Approval is typically guaranteed regardless of
your bureau score and there is
no need for the issuer to deal with the credit bureaus.
With all of the various varieties
of Popular Credit Cards
for Subprime credit and
incentives that are offered, there is a solution available for most credit card seekers. Seek
Popular Credit Cards that make sense for your situation that will allow you to control your spending habits. Once you are approved be sure to
spend wisely and pay the bill on or before the due date. Excellent credit is a wonderful
To guarantee that you keep building an awesome FICO score, follow these few directions:
1. Maintain your bill at a percentage of the
card's limit. Another way of saying it is, don't
"max out". Always retain
an account that is about fifty percent
of the max on any
Popular Credit Cards for Subprime Credit.
2. It is important to pay the bill when it is due. Even if a small payment can be made, it is better to make that small payment on time then it is to try and pay more at a later date. If you miss a payment, it may be told to the credit bureaus. This could bring down the consumer's FICO score. As a result, when this happens you may also be assessed a higher interest rate as a consequence of a late payment. Thus it is smart to make this bill payment a financial priority.
3. Repay the balance in total every quarter.
When the balance gets to be about half of the limit, do your best to
bring the balance to zero at least once a year. Subsequently, go ahead and
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 pattern going
This approach shows the issuing companies
that you can be creditworthy. Most lenders reward customers like this with
low interest rates, higher credit limits, and a higher credit score.
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Popular Credit Cards
for Subprime credit
are easy to find. Click now
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