Recommended Credit Cards for Bad
Credit - Knowing The Opportunities
If folks have
Credit, how will they
know which Recommended Credit Cards
to pick when there are so many possibilities?
This article will break down a couple varieties
of cards to provide a useful outline
of the pros of each:
Money Back - With a Money Back
card, you may be offered a refund that equals
a percentage of their transactions. For instance,
if there is a Money Back
offer that offers 5% cash back
on food, gas, and drugstore
items, as purchases increase and rewards accumulate, they earn cash value. If you
spend one hundred and fifty dollars in fuel, groceries,
and pharmacy purchases weekly, by
the close of a year, about four hundred dollars
in rebates would be available.
Redeemable Points - In lieu
of giving cash rebates, some companies
give redeemable rewards. Customers get
rewards every time the card is used. As purchases are made, the points
increase. When you earn enough points they can be redeemed for items including
free hotel stays, gift items, subscriptions, etc.
It is smart to be aware of whether or not the Recommended Credit Cards
for Bad Credit you are considering offers
Fuel Rewards - Credit card issuers
can be understanding about the price
of fuel and want to reward
consumers for using their cards by offering them a free
gas card. As transactions are completed, points are accumulated and summarized. After you have earned enough points they can be redeemed for a
prepaid gas card. Sometimes, fuel points can be earned
when making gas purchases.
Points Redeemable for Free Hotel Stays, Rental Cars or Frequent Flyer Miles - When this kind of card is utilized, redeemable points that can be cashed in for free travel miles are earned. Once enough points are accumulated, they can be applied toward all kinds of travel arrangements including free air travel. Frequent travelers really like these rewards.
0% APR Promotions - What does this mean? Simply put: for a limited time, finance charges are not incurred.
The period where no finance charges are being applied generally spans six to twelve months.
Most times, people are advised to utilize promotions such as this
to transfer balances from their interest bearing Recommended Credit Cards
to one of these and create a personal budget that allows them to pay the whole thing off without having to pay any finance charges. Paying the bill on or before the due date is very important.
When a single payment is received late, most times
zero percent APR rates are changed to a higher
rate. Folks that are applying for
Recommended Credit Cards for Bad
Credit, and are offered an introductory period free of finance charges
should consider this card.
Secured Cards to Build Creditworthiness - Customers that have this type of card
would put a certain amount of 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
delivered with a line of credit in
the opening balance of the interest bearing account that was created. Each time you swipe your card the credit limit decreases, low interest
recurrent payments are calculated, and payment plan
is sent. If transactions are being approved, 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 arrangements like hotels
that sometimes do not accept debit
cards. When applicants have bad credit approval is typically
guaranteed even if your credit is poor. It is important to note that most
secured card companies submit whether or not you are keeping up with your payments
to the credit bureaus. This can be a wonderful
technique to prove you are creditworthy by showing regular
payments whether you have Bad
credit or not. Once you have paid
several consecutive timely payments, typically the lender will offer additional spending power without
asking for additional collateral.
Reloadable Prepaid Credit Cards - With
a Reloadable Prepaid card, you get out of it exactly what you put in. Similar to
a checking account, a certain amount of money is deposited into an account and that is
the credit limit. After the prepaid credit card
balance reaches zero, it can be reloaded with more money and used again. These cards
are excellent as gifts, purchases can be tracked, and they work well for individuals that are unable to
get a typical checking account.
Quick approval is normally guaranteed despite
your bureau report and there is
no need for the prepaid company to deal with Experian, Equifax, and TransUnion.
With all of the different varieties
of Recommended Credit Cards
for Bad credit and
rewards that exist, there is something for everyone. Consider
Recommended Credit Cards that give the benefits that fit your situation. Once you are approved be sure to
spend wisely and pay the bill on or before the due date. Perfect credit is a terrific
thing to have.
To be certain that you keep cultivating the best credit report, take heed to these few guidelines:
1. Maintain your outstanding balance at no more than half of the
card's max. Another way of saying it is, it is not smart to
"over spend". The banks encourage their cardholders to retain
an account that is no more than forty percent
of the maximum spending limit on any
Recommended Credit Cards for Bad Credit.
2. Pay the bill on time. Even if you cannot make more than the minimum payment due, be sure to pay the bill on time. Once a payment is more than 30 days behind, that information will be posted to the credit reporting companies. This has adverse affects on your FICO score. And let's not forget the fact that customers may also be assessed a rising interest rate as a consequence of one late payment. Hence it is advised that you stay on top of the bill.
3. Pay the balance in total every quarter.
When the balance gets to be about half of the limit, make it your goal to
pay it all off as much as possible. Afterward, it is smart to
make more purchases then take a few months to pay the balance off again, and make this your repayment pattern.
This cycle demonstrates to the lenders
that you can be an excellent credit candidate. Some of the other benefits of this approach are
low interest rates, higher credit limits, and a more favorable credit report.
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Recommended Credit Cards
for Bad credit
are simple to apply for. Click here
to get approved for a solution that could be the answer to