Smart Credit Cards for Fair
Credit - Understanding The Options
If folks have
Credit, how will they
distinguish which Smart Credit Cards
to pick when there are so many options?
This article discusses a few varieties
of cards to provide a better understanding
of the advantages of each:
Cash Back - With a Cash Back
card, customers get a rebate that equals
a percentage of their purchases. For instance,
if an applicant is approved for a Cash Back
solution that awards 5% cash back
on food, fuel, and drugstore
purchases, as the rebates add up they can be redeemed. If you
use a hundred fifty dollars in fuel, supermarket items,
and drugstore items each week, at
the conclusion of a year, about four hundred dollars
in rebates would be ready to cash out.
Redeemable Points - Instead
of offering cash back, some issuers
offer points programs. Customers earn
points for just about every transaction. Every time the card is used, the rewards
increase. Once a specified number of points have accumulated they can be cashed in for things like
free travel, gifts, subscriptions, and more.
It is important to know whether or not the Smart Credit Cards
for Fair Credit that you want will offer
Gas Rewards - Lenders
are often times sensitive to the price
of gas and will give incentives to
people for making card purchases by offering them a prepaid
gasoline card. As the credit card is utilized, reward points add up. Once enough points have been earned they can be cashed in for a
prepaid gas card. The funny thing is, with some cards gas points are actually accumulated even
while you are gassing up your vehicle.
Reward Points Toward Free Rental Car Upgrades, Hotel Rooms, or Frequent Air Traveler Miles - When purchases are made with these cards, redeemable points that can be used for free travel arrangements including airline travel are accumulated. After an accumulation of a certain number of points, they turn into vouchers that can be used for discounted or free travel arrangements like rental cars, hotels, or even airline tickets. Business travelers find these kinds of programs to be very beneficial.
Zero Percent Introductory Interest Rates - With these cards, finance charges are not accrued for a certain amount of time.
The promotional period typically varies from six to twelve months.
Many people take advantage of this kind of card
to shift outstanding balances from their high interest Smart Credit Cards
to one of these and pay it off while there are no finance charges being accrued. Keeping monthly payments up to date is key.
When just one payment is paid after the due date, generally
0% APR rates go up to another
rate. Customers that are offered
Smart Credit Cards for Fair
Credit, and are offered a 0% promotion
should choose this opportunity.
Secured Cards for Building Credit - Individuals with a secured card
must put a cash amount in an account specified by the secured card issuer.
This "is what makes it a "" secured card"" ." After the deposit is made a card is
delivered with a spending limit equal to
the amount that has been deposited in the account. Every time you use it the credit limit decreases, low rate
monthly payments are calculated, and a monthly invoice
is generated. Just like any other credit card, when you use it you will receive a payment plan. Secured Cards for Building Credit
are great because they function like
normal credit cards allowing you
to do things that debit cards may not, like making travel arrangements such as hotels, rental cars, airline tickets, or cruises
that commonly do not accept check
cards. However, just like prepaid cards approval is typically
guaranteed despite your credit profile. This is good because most
credit-rebuilding card issuers report whether or not the bill is paid on time
to Experian, Equifax, and Trans Union. This is a good
approach to establish creditworthiness by making regular
payments no matter if you have Fair
credit or not. After making
several consecutive timely payments, typically the lender will offer additional spending power without
asking for an additional deposit.
Pre-paid Credit Cards - With
a Pre-paid card, you get out of it exactly what you put in. Similar to
a typical bank account, a deposit is made into an account and this becomes
the amount that can be spent. When the prepaid credit card
balance reaches zero, 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 good for budgeting, they offer the same flexibility as a check card, and they work well for individuals that are unable to
obtain a standard banking account.
Fast approval is typically granted regardless of
your bureau profile and there is
no need for the prepaid company to contact Experian, Equifax, and TransUnion.
With all of the diverse kinds
of Smart Credit Cards
for Fair credit and
rewards that each of them offer, it is easy to identify the best solution for your situation. Look for
Smart Credit Cards that make sense for your situation that will allow you to control your spending habits. Remember these things and be sure to
stay within your credit limit and make your payments on time every month. Superb credit is an awesome
thing to have.
To ensure that you keep building a super credit profile, obey these easy instructions:
1. Keep a balance at a percentage of the
credit max. Simply put, do not
"go wild". It is important to maintain
an account that is no more than sixty percent or less
of the available balance on any
Smart Credit Cards for Fair Credit.
2. It is important to pay the bill when it is due. Even if you cannot make more than the minimum payment due, the most important thing is that the payment is made when it is due. If the bill is paid 30 days after the due date, it will be reported to the credit reporting companies. This is not good for the consumer's credit report. Additionally, when this happens you may also have to pay more points on the card's interest rate as a result of one late payment. Therefore it is advised that you pay the bill.
3. Pay the balance in total every few billing cycles.
If the card is used a lot, make it your goal to
bring the balance to zero as many times a year as possible. After the bill has been paid down to zero go ahead and
make more purchases and pay it off once again after over the course of a few billing cycles, and keep this cycle going.
This sequence demonstrates to the issuing companies
that you are creditworthy. You could also be rewarded with
low interest rates, a higher limit, and a higher FICO score.
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