Smart Credit Cards for Great
Credit - Learning The Possibilities
If individuals have
Credit, how will they
know which Smart Credit Cards
to choose when there are so many possibilities?
The information below discusses a couple types
of cards to provide a helpful understanding
of the advantages of each:
Cash Back - With a Cash Back
card, customers get a reimbursement equivalent to
a percentage of their transactions. For instance,
if a customer has been approved for a Cash Back
option that offers five percent cashback
on supermarket, gas, and drugstore
purchases, as the rewards accumulate they can be redeemed. If you
use one hundred and fifty dollars in petro, supermarket items,
and drug store purchases each week, at
the end of a year, $390
in cash back rewards would have accumulated.
Redeemable Points - In lieu
of offering cash back, some companies
offer redeemable rewards. Customers receive
rewards when purchases are made. As purchases are made, the points
accumulate. After a certain amount of points add up they can be cashed in for things like
free travel, gift cards, subscriptions, and so on.
Always check to see if the Smart Credit Cards
for Great Credit that you want will offer
a points program.
Fuel Rewards - Companies
are often times sensitive to the price
of gasoline and want to compensate
their customers for their purchases by rewarding them with a free
gas card. As the card is used, points are accumulated. Once enough points have been earned you can get a
free prepaid gas station card. Sometimes, gas rewards can even be earned
while you are gassing up your vehicle.
Points Toward Free Rental Car Upgrades, Hotel Rooms, or Frequent Air Traveler Miles - When this kind of card is utilized, "customers receive "" points"" toward free travel including free frequent flyer miles." Once enough points are accumulated, they can be cashed in exchange for free airline tickets, hotel stays, or rental cars. Frequent travelers really like these rewards.
Zero Percent Promotions - In the beginning when these credit cards are utilized, there are no finance charges that are applied.
This time period typically varies from half a year to a whole year.
Generally, folks take advantage of promotions such as this
to shift their balance from their interest bearing Smart Credit Cards
to one of these and pay it off while there are no finance charges being accrued. Making timely payments is very important.
When a payment is received late, most
zero percent APR rates are changed to a much higher
rate. Customers that are offered
Smart Credit Cards for Great
Credit, and are offered an introductory period free of finance charges
ought to consider this option.
Secured Cards for Building Credit - People with a secured credit card
must insert a few hundred to a few thousand dollars, depending on what they could afford, in a bank account that can generate interest.
This "is what makes it a "" secured card"" ." After the deposit is made a credit card is
issued with a credit limit equal to
the opening balance of the interest bearing account that was created. Every time you use it the amount of that transaction is deducted from your available credit balance, low rate
monthly payments are calculated, and a monthly invoice
is is mailed. If transactions are being approved, an affordable monthly invoice will be sent. Secured Cards for Building Credit
are terrific because they perform like
ordinary credit cards allowing people
to do things that debit cards may not, like making travel accommodations including vehicle rentals
that usually do not accept check
cards. However, just like prepaid cards approval is typically
guaranteed whether you have good credit or not. This is good because most
credit-rebuilding card issuers submit whether or not timely payments are made
to be added to your credit profile. This could be a wonderful
approach to establish creditworthiness by paying scheduled
payments no matter if you have Great
credit or not. After paying
six to twelve payments in a row, some secured card companies will approve a higher limit without
asking for another deposit to the initial secured account.
Reloadable Prepaid Credit Cards - With
a Reloadable 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 credit limit. When the prepaid account
balance becomes depleted, it can be reloaded with more money and used again. Reloadable cards
are excellent for staying on a budget, purchases can be tracked, and they are a great solution for those that cannot
acquire a conventional checking account.
Approval is normally guaranteed despite
your bureau score and there is
no need for the prepaid card issuer to deal with the credit bureaus.
With all of the diverse sorts
of Smart Credit Cards
for Great credit and
incentives that each of them offer, there is something for everyone. Consider
Smart Credit Cards that allow for the most rewards. Once you are approved be sure to
stay within your credit limit and make your payments on time every month. Superb credit is an awesome
To guarantee that you keep cultivating a great credit score, follow these simple tips:
1. Maintain a balance at a percentage of the
credit max. Simply put, it is not smart to
"max out". The banks encourage their cardholders to carry
a balance that is about sixty percent or less
of the available balance on any
Smart Credit Cards for Great Credit.
2. Keep the credit card bill paid on time. Even if the minimum is the most that your budget will allow, it is better to make that small payment on time then it is to try and pay more at a later date. Once a payment is more than 30 days behind, that information will be posted to the credit bureaus. This has adverse affects on your FICO report. And let's not forget the fact that customers may also experience more points on the card's interest rate as a consequence of a tardy payment. Thus it is smart to pay on time.
3. Pay the entire bill every couple months.
When purchases are made, do your best to
bring the balance to zero as often as you can. Afterward, it is smart to
start swiping your card for purchases again and after a couple of billing cycles, pay the whole thing off just like you did before, and don't stop this habit.
This pattern indicates to the issuing companies
that you can be creditworthy. Once this sequence is repeated a couple of times, you could qualify for
low interest rates, a higher credit max, and a better FICO score.
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