Smart Credit Cards for Poor
Credit - Understanding The Choices
If people have
Credit, how will they
know which Smart Credit Cards
to choose when there are so many options?
The information below will discuss a couple varieties
of cards to offer a better outline
of the benefits of each:
Money Back - With a Money Back
card, you may be offered a rebate equal to
a percentage of their purchases. For example,
if somebody has a Money Back
option that gives five percent cash back
on supermarket, gas, and drugstore
purchases, as the cash back rewards add up they earn cash value. If you
use a hundred fifty dollars in gasoline, groceries,
and pharmacy items each week, by
the end of a year, almost $400
in cash would be ready to cash out.
Rewards Points - In lieu
of giving cash back, some lenders
present customers with points programs. Customers get
rewards when purchases are made. As purchases are made, the rewards
accumulate. After a certain amount of points add up they can be redeemed for great stuff, such as
free travel, gift items, magazines, etc.
It is wise to see if the Smart Credit Cards
for Poor Credit that you want will offer
Fuel Rewards - Lenders
can be considerate of the cost
of gasoline and will give incentives to
their customers for using their credit card by offering them a prepaid
gasoline card. As purchases are made, points are earned. Once you have completed enough transactions to accumulate a certain amount of points they can be turned in for a
prepaid gas card. Sometimes, fuel points can be earned
when making gas purchases.
Points Redeemable for Free Hotel Accommodations, Car Rentals, or Frequent Air Travel Miles - When purchases are made with these cards, redeemable points that can be used for free travel arrangements including airline travel are accumulated. Once enough points are accumulated, they can be redeemed for free travel accommodations. Business travelers find these kinds of programs to be very beneficial.
Zero Percent Promotions - In the beginning when these credit cards are utilized, there are no finance charges that are applied.
The period where no finance charges are being applied typically lasts anywhere from 6-12 months.
Generally, folks use this time
to move balances from their high interest Smart Credit Cards
to one of these, then pay the balances off within the promotional period. Making monthly payments on time is very important.
When one payment is not received on time, most times
the interest free rates are changed to a different
rate. People that are applying for
Smart Credit Cards for Poor
Credit, and have the opportunity to sign up for a 0% promotion
ought to choose this option.
Secured Cards to Re-establish Credit - Customers with a secured credit card
would insert a certain amount of money into an interest-bearing savings account.
This is what secures the account. At that point a credit card is
sent with a spending limit equal to
the amount that has been deposited in the account. Each time you swipe your card the credit limit decreases, affordable
monthly payments are determined, and a bill
is is mailed or emailed if you choose paperless billing. If purchases are made you will receive a payment plan. Secured Cards to Re-establish Credit
are terrific because they operate like
regular credit cards allowing people
the freedom to book travel arrangements such as hotels, rental cars, airline tickets, or cruises
that typically do not accept consumer checking account
cards. Another great feature is that approval is generally
guaranteed whether you have good credit or not. However, keep in mind that most
credit-rebuilding card companies submit whether or not timely payments are made
to the credit bureaus. This can be a remarkable
practice to show creditworthiness by showing timely
payments no matter if you have Poor
credit or not. Once you have paid
six to twelve consecutive timely payments, some secured card companies will approve a higher limit without
asking for additional collateral.
Prepaid Credit Cards - With
a Prepaid card, you get most of the benefits of a credit card without the debt. Similar to
a conventional account, a deposit is made into an account and this is
your spending limit. After the prepaid account
balance has been exhausted, you can recharge it with an additional deposit. Reloadable prepaid credit cards
are fantastic as gifts, they offer the same flexibility as a check card, and they are generally granted to those that may not qualify to
get a conventional bank account.
Fast approval is normally guaranteed despite
your credit profile and there is
no need for the bank that issues the prepaid cards to send any inquiries to Experian, Equifax, and TransUnion.
With all of the many types
of Smart Credit Cards
for Poor credit and
benefits that are available, there is something for everyone. Look for
Smart Credit Cards that allow for the most rewards. The most important thing is to always
make wise purchases and timely payments. Great credit is fantastic
thing to have.
To make sure that you keep developing a prime FICO report, take heed to these general rules:
1. Always have a balance lower than the
credit limit. Another way of saying it is, it is not smart to
"go crazy". Try to carry
a bill that is no more than fifty percent
of the limit on any
Smart Credit Cards for Poor Credit.
2. Do not default on payments. Even if you have to make just the minimum payment that is listed on your monthly statement, pay it before the due date. If the bill is paid 30 days after the due date, it must be forwarded to the credit bureaus. This has adverse affects on the consumer's credit score. Unfortunately, when this happens you may also have to pay an increased interest rate as a consequence of just this one late payment. Therefore it is advised that you be mindful of the due dates.
3. Pay the balance in total every time your finances will allow.
When purchases are made, do your best to
pay it all off as much as possible. When you do this, go ahead and
start using the card again then after a couple of billing cycles, pay the whole thing off just like you did before, and make this your repayment pattern.
This sequence illustrates to the issuers
that you will be an excellent credit candidate. Some of the other benefits of this approach are
a lower rate, higher credit limits, and a better FICO score.
Our network members serve
one or more of the following areas: Alabama
* Alaska * Arizona * Arkansas * California
* Colorado * Connecticut * Delaware * District
of Columbia * Florida * Georgia * Hawaii
* Idaho * Illinois * Indiana * Iowa * Kansas
* Kentucky * Louisiana * Maine * Maryland
* Massachusetts * Michigan * Minnesota *
Mississippi * Missouri * Montana * Nebraska
* Nevada * New Hampshire * New Jersey *
New Mexico * New York * North Carolina *
North Dakota * Ohio * Oklahoma * Oregon
* Pennsylvania * Rhode Island * South Carolina
* South Dakota * Tennessee * Texas * Utah
* Vermont * Virginia * Washington * West
Virginia * Wisconsin * Wyoming
Smart Credit Cards
for Poor credit
are available online. Click now
to start the application for a solution that suits