Smart Credit Cards for Prime
Credit - Understanding The Options
When people have
Credit, how will they
know which Smart Credit Cards
to choose when there are so many choices?
This article will expand on several varieties
of cards to give you a helpful outline
of the benefits of each:
Cashback - With a Cashback
card, customers are rewarded with a rebate equivalent to
a percentage of their transactions. For instance,
if an applicant is approved for a Cashback
option that gives five percent cashback
on food, gas, and pharmacy
items, as the rebates add up they can converted to cash. If you
pay one hundred and fifty dollars in gas, groceries,
and drug store items weekly, by
the completion of a 12-month period, about four hundred dollars
in cash back rewards would be ready to cash out.
Redeemable Points - In lieu
of offering money back, some lenders
give points programs. Customers receive
rewards every time the card is used. Every time the card is used, the points
increase. Once a specified number of points have accumulated they can be redeemed for great stuff, such as
free rental cars, gift cards, subscriptions, and so on.
Be sure to find out if the Smart Credit Cards
for Prime Credit you apply for offers
Gas Rewards - Companies
can be understanding about the price
of gas and want to reward
their customers for their purchases by giving them a prepaid
fuel card. As purchases are made, points are earned. Once enough points have been earned they can be cashed in for a
prepaid gas card. The funny thing is, with some cards fuel points can be earned
while making fuel purchases.
Points for Free Hotel Accommodations, Car Rentals, or Frequent Traveler Miles - When purchases are made with this kind of card, 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 can be applied toward all kinds of travel arrangements including free air travel. Business travelers find these kinds of programs to be very beneficial.
Zero Percent Promotional Interest Rates - What does this mean? Simply put: for a limited time, finance charges are not incurred.
The promotional period generally lasts anywhere from 6-12 months.
Generally, customers use this interest-free period
to move outstanding balances from their interest bearing Smart Credit Cards
to one of these, then create a personal budget that allows them to pay the whole thing off without having to pay any finance charges. Keeping monthly payments up to date is incredibly important.
When a payment is not paid on time, generally
the introductory rates are changed to a higher
rate. People that are approved for
Smart Credit Cards for Prime
Credit, and are offered a 0% introductory rate
should think about this option.
Secured Cards - People with this type of card
simply inserts a certain amount of money in a secure account that accumulates interest.
This "is what makes it a "" secured card"" ." Then, a credit card is
extended to the applicant with a line of credit that is the same as
the amount of the deposit. When purchases are made the credit limit decreases, low rate
regularly scheduled payments are computed, and payment plan
is is mailed. If the card is active an affordable repayment plan will be created. Secured Cards
are terrific because they perform the same as
normal credit cards allowing you
the freedom to book travel arrangements like rental cars
that usually do not accept standard bank account
cards. Individuals with bad credit should apply because approval is ordinarily
guaranteed no matter what. However, keep in mind that many
credit-rebuilding card companies submit your repayment history
to the credit bureaus. This can be a great
way to show creditworthiness by making regular
payments whether you have Prime
credit or not. Once you have paid
six to twelve payments on or before their due date, most times the bank that gave you the card will allow you to make purchases over your current limit without
asking for additional collateral.
Pre-paid Credit Cards - With
a Pre-paid card, there is no guesswork. Similar to
a conventional account, you put money in and this is
the amount that can be used for purchases. When the prepaid account
balance has been completely used, you can recharge it with an additional deposit. Prepaid cards
are great for staying on a budget, purchases can be tracked, and they help people that cannot
acquire a standard banking account.
Quick approval is normally granted despite
your FICO score and there is
no need for the bank that issues the prepaid cards to send any inquiries to the credit bureaus.
With all of the diverse sorts
of Smart Credit Cards
for Prime credit and
bonuses that are available, there is something for everyone. Look for
Smart Credit Cards that give the benefits that fit your situation. When you receive your card be sure to
spend wisely and pay the bill on or before the due date. Superb credit is a terrific
thing to have.
To make certain that you keep developing the perfect FICO profile, follow these general guidelines:
1. Always have a balance less than the
credit max. Another way of saying it is, it is not smart to
"max out". It is important to maintain
a balance that is about forty to fifty percent
of the available balance on any
Smart Credit Cards for Prime Credit.
2. Pay the bill on time. Even if a small payment can be made, be sure to pay the bill on time. When payments are made more than 30 days late, that information could be posted to Experian, Equifax, and Trans Union. This is bad for the consumer's FICO score. Not to mention customers may also be assessed more points on the card's interest rate as a result of one late payment. Hence it is recommended that consumers pay on time.
3. Pay the balance in total every few months.
When purchases are made, make it your goal to
pay the balance back down to zero as much as possible. Once you do this it is wise to
make more purchases then take a few months to pay the balance off again, and keep this pattern going
This process confirms to the issuing companies
that you are a great customer. Some of the other benefits of this approach are
low interest rates, a higher limit, and a more favorable credit report.
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for Prime credit
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