Smart Credit Cards for Subprime
Credit - Knowing The Options
If individuals have
Credit, how will they
know which Smart Credit Cards
to select when there are so many opportunities?
This article will break down a few types
of cards to offer a helpful outline
of the pros of each:
Cashback - With a Cashback
card, you may be offered a refund equal to
a percentage of their transactions. For instance,
if a customer has been approved for a Cashback
option that provides five percent cash back
on supermarket, fuel, and drugstore
items, as the cash back rewards add up they can converted to cash. If you
spend $150 in petro, food,
and drug store purchases weekly, at
the completion of a year, almost $400
in cash back rewards would be available.
Redeemable Points - In lieu
of rewarding customers with money back, some issuers
give points programs. Customers get
rewards for making purchases. With each swipe of the card, the rewards
accumulate. After a certain amount of points add up they can be redeemed for items including
free merchandise, gift items, magazines, and more.
Always check to see if the Smart Credit Cards
for Subprime Credit that you want will offer
a points program.
Gas Rewards - Companies
can be sensitive to the price
of fuel and want to reward
their customers for making card purchases by offering them a free
fuel card. As the card is used, points are accumulated. After a specified amount of points are accumulated they can be cashed in for a
prepaid gas station card. Sometimes, fuel points can be earned
when buying gas.
Reward Points Toward Free Hotel Accommodations, Car Rentals, or Frequent Traveler Miles - When this kind of card is utilized, free travel points are earned. As the points add up, they can be redeemed for free travel accommodations. These rewards work best for those who travel a lot.
Zero Percent Introductory Interest Rates - With these cards, finance charges are not accrued for a certain amount of time.
The period where no finance charges are being applied usually spans six months up to a year.
Typically, customers use this time
to move their balance from their interest bearing Smart Credit Cards
to one like this and pay it off while there are no finance charges being accrued. Keeping monthly payments up to date is especially crucial.
When a single payment is overdue, most times
zero percent APR rates are changed to another
rate. Customers that are applying for
Smart Credit Cards for Subprime
Credit, and have the opportunity to sign up for an introductory period free of finance charges
ought to think about this money saving option.
Secured Cards to Establish Credit - Individuals with a secured card
would insert a cash amount in an account that can earn interest while it is there.
This is what secures the account. Then, a credit card is
sent with a credit max equal to
the opening balance of the interest bearing account that was created. As the card is used the credit limit decreases, low rate
recurrent payments are determined, and a bill
is is mailed or emailed if you choose paperless billing. If the card is active a relatively small monthly payment is expected. Secured Cards to Establish Credit
are great because they perform the same as
normal credit cards allowing you
to do things that debit cards may not, like making travel arrangements such as vehicle rentals
that commonly do not accept prepaid or debit
cards. Individuals with bad credit should apply because approval is ordinarily
guaranteed no matter what. However, keep in mind that many
credit-rebuilding card issuers submit whether or not timely payments are made
to the credit bureaus. This is a remarkable
practice to prove you are creditworthy by paying scheduled
payments whether you have Subprime
credit or not. After making
several consecutive timely payments, typically the lender will offer additional spending power without
asking for more cash to be put into the account that was used to set up the card.
Reloadable Prepaid Credit Cards - With
a Reloadable Prepaid card, you get most of the benefits of a credit card without the debt. Just like
a typical bank account, a certain amount of money is deposited into an account and this is
your spending limit. After the prepaid card
balance has been exhausted, you can recharge it with an additional deposit. Reloadable prepaid credit cards
are fantastic as gifts, transactions can be tracked and recorded if necessary, and they work well for individuals that are unable to
obtain a traditional bank account.
Approval is normally guaranteed regardless of
your bureau score and there is
no need for the issuer to contact the credit bureaus.
With all of the various types
of Smart Credit Cards
for Subprime credit and
benefits that each of them offer, there is a solution available for most credit card seekers. Consider
Smart Credit Cards that offer rewards that match your lifestyle and spending style. Stay smart and be sure to
make wise purchases and timely payments. Great credit is fantastic
thing to have.
To ensure that you keep cultivating a top notch FICO profile, obey these easy instructions:
1. Keep a balance less than the
credit limit. In other words, do not
"go wild". Always carry
a balance that is somewhere around half
of the maximum spending limit on any
Smart Credit Cards for Subprime Credit.
2. Pay the bill on time. Even if you have to make just the minimum payment that is listed on your monthly statement, that's ok. Once a payment is more than 30 days behind, that information may be sent to Experian, Equifax, and Trans Union. This negatively affects your credit report. As a result, you may also have a higher interest rate as a consequence of something as small as a late payment. Hence it is wise to pay the bill.
3. Repay the balance completely every few billing cycles.
When the balance gets to be about half of the limit, make it your goal to
pay it all off as much as possible. When you do this, you can feel free to
make more purchases and take a few months to pay the balance off again, and don't stop this habit.
This sequence shows the issuers
that you can be an excellent credit candidate. Some of the other benefits of this approach are
a lower interest rate, more of a limit, and a higher FICO score.
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Smart Credit Cards
for Subprime credit
are available online. Act now
to get approved for a card that fits