Student Cards for Fair
Credit - Knowing The Options
If individuals have
Credit, how do they
tell which Student Cards
to select when there are so many possibilities?
This article will discuss a couple kinds
of cards to provide a better outline
of the pros of each:
Money Back - With a Money Back
card, customers are rewarded with a repayment equal to
a percentage of their purchases. For example,
if somebody has a Money Back
offer that awards 5% cashback
on groceries, fuel, and pharmacy
purchases, as the rewards accumulate they can converted to cash. If you
spend $150 in fuel, groceries,
and drug store purchases every week, at
the close of a year, $390
in cash back rewards would be available.
Redeemable Points - In lieu
of offering cash rebates, some companies
offer points programs. Customers earn
points for making purchases. Every time the card is used, the points
accumulate. After a certain amount of points add up they can be cashed in for perks like
free travel, gifts, magazines, etc.
It is wise to see if the Student Cards
for Fair Credit you are considering offers
Gas Rewards - Credit card issuers
are often times considerate of the cost
of gas and want to reward
people for making card purchases by offering them a prepaid
fuel card. As purchases are made, points are earned. After a specified amount of points are accumulated they can be cashed in for a
prepaid fuel card. Sometimes, fuel points can be earned
while you are getting gas.
Points for Free Hotel Accommodations, Car Rentals, or Frequent Traveler Miles - When purchases are made with these cards, free travel points are earned. Once a certain number of points have been accumulated, they turn into vouchers that can be used for discounted or free travel arrangements like rental cars, hotels, or even airline tickets. These rewards work best for those who travel a lot.
Zero Percent Promotional 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 lasts anywhere from 6-12 months.
Generally, customers take advantage of this interest-free period
to move outstanding balances from their interest bearing Student Cards
to one like this and create a personal budget that allows them to pay the whole thing off without having to pay any finance charges. Making monthly payments on time is incredibly important.
When one payment is received late, most
zero percent APR rates adjust to a higher
rate. Customers that are approved for
Student Cards for Fair
Credit, and have the chance to get a zero percent promotion
should consider this great opportunity.
Secured Credit Cards - People that have one of these
must insert a specified amount of cash in a secure account that accumulates interest.
This "is what makes it a "" secured card"" ." After the deposit is made a credit card is
sent with a credit max in
the amount of the deposit. Each time a transaction is approved the credit limit decreases, low interest
regularly scheduled payments are computed, and a bill
is sent. If transactions are being approved, a relatively small monthly payment is expected. Secured Credit Cards
are great because they function the same as
conventional credit cards allowing you
the freedom to book travel accommodations including rental cars
that commonly do not take debit
cards. One of the best things about the application process is that approval is generally
guaranteed despite your credit profile. But do not forget that many
secured card companies report whether or not the bill is paid on time
to the credit bureaus. This is a good
way to prove you are creditworthy by showing scheduled
payments no matter if you have Fair
credit or not. After paying
six to twelve payments in a row, many times the limit can be increased 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 out of it exactly what you put in. Just like
a conventional account, you put money in and that becomes
the credit limit. As the prepaid card
balance has been exhausted, simply put more cash into the prepaid account and your card will be ready for use once again. Prepaid cards
are excellent for students, they offer the kind of flexibility that debit cards have, and they are a great solution for those that cannot
acquire a typical banking account.
Fast approval is normally not a problem despite
your bureau score and there is
no need for the prepaid company to deal with the three bureaus.
With all of the various kinds
of Student Cards
for Fair credit and
rewards that they have, it is easy to identify the best solution for your situation. Consider
Student Cards that allow for the most rewards. The most important thing is to be sure to
try to keep your purchases at less than half of your credit limit and make more than the minimum payment every month. Super credit is a terrific
To guarantee that you keep building the perfect credit score, obey these three guidelines:
1. Maintain a balance lower than the
card's limit. In other words, don't
"go crazy". Most people with excellent credit make it a point to retain
a balance that is somewhere around forty to fifty percent
of the max on any
Student Cards for Fair Credit.
2. It is important to pay the bill when it is due. Even if the minimum is the most that your budget will allow, make the payment in a timely fashion. If you miss a payment, that information may be told to the credit bureaus. This has adverse affects on the consumer's credit score. Not to mention you may also be assessed more points on the card's interest rate as a consequence of a single delayed payment. Thus it is smart to stay on top of the bill.
3. Repay the entire bill every so often.
When the balance gets to be about half of the limit, make it your goal to
bring the balance to zero at least one time per year. Then once your balance is paid off it is wise to
start swiping your card for purchases again then after a couple of billing cycles, pay the whole thing off just like you did before, and keep this pattern going
This repayment history shows the issuing companies
that you can be an excellent credit candidate. You could also be rewarded with
low interest rates, more of a limit, and a better credit profile.
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