Student Cards for Top Notch
Credit - Knowing The Options
When folks have
Credit, how do they
distinguish which Student Cards
to select when there are so many possibilities?
This article will break down a couple types
of cards to provide a better understanding
of the advantages of each:
Money Back - With a Money Back
card, you may be offered a reimbursement that is the same as
a fraction of their transactions. For example,
if there is a Money Back
option that provides 5% cashback
on food, gasoline, and drugstore
purchases, as the rewards accumulate they can be redeemed. If you
spend a hundred fifty dollars in petro, food,
and drugstore purchases weekly, by
the completion of a 12-month period, almost $400
in cash back rewards would have accumulated.
Redeemable Points - In lieu
of providing cash back, some issuers
present customers with points programs. Customers earn
points when purchases are made. Every time the card is used, the rewards
add up. After a certain amount of points add up they can be cashed in for items including
free merchandise, gift items, magazines, and more.
It is wise to see if the Student Cards
for Top Notch Credit you are considering offers
a points program.
Petro Bonuses - Card Issuers
are often times sensitive to the cost
of gas and want to offer an incentive to
consumers for making card purchases by offering them a free
gas card. As purchases are made, points are earned. After a specified amount of points are accumulated they can be turned in for a
free prepaid gasoline card. The cool thing is, with some cards gas rewards can even be earned
when you are getting gas.
Points Redeemable for Free Rental Car Upgrades, Hotel Rooms, or Frequent Flyer Miles - When purchases are made with this kind of card, "customers receive "" points"" toward free travel including free frequent flyer miles." Once a specified number of points are earned, they can be cashed in exchange for free airline tickets, hotel stays, or rental cars. These rewards work best for those who travel a lot.
0% Promotions - Finance charges are not applied on these cards for a specified amount of time.
The period where no finance charges are being applied usually varies from 6-12 months.
Most times, customers use this promotional period
to shift outstanding balances from their interest bearing Student Cards
to one like this and pay the balances off within the promotional period. Paying the bill on or before the due date is very important.
When just one payment is received late, generally
the interest free rates go up to another
rate. Folks that are applying for
Student Cards for Top Notch
Credit, and are offered an introductory period free of finance charges
should think about this great opportunity.
Secured Cards to Re-establish Credit - Customers with a secured credit card
must put a certain amount of money into a secure account that accumulates interest.
This "is what makes it a "" secured card"" ." Once the account is set up, a credit card is
sent with a credit limit in
the amount that has been deposited in the account. Each time a transaction is approved the credit limit decreases, low interest
recurrent payments are determined, and a bill
is is mailed. If the card is being used an affordable repayment plan will be created. Secured Cards to Re-establish Credit
are perfect because they function like
ordinary credit cards allowing customers
to do things that debit cards may not, like making travel arrangements like hotels
that commonly do not take consumer checking account
cards. One of the best things about the application process is that approval is usually
guaranteed whether you have good credit or not. But do not forget that most
secured card issuers submit whether or not the bill is paid on time
to be added to your credit profile. This can be a remarkable
approach to prove you are creditworthy by paying timely
payments whether you have Top Notch
credit or not. After making
several consecutive timely payments, some secured card companies will approve a higher limit without
requiring an additional deposit.
Reloadable Prepaid Credit Cards - With
a Reloadable Prepaid card, you get out of it exactly what you put in. Just like
a checking account, a deposit is made into an account and that becomes
the amount that can be used for purchases. After the prepaid account
balance has been exhausted, you can recharge it with an additional deposit. Prepaid credit cards
work wonderfully for budgeting, they offer the kind of flexibility that debit cards have, and they are a great solution for those that cannot
acquire a traditional banking account.
Approval is typically granted regardless of
your credit score and there is
no need for the prepaid card issuer to send any inquiries to the credit bureaus.
With all of the many kinds
of Student Cards
for Top Notch credit and
bonuses that are available, there is something for everyone. Consider
Student Cards that offer rewards that match your lifestyle and spending style. No matter which card you choose, always
spend wisely and pay the bill on or before the due date. Top notch credit is fantastic
thing to have.
To ensure that you keep growing a top notch credit report, obey these simple directions:
1. Always have your outstanding balance at no more than half of the
card's limit. Another way of saying it is, don't
"go wild". Experts agree that consumers should carry
a balance that is no more than fifty percent
of the max on any
Student Cards for Top Notch Credit.
2. Make at least the minimum payment as scheduled. Even if a minimum payment is all you can afford to make, make the payment in a timely fashion. When payments are made more than 30 days late, it will be reported to Experian, Equifax, and Trans Union. This is bad for the consumer's FICO report. Additionally, customers may also experience more points on the card's interest rate as a result of just this one delayed payment. Thus it is wise to be mindful of the due dates.
3. Repay the balance completely every few months.
When purchases are made, do your best to
pay it all off at least once a year. When you do this, it is okay to
start swiping your card for purchases again and pay it back down to zero again after a few months, and keep this cycle going.
This cycle illustrates to the issuing companies
that you are creditworthy. Some of the other benefits of this approach are
a lower interest rate, higher credit limits, and a higher credit score.
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