Top Cards for Average
Credit - Learning The Options
When folks have
Credit, how do they
know which Top Cards
to choose when there are so many choices?
The information below will discuss a couple varieties
of cards to provide a useful understanding
of the pros of each:
Money Back - With a Money Back
card, customers get a reimbursement that equals
a percentage of their purchases. For example,
if an applicant is approved for a Money Back
offer that gives 5% cash back
on food, gas, and pharmacy
items, as the rebates add up they can converted to cash. If you
use a hundred fifty dollars in gas, groceries,
and pharmacy items each week, at
the conclusion of a 12-month period, $390
in cash back rewards would have accumulated.
Rewards Points - In lieu
of giving money back, some lenders
present customers with points programs. Customers earn
rewards for making purchases. As purchases are made, the points
add up. Once a specified number of points have accumulated they can be redeemed for great stuff, such as
free travel, gift items, subscriptions, and so on.
It is wise to see if the Top Cards
for Average Credit you apply for offers
a points program.
Fuel Rewards - Credit card issuers
are often times sensitive to the price
of gas and want to compensate
consumers for using their credit card by rewarding them with a prepaid
fuel card. As the card is used, points are accumulated. Once enough points have been earned you can get a
free prepaid gasoline card. The cool thing is, with some cards gas rewards can even be earned
when making fuel purchases.
Reward Points Toward Free Hotel Accommodations, Car Rentals, or Frequent Air Travel Miles - When this kind of card is utilized, redeemable points that can be used for free travel arrangements including airline travel are accumulated. Once a certain number of points have been accumulated, they can be cashed in for discounted or free airline tickets or travel accommodations. Frequent travelers really like these rewards.
0% APR 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 spans six to twelve months.
Smart folks use this promotional period
to move outstanding balances from their interest bearing Top Cards
to one of these and create a personal budget that allows them to pay the whole thing off without having to pay any finance charges. Making timely payments is very important.
When the first payment is overdue, most times
zero percent APR rates go up to a much higher
rate. Folks that are eligible for
Top Cards for Average
Credit, and have the chance to get an introductory period free of finance charges
should choose this option.
Secured Cards to Re-establish Credit - Customers with this type of card
must insert a few hundred to a few thousand dollars, depending on what they could afford, into an account specified by the secured card issuer.
This account serves as the security for the issuer. Once the account is set up, a credit card is
issued with a credit max equal to
the amount that has been deposited in the account. Each time a transaction is approved the credit limit decreases, affordable
monthly payments are calculated, and a monthly invoice
is is mailed or emailed if you choose paperless billing. If transactions are being approved, an affordable repayment plan will be created. Secured Cards to Re-establish Credit
are great because they function the same as
normal credit cards allowing customers
the freedom to book travel arrangements like airline tickets
that commonly do not accept standard bank account
cards. One of the best things about the application process is that approval is ordinarily
guaranteed whether you have good credit or not. This is good because many
secured card companies submit whether or not you are keeping up with your payments
to be added to your credit profile. This is a good
approach to establish creditworthiness by paying scheduled
payments no matter if you have Average
credit or not. After making
a certain number of payments in a row, typically the lender will offer additional spending power without
requiring additional collateral.
Pre-paid Credit Cards - With
a Pre-paid card, there is no question about the credit limit. Just like
a conventional account, a deposit is made into an account and that becomes
the amount that can be used for purchases. As the prepaid card
balance runs out, simply put more cash into the prepaid account and your card will be ready for use once again. Prepaid credit cards
work wonderfully for students, purchases can be tracked, and they are generally granted to those that may not qualify to
obtain a conventional checking account.
Approval is usually granted despite
your bureau score and there is
no need for the issuer to deal with the three bureaus.
With all of the diverse types
of Top Cards
for Average credit and
incentives that are available, there is something for everyone. Look for
Top Cards that offer rewards that match your lifestyle and spending style. Stay smart and always
try to keep your purchases at less than half of your credit limit and make more than the minimum payment every month. Excellent credit is fantastic
thing to have.
To ensure that you keep cultivating a top notch FICO report, obey these easy tips:
1. Maintain your outstanding balance less than the
card's limit. Simply put, it is not smart to
"over spend". Most people with excellent credit make it a point to retain
an account that is somewhere around half
of the limit on any
Top Cards for Average Credit.
2. Pay the bill on time. Even if you have to make just the minimum payment that is listed on your monthly statement, make the payment in a timely fashion. If you miss a payment, that information could be forwarded to the credit reporting companies. This has adverse affects on your credit score. Not to mention when this happens you may also have to pay an increased interest rate as a result of a single tardy payment. Hence it is wise to pay on time.
3. Pay the entire bill every so often.
When the balance gets to be about half of the limit, make it your goal to
pay the balance back down to zero as much as possible. After the bill has been paid down to zero it is okay to
begin creating transaction activity (like buying gas, shopping online, or making purchases) then take a few months to pay the balance off again, and don't stop this habit.
This sequence indicates to the issuing companies
that you can be creditworthy. Some of the other benefits of this approach are
a lower interest rate, higher credit limits, and a better credit score.
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