Top Cards for Bad
Credit - Knowing The Opportunities
If folks have
Credit, how do they
distinguish which Top Cards
to choose when there are so many choices?
This article will break down several varieties
of cards to offer a helpful understanding
of the pros of each:
Money Back - With a Money Back
card, customers get a rebate equivalent to
a percentage of their transactions. For example,
if an applicant is approved for a Money Back
solution that provides 5% cashback
on supermarket, fuel, and drugstore
purchases, as the rewards accumulate they can be cashed in. If you
use a hundred fifty dollars in petro, food,
and drugstore items weekly, at
the conclusion of a year, almost $400
in rebates would be available.
Redeemable Points - Instead
of giving cash back, some lenders
offer points programs. Customers get
points every time the card is used. With each swipe of the card, the points
add up. When you earn enough points they can be redeemed for things like
free travel, gift cards, subscriptions, and more.
It is wise to see if the Top Cards
for Bad Credit you are considering offers
a redeemable rewards program.
Petro Bonuses - Credit card issuers
are often times considerate of the price
of fuel and will offer an incentive to
their customers for using their cards by rewarding them with a free
gasoline card. As the credit card is utilized, reward points add up. After a specified amount of points are accumulated they can be redeemed for a
prepaid gasoline card. Sometimes, gas points are actually accumulated even
when making gas purchases.
Points Redeemable for Free Rental Car Upgrades, Hotel Rooms, or Frequent Flyer Miles - When purchases are made with these cards, redeemable points that can be used for free travel arrangements including airline travel are accumulated. Once enough points are accumulated, they turn into vouchers that can be used for discounted or free travel arrangements like rental cars, hotels, or even airline tickets. This kind of card is great for business travelers.
Zero Percent Introductory Interest Rates - Finance charges are not applied on these cards for a specified amount of time.
This time period generally spans 6-12 months.
Most times, customers use this promotional period
to shift their balance from their interest bearing Top Cards
to one of these, then pay it off while there are no finance charges being accrued. Keeping monthly payments up to date is especially crucial.
When the first payment is received late, most
the introductory rates adjust to an interest-bearing
rate. Folks that are approved for
Top Cards for Bad
Credit, and have the opportunity to sign up for a 0% promotion
ought to think about this type of card.
Secured Cards to Re-establish Credit - Individuals with this type of card
simply inserts money into a secure account that accumulates interest.
This becomes the card's collateral Then, a card is
issued with a credit limit equal to
the opening balance of the interest bearing account that was created. As the card is used your available credit is recalculated, affordable
recurrent payments are determined, and payment plan
is sent. If the card is being used a relatively small monthly payment is expected. Secured Cards to Re-establish Credit
are perfect because they operate like
ordinary credit cards allowing you
to do things that debit cards may not, like making travel accommodations including hotels, rental cars, airline tickets, or cruises
that usually do not take consumer checking account
cards. When applicants have bad credit approval is typically
guaranteed no matter what. However, keep in mind that many
credit-rebuilding card companies submit whether or not you are keeping up with your payments
to the credit bureaus. This can be a fantastic
technique to show creditworthiness by showing regular
payments whether you have Bad
credit or not. Once you have paid
a certain number of payments in a row, most issuers will increase your credit limit without
asking for an additional deposit.
Reloadable Prepaid Credit Cards - With
a Reloadable Prepaid card, purchases can be made without interest, fees, or finance charges. Just like
a conventional account, you put money in and this becomes
your spending limit. As the prepaid credit card
balance has been completely used, a deposit into the prepaid account can be made and the new credit limit will be the amount of the new deposit. Prepaid cards
are great for financial planning, they allow people to make online purchases, and they work well for individuals that are unable to
acquire a standard depository account.
Approval is typically not a problem regardless of
your credit score and there is
no need for the prepaid company to deal with Experian, Equifax, and TransUnion.
With all of the various sorts
of Top Cards
for Bad credit and
bonuses that are offered, there is something for everyone. Look for
Top Cards that make sense for your situation that will allow you to control your spending habits. Once you are approved be sure to
spend wisely and pay the bill on or before the due date. Prime credit is a wonderful
thing to have.
To be certain that you keep cultivating a prime FICO profile, follow these easy instructions:
1. Keep your bill at no more than half of the
credit max. Another way of saying it is, don't
"go wild". Experts agree that consumers should maintain
a bill that is somewhere around forty to fifty percent
of the max on any
Top Cards for Bad Credit.
2. Make at least the minimum payment as scheduled. Even if a small payment can be made, pay it before the due date. If the bill is paid 30 days after the due date, that information could be told to the credit bureaus. This is not good for the consumer's credit profile. Unfortunately, when this happens you may also be assessed an increased interest rate as a result of just this one tardy payment. Therefore it is smart to make this bill payment a financial priority.
3. Repay all balances down to zero every few billing cycles.
When purchases are made, make it your goal to
pay the balance back down to zero as often as you can. Once you do this it is wise to
begin creating transaction activity (like buying gas, shopping online, or making purchases) and after a couple of billing cycles, pay the whole thing off just like you did before, and make this your repayment pattern.
This approach indicates to the issuing companies
that you are an excellent credit candidate. You could also be rewarded with
low rates, higher credit limits, and a higher credit score.
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