Top Cards for Building
Credit - Knowing The Choices
When folks have
Credit, how do they
know which Top Cards
to choose when there are so many opportunities?
The information below will discuss a few varieties
of cards to offer a useful understanding
of the pros of each:
Cash Back - With a Cash Back
card, you may be offered a rebate equal to
a percentage of their transactions. For instance,
if an applicant is approved for a Cash Back
solution that provides 5% cashback
on food, gasoline, and pharmacy
purchases, as the cash back rewards add up they can be redeemed. If you
pay $150 in fuel, supermarket items,
and drug store items each week, by
the conclusion of a 12-month period, almost $400
in cash would have accumulated.
Redeemable Points - Instead
of providing cash rebates, some companies
give redeemable rewards. Customers earn
rewards when purchases are made. With each swipe of the card, the rewards
add up. Once a specified number of points have accumulated they can be cashed in for items including
free rental cars, gifts, subscriptions, etc.
Be sure to find out if the Top Cards
for Building Credit that you want will offer
Fuel Rewards - Companies
can be considerate of the price
of gasoline and will give incentives to
their customers for making card purchases by giving them a prepaid
fuel card. As transactions are completed, points are accumulated and summarized. After you have earned enough points you can get a
free prepaid gasoline card. The cool thing is, with some cards redeemable fuel rewards can be accumulated
when making fuel purchases.
Rewards for Free Hotel Accommodations, Car Rentals, or Frequent Air Traveler Miles - When this kind of card is utilized, customers can earn frequent traveler's points that can be redeemed for free travel. After an accumulation of a certain number of points, they turn into vouchers that can be used for discounted or free travel arrangements like rental cars, hotels, or even airline tickets. Frequent travelers really like these rewards.
Zero Percent Introductory Interest Rates - With these cards, finance charges are not accrued for a certain amount of time.
The promotional period usually spans half a year to a whole year.
Many customers take advantage of this time
to transfer balances from their current Top Cards
to one like this and pay the balances off within the promotional period. Paying the bill on or before the due date is especially crucial.
When the first payment is paid late, typically
0% APR rates adjust to an interest-bearing
rate. Customers that are eligible for
Top Cards for Building
Credit, and have the chance to get an interest free period
should choose this option.
Secured Cards to Build Creditworthiness - Individuals with a secured card
would put a specified amount of cash into a secure account that accumulates interest.
This "is what makes it a "" secured card"" ." After the deposit is made a credit card is
extended to the applicant with a spending limit in
the opening balance of the interest bearing account that was created. As the card is used your available credit is recalculated, low interest
recurrent payments are calculated, and a bill
is sent. If the card is being used low monthly payments will become due. Secured Cards to Build Creditworthiness
are awesome because they perform the same as
standard credit cards allowing you
to do things that debit cards may not, like making travel arrangements including vehicle rentals
that typically do not accept prepaid or debit
cards. Another great feature is that approval is usually
guaranteed whether you have good credit or not. This can help in the rebuilding process because many
secured card companies report your payment schedule and how you keep up with your payments
to be added to your credit profile. This is a good
way to prove you are creditworthy by making timely
payments no matter if you have Building
credit or not. Once you have paid
six to twelve payments on or before their due date, many times the limit can be increased without
requiring another deposit to the initial secured account.
Pre-paid Credit Cards - With
a Pre-paid card, you get out of it exactly what you put in. Just like
a regular bank account, a deposit is made into an account and this becomes
your spending limit. As the prepaid account
balance has been completely used, simply put more cash into the prepaid account and your card will be ready for use once again. 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 conventional bank account.
Fast approval is normally not a problem despite
your credit score and there is
no need for the bank that issues the prepaid cards to send any inquiries to the credit bureaus.
With all of the different varieties
of Top Cards
for Building credit and
bonuses that are offered, there is something for everyone. Consider
Top Cards that offer rewards that match your lifestyle and spending style. 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. Good credit is a wonderful
thing to have.
To make sure that you keep growing a great credit report, follow these simple guidelines:
1. Keep a balance at no more than half of the
card's max. Simply put, don't
"go crazy". It is important to maintain
a bill that is somewhere around half
of the maximum spending limit on any
Top Cards for Building Credit.
2. Pay your credit card bill on time every month. Even if a small payment can be made, that will be just fine. When payments are made more than 30 days late, that information must be forwarded to the credit bureaus. This negatively affects the consumer's FICO profile. Not to mention you may also be assessed a higher interest rate as a result of just one tardy payment. Thus it is recommended that consumers be mindful of the due dates.
3. Pay the balance in total every couple months.
When you make purchases, try to
pay it all off as many times a year as possible. After completing this, it is okay to
start swiping your card for purchases again then pay it off once again after over the course of a few billing cycles, and don't stop this habit.
This repayment history indicates to the issuing companies
that you will be creditworthy. Once this sequence is repeated a couple of times, you could qualify for
low rates, more of a limit, and a better credit score.
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