Top Cards for Good
Credit - Learning The Options
If individuals have
Credit, how can they
distinguish which Top Cards
to pick when there are so many possibilities?
The information below will discuss a couple types
of cards to give you a better understanding
of the advantages of each:
Cashback - With a Cashback
card, customers are rewarded with a refund equivalent to
a percentage of their transactions. For instance,
if somebody is approved for a Cashback
solution that offers five percent cashback
on groceries, gas, and drugstore
purchases, as the cash back rewards add up they earn cash value. If you
spend a hundred fifty dollars in gas, food,
and drugstore purchases every 5-7 days, by
the close of a year, about four hundred dollars
in cash back rewards would be ready to cash out.
Redeemable Points - In lieu
of providing money back, some issuers
give redeemable rewards. Customers receive
rewards for just about every transaction. With each swipe of the card, the rewards
increase. When you earn enough points they can be redeemed for items including
free merchandise, gift items, subscriptions, and so on.
It is important to know whether or not the Top Cards
for Good Credit you are considering offers
Gasoline Rewards - Lenders
are often times sensitive to the price
of gasoline and want to compensate
their customers for using their credit card by giving them a prepaid
gasoline card. As purchases are made, points are earned. Once a certain number of points are earned you can get a
free prepaid gasoline card. The funny thing is, with some cards redeemable fuel rewards can be accumulated
when buying gas.
Reward Points Toward Free Hotel Stays, Rental Cars or Frequent Air Travel Miles - When purchases are made with this kind of card, customers can earn frequent traveler's points that can be redeemed for free travel. After an accumulation of a certain number of points, they can be cashed in for discounted or free airline tickets or travel accommodations. Frequent travelers really like these rewards.
Zero Percent APR Promotions - With these cards, finance charges are not accrued for a certain amount of time.
This time period usually varies from six to twelve months.
Generally, customers use this kind of card
to move their balance from their current Top 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 timely payments is key.
When just one payment is not received on time, most times
the interest free introductory rates are changed to an interest-bearing
rate. Individuals that are eligible for
Top Cards for Good
Credit, and are offered a 0% introductory rate
should choose this option.
Secured Cards for Building Credit - Customers with a secured credit card
would deposit a few hundred to a few thousand dollars, depending on what they could afford, into an account that can earn interest while it is there.
This "is why the card is called "" secured"" ." At that point a credit card is
offered with a spending limit that is the same as
the amount that has been deposited in the account. Every time you use it the credit limit decreases, affordable
regularly scheduled payments are calculated, and payment plan
is generated. Just like any other credit card, when you use it a relatively small monthly payment is expected. Secured Cards for Building Credit
are great because they operate like
normal credit cards allowing people
to complete all kinds of transactions including booking travel accommodations including rental cars
that generally do not accept check
cards. Another great feature is that approval is generally
guaranteed no matter what. However, keep in mind that most
secured card issuers submit whether or not timely payments are made
to Experian, Equifax, and Trans Union. This is a good
practice to prove you are creditworthy by making timely
payments whether you have Good
credit or not. After making
six to twelve consecutive timely payments, most times the bank that gave you the card will allow you to make purchases over your current limit without
requiring another deposit to the initial secured account.
Pre-paid Credit Cards - With
a Pre-paid card, you get most of the benefits of a credit card without the debt. Just like
a checking account, a deposit is made into an account and this is
the credit limit. When the prepaid card
balance has been exhausted, it can be reloaded with more money and used again. Reloadable cards
are good for financial planning, transactions can be tracked and recorded if necessary, and they are a great solution for those that cannot
get a regular checking account.
Fast approval is typically guaranteed regardless of
your FICO report and there is
no need for the prepaid company to send any inquiries to the three bureaus.
With all of the different types
of Top Cards
for Good credit and
benefits that are offered, there is something for everyone. Look for
Top Cards that give the benefits that fit your situation. No matter which card you choose, always
stay within your credit limit and make your payments on time every month. Top notch credit is a terrific
To be certain that you keep cultivating the perfect credit profile, take heed to these few rules:
1. Always have your outstanding balance at a percentage of the
card's max. Another way of saying it is, do not
"max out". Always maintain
a bill that is about forty to fifty percent
of the limit on any
Top Cards for Good Credit.
2. Keep the credit card bill paid on time. Even if you cannot make more than the minimum payment due, make the payment in a timely fashion. If you miss a payment, that information must be sent to Experian, Equifax, and Trans Union. This could bring down your credit report. Additionally, you may also have to pay a higher interest rate as a result of just this one delayed payment. Hence it is smart to pay on time.
3. Pay the balance in total every couple months.
When purchases are made, try to
pay the balance back down to zero as much as possible. Then once your balance is paid off it is smart to
make more purchases then pay it back down to zero again after a few months, and make this your repayment pattern.
This pattern indicates to the issuers
that you are creditworthy. Most lenders reward customers like this with
low interest rates, a higher credit max, and a better FICO score.
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