Top Cards for Good
Credit - Learning The Opportunities
When folks have
Credit, how do they
know which Top Cards
to choose when there are so many possibilities?
This article will discuss a few varieties
of cards to give you a helpful outline
of the benefits of each:
Money Back - With a Money Back
card, you may be offered a refund equal to
a fraction of their purchases. For example,
if somebody is approved for a Money Back
solution that provides 5% cash back
on food, gasoline, and drugstore
items, as the rewards accumulate they can converted to cash. If you
pay a hundred fifty dollars in petro, food,
and pharmacy items every week, by
the end of a 12-month period, almost $400
in cash back rewards would be ready to cash out.
Redeemable Points - Instead
of giving money back, some lenders
offer points programs. Customers earn
points for making purchases. With each swipe of the card, the points
accumulate. When you earn enough points they can be cashed in for items including
free travel, gift cards, subscriptions, and more.
It is smart to be aware of whether or not the Top Cards
for Good Credit you are considering offers
a redeemable rewards program.
Gasoline Bonuses - Companies
are often times understanding about the price
of gas and want to compensate
their customers for using their credit card by rewarding them with a prepaid
gas card. As transactions are completed, points are accumulated and summarized. After a specified amount of points are accumulated they can be turned in for a
free prepaid gasoline card. Sometimes, gas rewards can even be earned
while buying fuel.
Points Toward Free Hotel Stays, Rental Cars 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. As the points add up, they can be redeemed for free travel accommodations. Frequent travelers really like these rewards.
Zero Percent Promotional Interest Rates - Finance charges are not applied on these cards for a specified amount of time.
The promotional period generally lasts anywhere from half a year to a whole year.
Many folks take advantage of this time
to move outstanding balances from their high interest Top Cards
to one like this and pay it off while there are no finance charges being accrued. Paying the bill on or before the due date is incredibly important.
When the first payment becomes past due, generally
zero percent APR rates adjust to another
rate. People that are approved for
Top Cards for Good
Credit, and are offered an interest free period
ought to choose this card.
Secured Cards - People that have a secured card
would insert money into an interest-bearing savings account.
This becomes the card's collateral Once the account is set up, a card is
delivered with a line of credit in
the amount of the deposit. As the card is used the amount of that transaction is deducted from your available credit balance, low interest
monthly payments are calculated, and a bill
is given to you. Just like any other credit card, when you use it you will receive a payment plan. Secured Cards
are great because they perform the same as
conventional credit cards allowing you
to complete all kinds of transactions including booking travel arrangements such as rental cars
that commonly do not accept debit
cards. One of the best things about the application process is that approval is typically
guaranteed whether you have good credit or not. However, keep in mind that many
credit-rebuilding card issuers report your payment schedule and how you keep up with your payments
to be added to your credit profile. This can be a terrific
method to establish creditworthiness by making timely
payments whether you have Good
credit or not. Once you make
six to twelve consecutive timely payments, most issuers will increase your credit limit without
asking for an additional deposit.
Reloadable Prepaid Credit Cards - With
a Reloadable Prepaid card, you get most of the benefits of a credit card without the debt. Similar to
a regular bank account, you put money in and that is
the amount that can be used for purchases. As the prepaid card
balance reaches zero, simply put more cash into the prepaid account and your card will be ready for use once again. These cards
are fantastic for financial planning, they make it so you don't have to carry cash all the time, and they are generally granted to those that may not qualify to
get a normal banking account.
Approval is usually granted despite
your FICO report and there is
no need for the prepaid company to deal with the three bureaus.
With all of the different kinds
of Top Cards
for Good credit and
rewards that they have, it is easy to identify the best solution for your situation. Look for
Top Cards that offer rewards that match your lifestyle and spending style. No matter which card you choose, be sure to
spend wisely and pay the bill on or before the due date. Awesome credit is a wonderful
To ensure that you keep growing a top notch credit profile, follow these simple rules:
1. Keep your outstanding balance less than the
card's max. Another way of saying it is, don't
"go crazy". It is important to retain
a bill that is no more than half
of the maximum spending limit on any
Top Cards for Good Credit.
2. Make payments on or before the due date. Even if you cannot make more than the minimum payment due, be sure to pay the bill on time. If the bill is paid 30 days after the due date, it will be reported to the credit reporting agencies. This negatively affects your FICO score. Not to mention customers may also have to pay a higher interest rate as a result of just this one late payment. Hence it is recommended that consumers make this bill payment a financial priority.
3. Repay all balances down to zero every few months.
When purchases are made, try to
pay it all off as many times a year as possible. Afterward, 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 keep this pattern going
This pattern demonstrates to the issuing companies
that you can be an excellent credit candidate. Once this sequence is repeated a couple of times, you could qualify for
lower rates, a higher limit, and a better credit profile.
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