Top Cards for Good
Credit - Knowing The Opportunities
When individuals have
Credit, how can they
tell which Top Cards
to choose when there are so many choices?
This article will expand on a couple types
of cards to offer a better outline
of the pros of each:
Cashback - With a Cashback
card, customers get a rebate equal to
a fraction of their transactions. For example,
if there is a Cashback
offer that provides five percent cash back
on groceries, gasoline, and pharmacy
purchases, as the cash back rewards add up they can be cashed in. If you
use a hundred fifty dollars in petro, food,
and drugstore items each week, at
the end of a 12-month period, almost $400
in rebates would have accumulated.
Redeemable Points - Instead
of rewarding customers with cash back, some companies
present customers with points programs. Customers receive
rewards for just about every transaction. Every time the card is used, the points
accumulate. Once a specified number of points have accumulated they can be cashed in for items including
free hotel stays, gift items, subscriptions, and more.
It is smart to be aware of whether or not the Top Cards
for Good Credit that you want will offer
Gas Rewards - Lenders
are often times sensitive to the price
of gas and will compensate
their customers for making card purchases by rewarding them with a free
gasoline card. As purchases are made, points are earned. After a specified amount of points are accumulated they can be cashed in for a
prepaid gas station card. The cool thing is, with some cards gas rewards can even be earned
when buying gas.
Points Redeemable for Free Hotel Accommodations, Car Rentals, or Frequent Traveler Miles - When these cards are used, points that can be used as free frequent flyer miles or free travel vouchers are earned. As the points add up, they can be redeemed for free travel accommodations. Business travelers find these kinds of programs to be very beneficial.
0% Introductory Interest Rates - With these cards, finance charges are not accrued for a certain amount of time.
The period where no finance charges are being applied typically varies from 6-12 months.
Smart folks take advantage of this promotional period
to transfer their balance from their interest bearing Top Cards
to one of these, then create a personal budget that allows them to pay the whole thing off without having to pay any finance charges. Making timely payments is especially crucial.
When a single payment is paid late, most times
the interest free introductory rates adjust to a different
rate. Individuals that are applying for
Top Cards for Good
Credit, and have the opportunity to sign up for a 0% promotion
ought to think about this great opportunity.
Secured Cards for Building Credit - People that have a secured credit card
simply inserts money in an interest-bearing savings account.
This is what secures the account. At that point a credit card is
extended to the applicant with a credit limit that is the same as
the amount that has been deposited in the account. When purchases are made your available credit is recalculated, affordable
monthly payments are computed, and a bill
is given to you. If the card is active an affordable repayment plan will be created. Secured Cards for Building Credit
are awesome because they perform the same as
standard credit cards allowing you
to complete all kinds of transactions including booking travel accommodations including hotels
that generally do not take debit
cards. However, just like prepaid cards approval is typically
guaranteed no matter what. 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 Experian, Equifax, and Trans Union. This is a great
way to prove you are creditworthy by paying regular
payments no matter if you have Good
credit or not. Once you make
several payments in a row, most issuers will increase your credit limit without
requiring additional collateral.
Pre-paid Credit Cards - With
a Pre-paid card, there is no guesswork. Just like
a checking account, you put money in and this becomes
the credit limit. As the prepaid credit 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
are great for financial planning, they make it so you don't have to carry cash all the time, and they are a great solution for those that cannot
obtain a regular depository account.
Quick approval is usually not a problem regardless of
your credit score and there is
no need for the prepaid company to deal with the three bureaus.
With all of the various types
of Top Cards
for Good credit and
rewards that they have, there is something for everyone. Seek
Top Cards that offer rewards that match your lifestyle and spending style. No matter which card you choose, be sure to
spend within your budget and stay under the limit. Timely payments are important as well. Super credit is fantastic
thing to have.
To make sure that you keep building a prime credit score, obey these easy guidelines:
1. Always have your bill at a percentage of the
credit limit. Simply put, don't
"over spend". Make sure to keep
a bill that is about sixty percent or less
of the available balance on any
Top Cards for Good Credit.
2. Pay the bill on time. Even if a small payment can be made, make the payment in a timely fashion. When payments are made more than 30 days late, that information must be reported to the credit reporting agencies. This is bad for the consumer's credit score. Not to mention customers may also experience a rising interest rate as a result of a single delayed payment. Thus it is recommended that consumers pay the bill.
3. Pay the balance completely every time your finances will allow.
When you make purchases, try to
pay the balance back down to zero at least once a year. Subsequently, you can feel free to
begin creating transaction activity (like buying gas, shopping online, or making purchases) and pay it back down to zero again after a few months, and keep utilizing this approach as you complete your monthly budget and annual financial plan.
This pattern demonstrates to the issuers
that you are a great customer. Some of the other benefits of this approach are
low interest rates, an increased credit limit, and a better credit profile.
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