Top Cards for Okay
Credit - Understanding The Options
When individuals have
Credit, how can they
know which Top Cards
to choose when there are so many options?
This article discusses several types
of cards to give you a useful understanding
of the advantages of each:
Cash Back - With a Cash Back
card, customers are rewarded with a rebate that equals
a fraction of their purchases. For example,
if somebody is approved for a Cash Back
option that awards 5% cashback
on groceries, fuel, and pharmacy
purchases, as purchases increase and rewards accumulate, they can converted to cash. If you
pay a hundred fifty dollars in gas, supermarket items,
and drugstore purchases weekly, at
the end of a 12-month period, almost $400
in rebates would have accumulated.
Rewards Points - In lieu
of giving money back, some issuers
present customers with points programs. Customers earn
points when purchases are made. As purchases are made, the rewards
increase. When you earn enough points they can be cashed in for great stuff, such as
free travel, gift items, subscriptions, etc.
It is smart to be aware of whether or not the Top Cards
for Okay Credit that you want will offer
a points program.
Gasoline Rewards - Card Issuers
can be understanding about the cost
of fuel and want to reward
their customers for using their credit card by rewarding them with a prepaid
gas card. As the card is used, points are accumulated. Once you have completed enough transactions to accumulate a certain amount of points they can be cashed in for a
prepaid fuel card. Sometimes, gas rewards can even be earned
when buying fuel.
Reward Points Toward Free Hotel Accommodations, Car Rentals, or Frequent Air Travel Miles - When this kind of card is utilized, "customers receive "" points"" toward free travel including free frequent flyer miles." Once enough points are accumulated, they can be cashed in for discounted or free airline tickets or travel accommodations. These rewards work best for those who travel a lot.
0% Promotions - In the beginning when these credit cards are utilized, there are no finance charges that are applied.
The promotional period typically lasts anywhere from six to twelve months.
Smart customers take advantage of this time
to shift outstanding balances 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. Paying the bill on or before the due date is very important.
When one payment is not paid on time, most times
the interest free introductory rates are changed to a much higher
rate. People that are eligible for
Top Cards for Okay
Credit, and have the chance to get an introductory period free of finance charges
ought to think about this great opportunity.
Secured Cards to Re-establish Credit - People that have one of these
must deposit a cash amount into an interest-bearing savings account.
This is what secures the account. At that point a credit card is
sent with a spending limit equal to
the amount of the deposit. When purchases are made the credit limit decreases, affordable
recurrent payments are calculated, and a bill
is is mailed. If purchases are made low monthly payments will become due. Secured Cards to Re-establish Credit
are good because they function like
ordinary credit cards allowing you
to do things that debit cards may not, like making travel accommodations like rental cars
that commonly do not take prepaid or debit
cards. Individuals with bad credit should apply because approval is typically
guaranteed regardless of your credit score. However, keep in mind that most
secured card companies report the way you pay your bill
to the credit bureaus. This can be a wonderful
method to establish creditworthiness by paying scheduled
payments whether you have Okay
credit or not. Once you make
a certain number of consecutive timely payments, typically the lender will offer additional spending power without
asking for additional collateral.
Pre-paid Credit Cards - With
a Pre-paid card, purchases can be made without interest, fees, or finance charges. Similar to
a regular bank account, a certain amount of money is deposited into an account and that is
the credit 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. Reloadable prepaid cards
are good for parents to use to give an allowance to their teen or college student, transactions can be tracked and recorded if necessary, and they work well for individuals that are unable to
get a normal checking account.
Approval is usually granted despite
your credit report and there is
no need for the issuer to deal with Experian, Equifax, and TransUnion.
With all of the many varieties
of Top Cards
for Okay credit and
incentives that each of them offer, there is something for everyone. Seek
Top Cards that give the benefits that fit your situation. Once you are approved be sure to
make wise purchases and timely payments. Good credit is a wonderful
thing to have.
To guarantee that you keep cultivating a top notch FICO report, follow these general rules:
1. Always have your bill less than the
card's limit. Simply put, it is not smart to
"max out". Always carry
a balance that is about half
of the available balance on any
Top Cards for Okay Credit.
2. Keep the credit card bill paid on time. Even if a minimum payment is all you can afford to make, it is better to make that small payment on time then it is to try and pay more at a later date. If the bill is paid 30 days after the due date, it could be reported to the credit reporting companies. This has adverse affects on your credit score. And let's not forget the fact that customers may also have to pay an increased interest rate as a consequence of a late payment. Therefore it is advised that you make this bill payment a financial priority.
3. Pay all balances down to zero every time your finances will allow.
When you make purchases, do your best to
bring the balance to zero as often as you can. When you do this, go ahead and
begin creating transaction activity (like buying gas, shopping online, or making purchases) then take a few months to pay the balance off again, and make this your repayment pattern.
This pattern shows the issuers
that you are creditworthy. You could also be rewarded with
lower rates, a higher credit max, and a better credit profile.
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