Top Cards for Poor
Credit - Knowing The Options
When people have
Credit, how do they
tell which Top Cards
to choose when there are so many opportunities?
This article will expand on a few types
of cards to offer a better understanding
of the advantages of each:
Money Back - With a Money Back
card, customers are offered a rebate equivalent to
a percentage of their purchases. For example,
if there is a Money Back
offer that offers five percent cashback
on supermarket, gasoline, and drugstore
purchases, as purchases increase and rewards accumulate, they can converted to cash. If you
spend $150 in gas, supermarket items,
and drugstore items weekly, at
the end of a 12-month period, almost $400
in rebates would be available.
Rewards Points - Instead
of rewarding customers with cash rewards, some lenders
offer points programs. Customers get
points for just about every transaction. As purchases are made, the rewards
accumulate. Once a specified number of points have accumulated they can be redeemed for great stuff, such as
free hotel stays, gift items, magazines, etc.
It is wise to see if the Top Cards
for Poor Credit you are considering offers
Gasoline Bonuses - Companies
can be considerate of the cost
of fuel and will give incentives to
their customers for using their cards by rewarding them with a free
gas card. As the card is used, points are accumulated. After a specified amount of points are accumulated you can get a
free prepaid gas card. The cool thing is, with some cards gas rewards can even be earned
when you are gassing up your vehicle.
Points Redeemable for Free Rental Car Upgrades, Hotel Rooms, or Frequent Traveler Miles - When this kind of card is utilized, points that can be used as free frequent flyer miles or free travel vouchers are earned. Once a specified number of points are earned, they can be cashed in exchange for free airline tickets, hotel stays, or rental cars. Frequent travelers really like these rewards.
Zero Percent Introductory Rates - In the beginning when these credit cards are utilized, there are no finance charges that are applied.
This time period usually lasts anywhere from 6-12 months.
Most times, folks take advantage of this promotional period
to move balances from their high interest Top Cards
to one of these and pay the balances off within the promotional period. Keeping monthly payments up to date is incredibly important.
When a payment is not paid on time, generally
the interest free introductory rates go up to a different
rate. People that are applying for
Top Cards for Poor
Credit, and are offered a zero percent promotion
ought to think about this opportunity.
Secured Cards - Individuals with a secured card
simply inserts money into an account specified by the secured card issuer.
This is what secures the account. Once the account is set up, a card is
offered with a credit limit in
the amount that has been deposited in the account. Each time a transaction is approved your available credit is recalculated, low rate
regularly scheduled payments are computed, and a bill
is is mailed or emailed if you choose paperless billing. If transactions are being approved, you will receive a payment plan. Secured Cards
are perfect because they operate the same as
regular credit cards allowing people
the freedom to book travel arrangements including hotels, rental cars, airline tickets, or cruises
that sometimes do not accept check
cards. Individuals with bad credit should apply because approval is usually
guaranteed despite your credit profile. This can help in the rebuilding process because many
credit-rebuilding card issuers report whether or not timely payments are made
to the credit bureaus. This is a wonderful
way to prove you are creditworthy by paying scheduled
payments no matter if you have Poor
credit or not. After making
a certain number of payments in a row, some secured card companies will approve a higher limit without
asking for additional collateral.
Prepaid Credit Cards - With
a Prepaid card, you get most of the benefits of a credit card without the debt. Similar to
a regular bank account, a deposit is made into an account and this becomes
the amount that can be used for purchases. As the prepaid card
balance is used up, it can be reloaded with more money and used again. These cards
work wonderfully for parents to use to give an allowance to their teen or college student, they offer the kind of flexibility that debit cards have, and they are a great solution for those that cannot
get a typical bank account.
Fast approval is usually granted despite
your credit report and there is
no need for the prepaid company to send any inquiries to the three bureaus.
With all of the various sorts
of Top Cards
for Poor credit and
incentives that they have, there is something for everyone. Seek
Top Cards that give the benefits that fit your situation. Remember these things and always
make wise purchases and timely payments. Prime credit is fantastic
thing to have.
To guarantee that you keep building the best FICO report, take heed to these few instructions:
1. Always have your bill less than the
card's limit. Simply put, do not
"go wild". Try to retain
an account that is generally forty percent
of the limit on any
Top Cards for Poor Credit.
2. Do not default on payments. Even if the minimum is the most that your budget will allow, that will be just fine. If you miss a payment, that information may be posted to the credit reporting companies. This is bad for the consumer's FICO report. As a result, when this happens you may also have to pay an increased interest rate as a consequence of one tardy payment. Thus it is advised that you make this bill payment a financial priority.
3. Pay the whole thing off every few months.
When the balance gets to be about half of the limit, do your best to
bring the balance to zero as often as you can. After completing this, you can feel free to
make more purchases then pay it off once again after over the course of a few billing cycles, and keep this pattern going
This sequence shows the lenders
that you are creditworthy. Some of the other benefits of this approach are
low rates, an increased credit limit, and a better FICO score.
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