Top Cards for Prime
Credit - Learning The Choices
When folks have
Credit, how can they
tell which Top Cards
to select when there are so many possibilities?
This article discusses a couple varieties
of cards to give you a better outline
of the pros of each:
Money Back - With a Money Back
card, customers get a repayment equivalent to
a fraction of their purchases. For example,
if a customer has been approved for a Money Back
offer that awards five percent cashback
on groceries, gas, and pharmacy
items, as the cash back rewards add up they can converted to cash. If you
pay $150 in gasoline, supermarket items,
and drug store items every week, at
the end of a 12-month period, about four hundred dollars
in cash would have accumulated.
Redeemable Points - In lieu
of giving cash rebates, some lenders
present customers with points programs. Customers get
rewards every time the card is used. With each swipe of the card, the points
add up. After a certain amount of points add up they can be cashed in for items including
free hotel stays, gift items, subscriptions, and so on.
It is smart to be aware of whether or not the Top Cards
for Prime Credit that you want will offer
a points program.
Gas Rewards - Credit card issuers
can be considerate of the price
of fuel and will reward
consumers for making card purchases by rewarding them with a free
gas card. As transactions are completed, points are accumulated and summarized. Once a certain number of points are earned you are eligible for a
free prepaid fuel card. The cool thing is, with some cards redeemable fuel rewards can be accumulated
when you are getting gas.
Points Redeemable for Free Hotel Accommodations, Car Rentals, or Frequent Air Traveler Miles - When purchases are made with these cards, points that can be used as free frequent flyer miles or free travel vouchers are earned. As the points add up, they can be applied toward all kinds of travel arrangements including free air travel. Frequent travelers really like these rewards.
0% Introductory Rates - Finance charges are not applied on these cards for a specified amount of time.
This time period generally spans six months up to a year.
Many people are advised to utilize this time
to move balances from their high interest 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 monthly payments on time is very important.
When just one payment is received late, typically
0% APR rates adjust to a different
rate. Customers that are applying for
Top Cards for Prime
Credit, and are offered a 0% introductory rate
should think about this option.
Secured Cards for Building Credit - Customers that have one of these
simply inserts a certain amount of money in an account specified by the secured card issuer.
This account serves as the security for the issuer. At that point a credit card is
offered with a credit limit that is the same as
the amount of the deposit. Each time a transaction is approved the amount of that transaction is deducted from your available credit balance, low rate
regularly scheduled payments are determined, and a monthly invoice
is given to you. If transactions are being approved, an affordable monthly invoice will be sent. Secured Cards for Building Credit
are perfect because they perform like
standard credit cards allowing customers
to do things that debit cards may not, like making travel accommodations such as vehicle rentals
that sometimes do not take standard bank account
cards. However, just like prepaid cards approval is typically
guaranteed despite your credit profile. But do not forget that many
credit-rebuilding card companies submit whether or not the bill is paid on time
to the credit bureaus. This is a wonderful
approach to show creditworthiness by showing scheduled
payments no matter if you have Prime
credit or not. After paying
several payments on or before their due date, some secured card companies will approve a higher limit without
asking for another deposit to the initial secured account.
Reloadable Prepaid Credit Cards - With
a Reloadable Prepaid card, there is no question about the credit limit. Similar to
a regular bank account, a certain amount of money is deposited into an account and this becomes
your spending limit. As the prepaid card
balance becomes depleted, it can be reloaded with more money and used again. Reloadable prepaid cards
are excellent for budgeting, they make it so you don't have to carry cash all the time, and they work well for individuals that are unable to
get a standard bank account.
Approval is typically guaranteed despite
your FICO profile and there is
no need for the prepaid company to send any inquiries to the credit bureaus.
With all of the different varieties
of Top Cards
for Prime credit and
incentives that exist, it is easy to identify the best solution for your situation. Consider
Top Cards that allow for the most rewards. The most important thing is to always
stay within your credit limit and make your payments on time every month. Awesome credit is a great
thing to have.
To be certain that you keep building a great credit profile, take heed to these three directions:
1. Maintain your outstanding balance lower than the
credit max. Another way of saying it is, it is not smart to
"go crazy". It is smart to retain
a balance that is somewhere around forty percent
of the maximum spending limit on any
Top Cards for Prime Credit.
2. Make the monthly payments by the due date. Even if you have to make just the minimum payment that is listed on your monthly statement, make the payment in a timely fashion. When payments are made more than 30 days late, that information may be told to Experian, Equifax, and Trans Union. This could bring down your credit report. Not to mention when this happens you may also be assessed a higher interest rate as a consequence of one past due payment. Thus it is wise to pay the bill.
3. Pay the entire bill every time your finances will allow.
When the balance gets to be about half of the limit, make it your goal to
pay it all off at least once a year. Subsequently, 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 don't stop this habit.
This pattern demonstrates to the lenders
that you are an excellent credit candidate. Most lenders reward customers like this with
low rates, a higher credit max, and a better credit score.
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