Top Cards for Prime
Credit - Understanding The Possibilities
If individuals have
Credit, how can they
distinguish which Top Cards
to select when there are so many options?
This article will break down a couple kinds
of cards to give you a better understanding
of the benefits of each:
Money Back - With a Money Back
card, customers are rewarded with a repayment equal to
a percentage of their transactions. For example,
if an applicant is approved for a Money Back
option that gives five percent cash back
on supermarket, gasoline, and pharmacy
purchases, as purchases increase and rewards accumulate, they can be cashed in. If you
spend $150 in petro, groceries,
and pharmacy items weekly, by
the close of a year, about four hundred dollars
in rebates would be ready to cash out.
Rewards Points - In lieu
of rewarding customers with cash rewards, some lenders
offer redeemable rewards. Customers receive
rewards when purchases are made. As purchases are made, the rewards
accumulate. When you earn enough points they can be redeemed for perks like
free rental cars, gift cards, magazines, and so on.
Always check to see if the Top Cards
for Prime Credit you apply for offers
a redeemable rewards program.
Gasoline Rewards - Credit card issuers
can be understanding about the price
of gas and will offer an incentive to
their customers for their purchases by offering them a prepaid
gas card. As the credit card is utilized, reward points add up. Once a certain number of points are earned you are eligible for a
prepaid fuel card. Sometimes, gas points are actually accumulated even
while buying gas.
Points for Free Hotel Stays, Rental Cars or Frequent Flyer 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 redeemed for free travel accommodations. These programs are great for frequent travelers.
0% APR Promotions - In the beginning when these credit cards are utilized, there are no finance charges that are applied.
This time period generally spans six months up to a year.
Smart customers are advised to utilize this interest-free period
to transfer balances from their current Top Cards
to one of these and pay the balances off within the promotional period. Making monthly payments on time is very important.
When the first payment is paid late, generally
the introductory rates adjust to a higher
rate. Individuals that are eligible for
Top Cards for Prime
Credit, and have the chance to get a zero percent promotion
should consider this money saving option.
Secured Cards - People with one of these
simply deposits money into an account specified by the secured card issuer.
This becomes the card's collateral Then, a credit card is
offered with a credit max in
the amount that has been deposited in the account. As the card is used the credit limit decreases, low rate
recurrent payments are calculated, and a monthly invoice
is sent. If purchases are made an affordable repayment plan will be created. Secured Cards
are excellent because they function like
conventional credit cards allowing you
to complete all kinds of transactions including booking travel arrangements like airline tickets
that commonly do not take standard bank account
cards. Individuals with bad credit should apply because approval is usually
guaranteed despite your credit profile. This can help in the rebuilding process because most
secured card issuers submit your payment schedule and how you keep up with your payments
to Experian, Equifax, and Trans Union. This could be a good
technique to show creditworthiness by making timely
payments no matter if you have Prime
credit or not. Once you make
six to twelve payments on or before their due date, many times the limit can be increased without
asking for an additional deposit.
Prepaid Credit Cards - With
a Prepaid card, you get out of it exactly what you put in. Just like
a checking account, a deposit is made into an account and this is
the amount that can be used for purchases. After the prepaid credit card
balance reaches zero, simply put more cash into the prepaid account and your card will be ready for use once again. Reloadable prepaid cards
work wonderfully for parents to use to give an allowance to their teen or college student, they offer the same flexibility as a check card, and they are a great solution for those that cannot
get a normal bank account.
Quick approval is typically not a problem regardless of
your FICO score and there is
no need for the issuer to send any inquiries to the three bureaus.
With all of the different varieties
of Top Cards
for Prime credit and
rewards that each of them offer, there is something for everyone. Consider
Top Cards that give the benefits that fit your situation. When you receive your card be sure to
make wise purchases and timely payments. Prime credit is a terrific
To be certain that you keep developing a super FICO profile, obey these three rules:
1. Always have a balance at no more than half of the
card's max. Another way of saying it is, do not
"go wild". Always carry
an account that is about half
of the available balance on any
Top Cards for Prime Credit.
2. Make at least the minimum payment as scheduled. Even if a minimum payment is all you can afford to make, be sure to pay the bill on time. If the bill is paid 30 days after the due date, it could be sent to the credit reporting companies. This is bad for your credit profile. Unfortunately, customers may also be assessed a rising interest rate as a result of just one past due payment. Thus it is wise to pay on time.
3. Pay all balances down to zero every quarter.
When you make purchases, do your best to
pay the balance back down to zero as often as you can. Then once your balance is paid off go ahead and
make more purchases and after a couple of billing cycles, pay the whole thing off just like you did before, and keep utilizing this approach as you complete your monthly budget and annual financial plan.
This sequence indicates to the issuing companies
that you are an excellent credit candidate. Most lenders reward customers like this with
a lower rate, a higher credit max, and a better credit profile.
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