Top Cards for Prime
Credit - Understanding The Options
If individuals have
Credit, how do they
tell which Top Cards
to pick when there are so many opportunities?
The information below will break down a couple varieties
of cards to offer a useful outline
of the advantages of each:
Cash Back - With a Cash Back
card, customers get a rebate that is the same as
a percentage of their transactions. For instance,
if a customer has been approved for a Cash Back
option that awards 5% cashback
on groceries, gasoline, and drugstore
items, as the rebates add up they can be cashed in. If you
pay $150 in fuel, food,
and pharmacy purchases every week, at
the completion of a year, about four hundred dollars
in rebates would have accumulated.
Redeemable Points - In lieu
of providing money back, some companies
offer redeemable rewards. Customers get
rewards for just about every transaction. With each swipe of the card, the rewards
increase. After a certain amount of points add up they can be redeemed for all kinds of goodies including
free travel, gift items, subscriptions, and more.
It is smart to be aware of whether or not the Top Cards
for Prime Credit that you want will offer
Petro Rewards - Lenders
can be considerate of the cost
of gas and will compensate
consumers for their purchases by offering them a free
fuel card. As transactions are completed, points are accumulated and summarized. Once you have completed enough transactions to accumulate a certain amount of points they can be turned in for a
prepaid gasoline card. The funny thing is, with some cards gas rewards can even be earned
while you are getting gas.
Reward Points Toward 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 enough points are accumulated, they can be redeemed for free travel accommodations. This kind of card is great for business travelers.
0% Introductory Rates - What does this mean? Simply put: for a limited time, finance charges are not incurred.
The period where no finance charges are being applied usually lasts anywhere from six months up to a year.
Smart customers are advised to utilize this promotional period
to move their balance from their interest bearing Top Cards
to one of these, then pay it off while there are no finance charges being accrued. Making monthly payments on time is incredibly important.
When the first payment is paid after the due date, most
zero percent APR rates go up to a different
rate. People that are applying for
Top Cards for Prime
Credit, and are offered an interest free period
ought to think about this option.
Secured Cards to Re-establish Credit - People that have one of these
would put a cash amount into an account that generates interest that the secured card issuer will set up.
This "is what makes it a "" secured card"" ." At that point a card is
offered with a spending limit equal to
the amount that has been deposited in the account. When purchases are made the credit limit decreases, low rate
regularly scheduled payments are determined, and a monthly invoice
is is mailed or emailed if you choose paperless billing. If the card is active an affordable repayment plan will be created. Secured Cards to Re-establish Credit
are perfect because they operate the same as
normal credit cards allowing customers
to do things that debit cards may not, like making travel arrangements such as rental cars
that usually do not take consumer checking account
cards. One of the best things about the application process is that approval is ordinarily
guaranteed regardless of your credit score. This can help in the rebuilding process because many
secured card companies submit whether or not you are keeping up with your payments
to be added to your credit profile. This could be a great
way to show creditworthiness by showing scheduled
payments no matter if you have Prime
credit or not. Once you have paid
six to twelve consecutive timely payments, some secured card companies will approve a higher limit without
requiring another deposit to the initial secured account.
Reloadable Prepaid Credit Cards - With
a Reloadable Prepaid card, there is no question about the credit limit. Just like
a conventional account, a deposit is made into an account and this becomes
the credit limit. When the prepaid credit card
balance runs out, you can recharge it with an additional deposit. Reloadable prepaid credit cards
work wonderfully for financial planning, they offer the same flexibility as a check card, and they work well for individuals that are unable to
get a normal banking account.
Quick approval is generally granted despite
your FICO profile and there is
no need for the prepaid company to contact Experian, Equifax, and TransUnion.
With all of the various kinds
of Top Cards
for Prime credit and
incentives that exist, there is something for everyone. Seek
Top Cards that give the benefits that fit your situation. Once you are approved always
stay within your credit limit and make your payments on time every month. Great credit is a great
thing to have.
To guarantee that you keep growing a top notch FICO report, take heed to these three instructions:
1. Maintain your outstanding balance lower than the
card's limit. Another way of saying it is, don't
"over spend". Always retain
a bill that is no more than forty percent
of the available balance on any
Top Cards for Prime Credit.
2. Do not default on payments. Even if you cannot make more than the minimum payment due, the most important thing is that the payment is made when it is due. If the bill is paid 30 days after the due date, that information must be sent to the credit bureaus. This negatively affects the consumer's credit profile. Not to mention customers may also be assessed more points on the card's interest rate as a result of a late payment. Therefore it is wise to make payments.
3. Pay the balance completely every so often.
If the card is used a lot, make it your goal to
pay it all off at least one time per year. Subsequently, it is okay to
make more purchases then take a few months to pay the balance off again, and don't stop this habit.
This repayment history shows the lenders
that you can be an excellent credit candidate. Some other perks you could get when you repay in this way are
low interest rates, higher credit limits, and a more favorable credit report.
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