Top Cards for Prime
Credit - Knowing The Possibilities
If folks have
Credit, how do they
distinguish which Top Cards
to choose when there are so many options?
The information below will expand on a couple types
of cards to offer a helpful outline
of the benefits of each:
Cashback - With a Cashback
card, you may be offered a rebate that is the same as
a fraction of their purchases. For instance,
if a customer has been approved for a Cashback
option that awards five percent cashback
on groceries, gas, and drugstore
items, as purchases increase and rewards accumulate, they can converted to cash. If you
use a hundred fifty dollars in gas, groceries,
and drug store items each week, by
the end of a year, $390
in cash back rewards would have accumulated.
Rewards Points - Instead
of rewarding customers with cash back, some lenders
give redeemable rewards. Customers earn
rewards for just about every transaction. Every time the card is used, the points
increase. After a certain amount of points add up they can be redeemed for great stuff, such as
free travel, gifts, magazines, and more.
Always check to see if the Top Cards
for Prime Credit you are considering offers
Petro Rewards - Lenders
can be understanding about the cost
of gasoline and will reward
their customers for making card purchases by rewarding them with a free
fuel card. As purchases are made, points are earned. Once you have completed enough transactions to accumulate a certain amount of points they can be redeemed for a
free prepaid fuel card. The funny thing is, with some cards redeemable fuel rewards can be accumulated
while you are getting gas.
Points Redeemable for Free Hotel Stays, Rental Cars or Frequent Air Travel Miles - When purchases are made with this kind of card, "customers receive "" points"" toward free travel including free frequent flyer miles." As the points add up, they turn into vouchers that can be used for discounted or free travel arrangements like rental cars, hotels, or even airline tickets. These rewards work best for those who travel a lot.
Zero Percent Introductory Rates - Customers that utilize these cards are not charged any interest or finance charges for a certain number of months.
The period where no finance charges are being applied usually lasts anywhere from 6-12 months.
Most times, customers take advantage of this time
to transfer 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 timely payments is extremely important.
When the first payment is not received on time, generally
the introductory rates go up to a different
rate. People that are applying for
Top Cards for Prime
Credit, and have the opportunity to sign up for a 0% promotion
ought to think about this opportunity.
Secured Cards to Build Creditworthiness - Customers with a secured card
would deposit money in a bank account that can generate interest.
This becomes the card's collateral At that point a card is
sent with a credit max equal to
the amount of the deposit. Each time a transaction is approved your available credit is recalculated, low rate
monthly payments are calculated, and payment plan
is is mailed. If transactions are being approved, a relatively small monthly payment is expected. Secured Cards to Build Creditworthiness
are awesome because they operate the same as
ordinary credit cards allowing people
the freedom to book travel accommodations such as airline tickets
that generally do not accept consumer checking account
cards. When applicants have bad credit approval is typically
guaranteed regardless of your credit score. This is good because most
secured card issuers submit whether or not you are keeping up with your payments
to be added to your credit profile. This could be a good
approach to prove you are creditworthy by paying timely
payments no matter if you have Prime
credit or not. After paying
six to twelve payments on or before their due date, most times the bank that gave you the card will allow you to make purchases over your current limit without
requiring another deposit to the initial secured account.
Pre-paid Credit Cards - With
a Pre-paid card, you get most of the benefits of a credit card without the debt. Similar to
a checking account, a certain amount of money is deposited into an account and that is
the amount that can be used for purchases. When the prepaid account
balance becomes depleted, 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
work wonderfully for students, they offer the same flexibility as a check card, and they are a great solution for those that cannot
get a traditional checking account.
Approval is normally granted despite
your credit report and there is
no need for the prepaid card issuer to contact the credit bureaus.
With all of the many kinds
of Top Cards
for Prime credit and
incentives that each of them offer, there is a solution available for most credit card seekers. Consider
Top Cards that allow for the most rewards. When you receive your card always
spend wisely and pay the bill on or before the due date. Great credit is a terrific
To guarantee that you keep building a prime credit score, obey these few instructions:
1. Maintain your outstanding balance at a percentage of the
card's limit. Another way of saying it is, do not
"go wild". Always retain
a bill that is somewhere around forty to fifty percent
of the maximum spending limit on any
Top Cards for Prime Credit.
2. Pay the bill on time. Even if the minimum is the most that your budget will allow, the most important thing is that the payment is made when it is due. Once a payment is more than 30 days behind, it must be sent to the credit reporting agencies. This negatively affects your FICO report. Additionally, when this happens you may also have to pay a rising interest rate as a result of something as small as a tardy payment. Hence it is recommended that consumers make payments.
3. Pay the whole thing off every time you can.
When you make purchases, do your best to
take a few months and pay it off at least one time per year. Afterward, go ahead and
start swiping your card for purchases again then pay it back down to zero again after a few months, and don't stop this habit.
This approach demonstrates to the issuing companies
that you can be an excellent credit candidate. Some other perks you could get when you repay in this way are
lower rates, an increased credit limit, and a more favorable credit report.
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