Top Cards for Subprime
Credit - Knowing The Possibilities
When individuals have
Credit, how will they
tell which Top Cards
to choose when there are so many options?
This article will expand on a couple varieties
of cards to provide a helpful outline
of the advantages of each:
Money Back - With a Money Back
card, customers get a rebate equal to
a fraction of their transactions. For example,
if somebody is approved for a Money Back
offer that gives 5% cashback
on food, gasoline, and pharmacy
purchases, as the cash back rewards add up they can be redeemed. If you
pay a hundred fifty dollars in gasoline, supermarket items,
and drug store items every 5-7 days, by
the end of a 12-month period, about four hundred dollars
in rebates would be available.
Rewards Points - Instead
of rewarding customers with money back, some issuers
give redeemable rewards. Customers receive
rewards for just about every transaction. As purchases are made, the points
add up. After a certain amount of points add up they can be redeemed for things like
free merchandise, gift cards, magazines, etc.
It is important to know whether or not the Top Cards
for Subprime Credit you are considering offers
Petro Rewards - Lenders
are often times understanding about the price
of gas and want to compensate
their customers for their purchases by rewarding them with a free
gas card. As transactions are completed, points are accumulated and summarized. After a specified amount of points are accumulated they can be turned in for a
free prepaid gas station card. The funny thing is, with some cards redeemable fuel rewards can be accumulated
while buying gas.
Rewards for Free Hotel Stays, Rental Cars or Frequent Traveler Miles - When these cards are used, redeemable points that can be cashed in for free travel miles are earned. As the points add up, they can be cashed in for discounted or free airline tickets or travel accommodations. These rewards work best for those who travel a lot.
0% Introductory Interest Rates - In the beginning when these credit cards are utilized, there are no finance charges that are applied.
The period where no finance charges are being applied usually varies from half a year to a whole year.
Many people use this interest-free period
to shift outstanding balances from their high interest Top Cards
to one of these 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 imperative.
When the first payment is not received on time, most
zero percent APR rates are changed to another
rate. People that are eligible for
Top Cards for Subprime
Credit, and have the opportunity to sign up for a 0% introductory rate
should consider this money saving option.
Secured Credit Cards - Customers with a secured card
would deposit a certain amount of money in an interest-bearing savings account.
This "is what makes it a "" secured card"" ." At that point a card is
sent with a credit max that is the same as
the opening balance of the interest bearing account that was created. Each time you swipe your card the amount of that transaction is deducted from your available credit balance, low rate
regularly scheduled payments are computed, and a bill
is is mailed or emailed if you choose paperless billing. Just like any other credit card, when you use it a relatively small monthly payment is expected. Secured Credit Cards
are terrific because they operate the same as
normal credit cards allowing people
to complete all kinds of transactions including booking travel accommodations including hotels
that sometimes do not accept debit
cards. One of the best things about the application process is that approval is typically
guaranteed regardless of your credit score. This can help in the rebuilding process because many
secured card companies submit your repayment history
to Experian, Equifax, and Trans Union. This is a good
practice to show creditworthiness by paying timely
payments whether you have Subprime
credit or not. Once you make
six to twelve consecutive timely payments, most issuers will increase your credit limit without
requiring an additional deposit.
Pre-paid Credit Cards - With
a Pre-paid card, purchases can be made without interest, fees, or finance charges. Similar to
a regular bank account, a certain amount of money is deposited into an account and that is
the amount that can be used for purchases. As the prepaid account
balance has been exhausted, it can be reloaded with more money and used again. Prepaid cards
are excellent for financial planning, they make it so you don't have to carry cash all the time, and they are a great solution for those that cannot
obtain a conventional depository account.
Quick approval is typically guaranteed despite
your bureau score and there is
no need for the prepaid card issuer to contact Experian, Equifax, and TransUnion.
With all of the various varieties
of Top Cards
for Subprime credit and
rewards that they have, there is something for everyone. Look for
Top Cards that allow for the most rewards. No matter which card you choose, be sure to
try to keep your purchases at less than half of your credit limit and make more than the minimum payment every month. Awesome credit is a terrific
To make certain that you keep growing the best credit profile, obey these few rules:
1. Maintain your bill less than the
credit limit. Another way of saying it is, do not
"max out". Make sure to maintain
a bill that is generally sixty percent or less
of the max on any
Top Cards for Subprime Credit.
2. It is important to pay the bill when it is due. Even if a small payment can be made, that will be just fine. When payments are made more than 30 days late, it may be reported to the credit bureaus. This has adverse affects on the consumer's credit profile. As a result, customers may also be assessed an increased interest rate as a consequence of a delayed payment. Thus it is recommended that consumers make this bill payment a financial priority.
3. Pay the balance completely every time your finances will allow.
When purchases are made, try to
take a few months and pay it off as often as you can. When you do this, it is wise to
start using the card again then take a few months to pay the balance off again, and don't stop this habit.
This sequence confirms to the lenders
that you are creditworthy. Once this sequence is repeated a couple of times, you could qualify for
a lower interest rate, a higher credit max, and a more favorable credit report.
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