Top Credit Cards for Bad
Credit - Knowing The Opportunities
When people have
Credit, how can they
distinguish which Top Credit Cards
to choose when there are so many possibilities?
The information below will break down several types
of cards to provide a useful understanding
of the advantages of each:
Cashback - With a Cashback
card, customers are offered a refund equal to
a percentage of their purchases. For instance,
if a customer has been approved for a Cashback
offer that provides 5% cash back
on groceries, gas, and drugstore
purchases, as purchases increase and rewards accumulate, they can converted to cash. If you
use one hundred and fifty dollars in petro, food,
and drugstore items weekly, at
the end of a 12-month period, almost $400
in rebates would be ready to cash out.
Redeemable Points - Instead
of providing cash rebates, some lenders
offer redeemable rewards. Customers get
rewards when purchases are made. As purchases are made, the points
add up. Once a specified number of points have accumulated they can be cashed in for perks like
free merchandise, gifts, magazines, and more.
It is wise to see if the Top Credit Cards
for Bad Credit you are considering offers
a points program.
Fuel Rewards - Lenders
are often times considerate of the price
of gas and want to reward
their customers for using their cards by rewarding them with a prepaid
gasoline 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 cashed in for a
prepaid fuel card. The cool thing is, with some cards gas rewards can even be earned
while buying gas.
Points Redeemable for Free Hotel Accommodations, Car Rentals, or Frequent Air Travel Miles - When purchases are made with these cards, customers can earn frequent traveler's points that can be redeemed for free travel. Once a certain number of points have been accumulated, they can be applied toward all kinds of travel arrangements including free air travel. Frequent travelers really like these rewards.
0% Promotional Interest 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 generally lasts anywhere from six to twelve months.
Smart people use this time
to shift outstanding balances from their high interest Top Credit 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 overdue, typically
zero percent APR rates go up to a higher
rate. Individuals that are applying for
Top Credit Cards for Bad
Credit, and have the opportunity to sign up for a zero percent promotion
should choose this opportunity.
Secured Credit Cards - Customers that have a secured credit card
must insert a few hundred to a few thousand dollars, depending on what they could afford, in an account that generates interest that the secured card issuer will set up.
This account serves as the security for the issuer. At that point a card is
issued with a spending limit in
the amount of the deposit. Each time you swipe your card your available credit is recalculated, affordable
monthly payments are calculated, and payment plan
is is mailed. If transactions are being approved, low monthly payments will become due. Secured Credit Cards
are perfect because they operate like
normal credit cards allowing customers
to do things that debit cards may not, like making travel arrangements such as vehicle rentals
that usually do not take check
cards. One of the best things about the application process is that approval is usually
guaranteed even if your credit is poor. This is good because many
secured card companies submit your repayment history
to the credit bureaus. This could be a remarkable
practice to establish creditworthiness by making timely
payments whether you have Bad
credit or not. Once you have paid
six to twelve payments on or before their due date, many times the limit can be increased without
requiring an additional deposit.
Pre-paid Credit Cards - With
a Pre-paid card, there is no guesswork. Similar to
a typical bank account, a certain amount of money is deposited into an account and this is
the amount that can be used for purchases. When the prepaid credit card
balance becomes depleted, simply put more cash into the prepaid account and your card will be ready for use once again. Reloadable prepaid cards
are fantastic for parents to use to give an allowance to their teen or college student, they offer the kind of flexibility that debit cards have, and they are generally granted to those that may not qualify to
get a standard checking account.
Approval is usually granted regardless of
your FICO profile and there is
no need for the bank that issues the prepaid cards to send any inquiries to the three bureaus.
With all of the different kinds
of Top Credit Cards
for Bad credit and
rewards that are available, there is something for everyone. Look for
Top Credit Cards that make sense for your situation that will allow you to control your spending habits. When you receive your card be sure to
stay within your credit limit and make your payments on time every month. Top notch credit is fantastic
To make sure that you keep growing a superb credit report, follow these easy directions:
1. Always have a balance lower than the
credit limit. Another way of saying it is, do not
"over spend". Experts agree that consumers should carry
an account that is no more than half
of the limit on any
Top Credit Cards for Bad Credit.
2. It is important to pay the bill when it is due. Even if a small payment can be made, it is better to make that small payment on time then it is to try and pay more at a later date. If the bill is paid 30 days after the due date, it will be forwarded to the credit reporting agencies. This negatively affects the consumer's credit report. Not to mention customers may also have to pay an increased interest rate as a result of just one past due payment. Hence it is wise to make payments.
3. Repay all balances down to zero every few months.
When purchases are made, make it your goal to
pay it all off as many times a year as possible. After completing this, you can feel free to
start using the card again and take a few months to pay the balance off again, and make this your repayment pattern.
This repayment history illustrates to the issuers
that you are creditworthy. Most lenders reward customers like this with
a lower interest rate, an increased credit limit, and a better FICO score.
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Top Credit Cards
for Bad credit
are simple to apply for. Click now
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