Top Credit Cards for Bad
Credit - Learning The Possibilities
When folks have
Credit, how do they
know which Top Credit Cards
to choose when there are so many options?
This article will expand on a couple kinds
of cards to offer a helpful understanding
of the advantages of each:
Money Back - With a Money Back
card, you may be offered a repayment equivalent to
a percentage of their transactions. For example,
if a customer has been approved for a Money Back
offer that gives five percent cash back
on groceries, gasoline, and pharmacy
items, as the rewards accumulate they earn cash value. If you
spend $150 in fuel, supermarket items,
and drug store purchases weekly, at
the end of a year, almost $400
in cash would be ready to cash out.
Redeemable Points - Instead
of giving cash rewards, some companies
give redeemable rewards. Customers receive
rewards for making purchases. With each swipe of the card, the rewards
increase. Once a specified number of points have accumulated they can be redeemed for great stuff, such as
free merchandise, gift cards, subscriptions, etc.
It is wise to see if the Top Credit Cards
for Bad Credit that you want will offer
a redeemable rewards program.
Gas Rewards - Lenders
can be understanding about the price
of fuel and will offer an incentive to
their customers for their purchases by offering them a free
gas card. As the card is used, points are accumulated. After a specified amount of points are accumulated they can be turned in for a
free prepaid gas card. The funny thing is, with some cards fuel points can be earned
while making fuel purchases.
Points for Free Hotel Stays, Rental Cars or Frequent Air Traveler Miles - When these cards are used, redeemable points that can be cashed in for free travel miles are earned. Once a certain number of points have been accumulated, they can be cashed in for discounted or free airline tickets or travel accommodations. Frequent travelers really like these rewards.
0% APR Promotions - What does this mean? Simply put: for a limited time, finance charges are not incurred.
The promotional period generally lasts anywhere from 6-12 months.
Most times, people take advantage of this interest-free period
to shift their balance from their interest bearing Top Credit Cards
to one like this and pay it off while there are no finance charges being accrued. Keeping monthly payments up to date is especially crucial.
When one payment is overdue, most
the interest free rates adjust to a different
rate. Folks that are offered
Top Credit Cards for Bad
Credit, and have the chance to get a 0% promotion
ought to consider this card.
Secured Credit Cards - Individuals with a secured credit card
simply puts money into an interest-bearing savings account.
This "is what makes it a "" secured card"" ." Once the account is set up, a credit card is
extended to the applicant with a line of credit equal to
the amount that has been deposited in the account. Each time you swipe your card the amount of that transaction is deducted from your available credit balance, low rate
monthly payments are determined, and a bill
is given to you. If transactions are being approved, an affordable monthly invoice will be sent. Secured Credit Cards
are awesome because they function the same as
ordinary credit cards allowing people
the freedom to book travel accommodations such as airline tickets
that generally do not accept standard bank account
cards. However, just like prepaid cards approval is typically
guaranteed despite your credit profile. This is good because many
secured card issuers report whether or not you are keeping up with your payments
to be added to your credit profile. This is a good
practice to prove you are creditworthy by paying timely
payments no matter if you have Bad
credit or not. Once you have paid
six to twelve consecutive timely payments, many times the limit can be increased without
requiring more cash to be put into the account that was used to set up the card.
Prepaid Credit Cards - With
a Prepaid card, there is no question about the credit limit. Similar to
a regular bank account, you put money in and this is
the credit limit. When the prepaid account
balance reaches zero, simply put more cash into the prepaid account and your card will be ready for use once again. Reloadable prepaid credit cards
are excellent for budgeting, purchases can be tracked, and they work well for individuals that are unable to
acquire a traditional depository account.
Quick approval is normally not a problem despite
your bureau profile and there is
no need for the prepaid company to deal with the credit bureaus.
With all of the various types
of Top Credit Cards
for Bad credit and
rewards that they have, there is something for everyone. Seek
Top Credit Cards that give the benefits that fit your situation. No matter which card you choose, always
spend within your budget and stay under the limit. Timely payments are important as well. Great credit is fantastic
thing to have.
To guarantee that you keep growing a super FICO profile, obey these easy rules:
1. Maintain a balance at no more than half of the
credit limit. Another way of saying it is, do not
"over spend". It is important to retain
a bill that is no more than half
of the available balance on any
Top Credit Cards for Bad Credit.
2. Do not default on payments. Even if a minimum payment is all you can afford to make, pay it before the due date. If the bill is paid 30 days after the due date, that information may be forwarded to Experian, Equifax, and Trans Union. This is not good for your FICO profile. And let's not forget the fact that when this happens you may also have to pay a rising interest rate as a consequence of just one tardy payment. Hence it is smart to make this bill payment a financial priority.
3. Pay the balance completely every so often.
If the card is used a lot, do your best to
pay the balance back down to zero at least once a year. When you do this, you can feel free to
start swiping your card for purchases again and take a few months to pay the balance off again, and keep utilizing this approach as you complete your monthly budget and annual financial plan.
This repayment history confirms to the issuing companies
that you will be a great customer. Some other perks you could get when you repay in this way are
lower rates, a higher limit, and a more favorable credit report.
Our network members provide services in
one or more of the following states: Alabama
* Alaska * Arizona * Arkansas * California
* Colorado * Connecticut * Delaware * District
of Columbia * Florida * Georgia * Hawaii
* Idaho * Illinois * Indiana * Iowa * Kansas
* Kentucky * Louisiana * Maine * Maryland
* Massachusetts * Michigan * Minnesota *
Mississippi * Missouri * Montana * Nebraska
* Nevada * New Hampshire * New Jersey *
New Mexico * New York * North Carolina *
North Dakota * Ohio * Oklahoma * Oregon
* Pennsylvania * Rhode Island * South Carolina
* South Dakota * Tennessee * Texas * Utah
* Vermont * Virginia * Washington * West
Virginia * Wisconsin * Wyoming
Top Credit Cards
for Bad credit
are waiting for your application. Act now
to get approved for a solution that fits