Top Credit Cards for Bad
Credit - Knowing The Choices
When people have
Credit, how will they
know which Top Credit Cards
to choose when there are so many options?
The information below will discuss a few kinds
of cards to give you a better understanding
of the advantages of each:
Cashback - With a Cashback
card, customers get a rebate that is the same as
a fraction of their transactions. For example,
if an applicant is approved for a Cashback
option that gives 5% cashback
on food, gasoline, and drugstore
purchases, as the rebates add up they can converted to cash. If you
pay one hundred and fifty dollars in gas, groceries,
and drugstore items each week, at
the close of a year, almost $400
in cash back rewards would have accumulated.
Redeemable Points - Instead
of offering cash back, some lenders
offer points programs. Customers earn
points every time the card is used. With each swipe of the card, the rewards
increase. When you earn enough points they can be cashed in for perks like
free rental cars, gift cards, subscriptions, and more.
It is wise to see if the Top Credit Cards
for Bad Credit you are considering offers
a points program.
Fuel Rewards - Companies
are often times sensitive to the price
of gasoline and want to offer an incentive to
consumers for using their credit card by rewarding them with a prepaid
gasoline card. As purchases are made, points are earned. After you have earned enough points they can be redeemed for a
free prepaid gasoline card. Sometimes, fuel points can be earned
when you are getting gas.
Points Toward Free Rental Car Upgrades, Hotel Rooms, or Frequent Air Traveler Miles - When purchases are made with these cards, points that can be used as free frequent flyer miles or free travel vouchers are earned. Once a specified number of points are earned, they turn into vouchers that can be used for discounted or free travel arrangements like rental cars, hotels, or even airline tickets. Frequent travelers really like these rewards.
0% Promotions - Customers that utilize these cards are not charged any interest or finance charges for a certain number of months.
This time period typically varies from half a year to a whole year.
Most times, people are advised to utilize this time
to transfer their balance from their current Top Credit Cards
to one like this and pay the balances off within the promotional period. Keeping monthly payments up to date is crucial.
When just one payment is received late, most times
the introductory rates adjust to a much higher
rate. People that are applying for
Top Credit Cards for Bad
Credit, and have the opportunity to sign up for an introductory period free of finance charges
ought to choose this great opportunity.
Secured Cards for Building Credit - Individuals with this type of card
would deposit a few hundred to a few thousand dollars, depending on what they could afford, in an interest-bearing savings account.
This is what secures the account. Then, a card is
offered with a line of credit in
the amount that has been deposited in the account. Every time you use it the credit limit decreases, affordable
recurrent payments are calculated, and payment plan
is is mailed. If the card is being used a relatively small monthly payment is expected. Secured Cards for Building Credit
are great because they function the same as
normal credit cards allowing customers
to complete all kinds of transactions including booking travel accommodations like airline tickets
that commonly do not take consumer checking account
cards. One of the best things about the application process is that approval is usually
guaranteed whether you have good credit or not. This can help in the rebuilding process because most
secured card issuers report your repayment history
to Experian, Equifax, and Trans Union. This is a good
method to show creditworthiness by showing timely
payments no matter if you have Bad
credit or not. Once you make
several consecutive timely payments, most times the bank that gave you the card will allow you to make purchases over your current limit without
asking for additional collateral.
Reloadable Prepaid Credit Cards - With
a Reloadable Prepaid card, you get out of it exactly what you put in. Similar to
a typical bank account, a deposit is made into an account and that is
the amount that can be used for purchases. After the prepaid card
balance reaches zero, you can recharge it with an additional deposit. Reloadable prepaid credit cards
are great as gifts, transactions can be tracked and recorded if necessary, and they work well for individuals that are unable to
get a conventional checking account.
Quick approval is typically granted despite
your credit 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
incentives that they have, it is easy to identify the best solution for your situation. Seek
Top Credit Cards that make sense for your situation that will allow you to control your spending habits. The most important thing is to be sure to
spend wisely and pay the bill on or before the due date. Super credit is fantastic
To make certain that you keep growing a superb credit report, take heed to these three tips:
1. Always have your outstanding balance less than the
card's max. In other words, don't
"max out". Try to keep
a balance that is somewhere around half
of the available balance on any
Top Credit Cards for Bad Credit.
2. Pay the bill on time. Even if the minimum is the most that your budget will allow, pay it. If you miss a payment, that information may be posted to the credit reporting companies. This negatively affects your credit profile. Unfortunately, customers may also have a higher interest rate as a consequence of a solitary past due payment. Hence it is smart to be mindful of the due dates.
3. Pay all balances down to zero every so often.
When purchases are made, make it your goal to
pay the balance back down to zero at least one time per year. After the bill has been paid down to zero it is wise to
begin creating transaction activity (like buying gas, shopping online, or making purchases) and pay it back down to zero again after a few months, and make this your repayment pattern.
This cycle indicates to the lenders
that you are an excellent credit candidate. You could also be rewarded with
lower rates, a higher limit, and a higher FICO score.
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