Top Credit Cards for Great
Credit - Understanding The Opportunities
If folks have
Credit, how do they
know which Top Credit Cards
to choose when there are so many possibilities?
This article will discuss several types
of cards to give you a helpful understanding
of the pros of each:
Cash Back - With a Cash Back
card, customers are rewarded with a refund equivalent to
a percentage of their transactions. For instance,
if there is a Cash Back
option that offers five percent cashback
on supermarket, gasoline, and drugstore
items, as the rewards accumulate they can converted to cash. If you
pay a hundred fifty dollars in gasoline, groceries,
and drugstore items every 5-7 days, at
the conclusion of a year, $390
in rebates would have accumulated.
Redeemable Points - In lieu
of giving cash back, some companies
offer redeemable rewards. Customers earn
rewards every time the card is used. With each swipe of the card, the rewards
add up. Once a specified number of points have accumulated they can be cashed in for all kinds of goodies including
free hotel stays, gift cards, subscriptions, and so on.
Be sure to find out if the Top Credit Cards
for Great Credit you apply for offers
a redeemable rewards program.
Gas Bonuses - Card Issuers
are often times sensitive to the cost
of gas and want to compensate
consumers for using their credit card by giving them a free
gasoline card. As purchases are made, points are earned. After you have earned enough points you are eligible for a
free prepaid fuel card. The funny thing is, with some cards gas points are actually accumulated even
while making gas purchases.
Points for Free Hotel Accommodations, Car Rentals, or Frequent Flyer Miles - When this kind of card is utilized, customers can earn frequent traveler's points that can be redeemed for free travel. Once enough points are accumulated, they can be redeemed for free travel accommodations. These programs are great for frequent travelers.
0% Introductory Interest Rates - With these cards, finance charges are not accrued for a certain amount of time.
The promotional period generally varies from half a year to a whole year.
Generally, folks use this kind of card
to move their balance from their interest bearing Top Credit Cards
to one of these, then create a personal budget that allows them to pay the whole thing off without having to pay any finance charges. Paying the bill on or before the due date is crucial.
When just one payment is not received on time, most
the interest free introductory rates adjust to a different
rate. People that are approved for
Top Credit Cards for Great
Credit, and are offered a 0% promotion
should choose this type of card.
Secured Cards for Building Credit - People that have a secured card
must deposit a certain amount of money in an account specified by the secured card issuer.
This account serves as the security for the issuer. Then, a credit card is
issued with a line of credit that is the same as
the amount of the deposit. As the card is used the credit limit decreases, low interest
monthly payments are calculated, and payment plan
is sent. If the card is being used low monthly payments will become due. Secured Cards for Building Credit
are good because they function like
standard credit cards allowing people
to do things that debit cards may not, like making travel accommodations like rental cars
that typically do not take check
cards. One of the best things about the application process is that approval is generally
guaranteed no matter what. However, keep in mind that many
credit-rebuilding card issuers report whether or not the bill is paid on time
to the credit bureaus. This could be a wonderful
approach to establish creditworthiness by showing timely
payments no matter if you have Great
credit or not. Once you have paid
several payments in a row, most times the bank that gave you the card will allow you to make purchases over your current limit without
asking for an additional deposit.
Pre-paid Credit Cards - With
a Pre-paid card, you get out of it exactly what you put in. Similar to
a checking account, a deposit is made into an account and that is
your spending limit. After the prepaid card
balance runs out, simply put more cash into the prepaid account and your card will be ready for use once again. Reloadable cards
are terrific for parents to use to give an allowance to their teen or college student, they offer the same flexibility as a check card, and they are generally granted to those that may not qualify to
acquire a normal bank account.
Quick approval is usually guaranteed regardless of
your FICO report and there is
no need for the prepaid company to send any inquiries to Experian, Equifax, and TransUnion.
With all of the various sorts
of Top Credit Cards
for Great credit and
rewards that exist, there is a solution available for most credit card seekers. Seek
Top Credit Cards that offer rewards that match your lifestyle and spending style. Remember these things and always
try to keep your purchases at less than half of your credit limit and make more than the minimum payment every month. Top notch credit is fantastic
To ensure that you keep building a superb FICO score, obey these three guidelines:
1. Always have a balance at a percentage of the
card's max. Another way of saying it is, don't
"max out". Most people with excellent credit make it a point to retain
an account that is somewhere around fifty percent
of the limit on any
Top Credit Cards for Great Credit.
2. Do not default on payments. Even if a small payment can be made, that's ok. When payments are made more than 30 days late, it may be posted to the credit bureaus. This has adverse affects on your credit profile. Unfortunately, customers may also have to pay more points on the card's interest rate as a result of just one past due payment. Hence it is recommended that consumers pay on time.
3. Pay the balance in total every couple months.
If the card is used a lot, do your best to
pay it all off as often as you can. Then once your balance is paid off you can feel free to
make more purchases then take a few months to pay the balance off again, and keep this pattern going
This pattern illustrates to the issuers
that you are an excellent credit candidate. Some of the other benefits of this approach are
a lower rate, a higher credit max, and a better credit score.
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