Top Credit Cards for Poor
Credit - Understanding The Options
When individuals have
Credit, how can they
distinguish which Top Credit Cards
to select when there are so many options?
This article will discuss several varieties
of cards to give you a useful understanding
of the advantages of each:
Money Back - With a Money Back
card, customers get a rebate equal to
a fraction of their purchases. For example,
if there is a Money Back
solution that provides 5% cash back
on groceries, fuel, and pharmacy
items, as purchases increase and rewards accumulate, they can converted to cash. If you
pay one hundred and fifty dollars in fuel, supermarket items,
and drug store purchases weekly, by
the end of a 12-month period, $390
in cash back rewards would be ready to cash out.
Redeemable Points - In lieu
of rewarding customers with cash back, some issuers
present customers with points programs. Customers get
rewards when purchases are made. With each swipe of the card, the points
increase. Once a specified number of points have accumulated they can be redeemed for items including
free rental cars, gift items, magazines, and so on.
Be sure to find out if the Top Credit Cards
for Poor Credit you apply for offers
Gas Rewards - Companies
can be considerate of the cost
of gas and want to reward
people for making card purchases by offering them a prepaid
fuel card. As the credit card is utilized, reward points add up. After you have earned enough points you can get a
free prepaid gas station card. The cool thing is, with some cards redeemable fuel rewards can be accumulated
while buying gas.
Points Redeemable for Free Hotel Stays, Rental Cars or Frequent Flyer Miles - When this kind of card is utilized, free travel points 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. This kind of card is great for business travelers.
Zero Percent Introductory Rates - Finance charges are not applied on these cards for a specified amount of time.
The period where no finance charges are being applied typically spans half a year to a whole year.
Typically, people use this time
to move their balance from their high interest Top Credit Cards
to one of these and pay the balances off within the promotional period. Keeping monthly payments up to date is key.
When one payment is not paid on time, typically
the interest free rates are changed to an interest-bearing
rate. Folks that are eligible for
Top Credit Cards for Poor
Credit, and have the chance to get a 0% promotion
ought to choose this type of card.
Secured Cards to Re-establish Credit - Customers with a secured card
simply puts money in a bank account that can generate interest.
This "is what makes it a "" secured card"" ." After the deposit is made a credit card is
delivered with a spending limit in
the amount of the deposit. Every time you use it your available credit is recalculated, low rate
regularly scheduled payments are calculated, and a bill
is is mailed. If transactions are being approved, an affordable monthly invoice will be sent. Secured Cards to Re-establish Credit
are good because they operate like
normal credit cards allowing customers
the freedom to book travel accommodations like hotels
that commonly do not accept prepaid or debit
cards. One of the best things about the application process is that approval is generally
guaranteed no matter what. But do not forget that many
credit-rebuilding card issuers submit your repayment history
to Experian, Equifax, and Trans Union. This can be a fantastic
approach to prove you are creditworthy by making regular
payments no matter if you have Poor
credit or not. Once you make
a certain number of 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 more cash to be put into the account that was used to set up the card.
Pre-paid Credit Cards - With
a Pre-paid card, purchases can be made without interest, fees, or finance charges. Similar to
a conventional account, you put money in and that becomes
the credit limit. After the prepaid credit card
balance has been completely used, a deposit into the prepaid account can be made and the new credit limit will be the amount of the new deposit. Reloadable prepaid cards
are good for students, they make it so you don't have to carry cash all the time, and they are generally granted to those that may not qualify to
get a traditional bank account.
Approval is normally not a problem despite
your bureau report and there is
no need for the prepaid card issuer to deal with the three bureaus.
With all of the various varieties
of Top Credit Cards
for Poor credit and
bonuses that each of them offer, there is a solution available for most credit card seekers. Seek
Top Credit Cards that give the benefits that fit your situation. Stay smart and always
spend wisely and pay the bill on or before the due date. Good credit is a wonderful
thing to have.
To guarantee that you keep building a prime FICO profile, take heed to these simple instructions:
1. Keep a balance at no more than half of the
credit limit. In other words, don't
"max out". The banks encourage their cardholders to keep
an account that is about forty to fifty percent
of the limit on any
Top Credit Cards for Poor Credit.
2. Pay your credit card bill on time every month. Even if the minimum is the most that your budget will allow, make the payment in a timely fashion. Once a payment is more than 30 days behind, it will be reported to the credit reporting companies. This negatively affects the consumer's FICO profile. Additionally, customers may also have to pay a higher interest rate as a result of a solitary late payment. Hence it is wise to be mindful of the due dates.
3. Repay all balances down to zero every quarter.
If the card is used a lot, try to
take a few months and pay it off at least one time per year. Then once your balance is paid off it is smart to
begin creating transaction activity (like buying gas, shopping online, or making purchases) and pay it off once again after over the course of a few billing cycles, and keep this cycle going.
This approach confirms to the issuers
that you will be creditworthy. Most lenders reward customers like this with
low interest rates, higher credit limits, and a higher FICO score.
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Top Credit Cards
for Poor credit
are available online. Act now
to apply for a solution that could be the answer to