Top Credit Cards for Rebuilding
Credit - Knowing The Possibilities
If folks have
Credit, how do they
distinguish which Top Credit Cards
to choose when there are so many possibilities?
This article discusses a few kinds
of cards to offer a helpful understanding
of the benefits of each:
Money Back - With a Money Back
card, customers are rewarded with a reimbursement equal to
a percentage of their purchases. For example,
if an applicant is approved for a Money Back
solution that awards 5% cash back
on groceries, gasoline, and drugstore
purchases, as the rewards accumulate they can converted to cash. If you
use $150 in gas, groceries,
and drug store items every week, at
the close of a 12-month period, about four hundred dollars
in cash would be ready to cash out.
Redeemable Points - Instead
of rewarding customers with cash rewards, some companies
present customers with points programs. Customers get
rewards when purchases are made. Every time the card is used, the rewards
add up. After a certain amount of points add up they can be redeemed for items including
free travel, gifts, subscriptions, etc.
It is important to know whether or not the Top Credit Cards
for Rebuilding Credit that you want will offer
a redeemable rewards program.
Gas Rewards - Card Issuers
can be considerate of the price
of gas and want to offer an incentive to
consumers for making card purchases by offering them a free
fuel card. As the card is used, points are accumulated. Once you have completed enough transactions to accumulate a certain amount of points they can be redeemed for a
prepaid fuel card. The cool thing is, with some cards fuel points can be earned
while making fuel purchases.
Points Redeemable for Free Hotel Stays, Rental Cars or Frequent Flyer Miles - When purchases are made with these cards, customers can earn frequent traveler's points that can be redeemed for free travel. Once a specified number of points are earned, they can be applied toward all kinds of travel arrangements including free air travel. Business travelers find these kinds of programs to be very beneficial.
Zero Percent APR Promotions - 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 six to twelve months.
Generally, people are advised to utilize promotions such as this
to shift outstanding balances from their high interest Top Credit Cards
to one like this and pay the balances off within the promotional period. Keeping monthly payments up to date is key.
When the first payment is received late, most
the interest free rates are changed to an interest-bearing
rate. Folks that are offered
Top Credit Cards for Rebuilding
Credit, and are offered a zero percent promotion
should think about this type of card.
Secured Cards for Building Credit - Customers with this type of card
must put a certain amount of money in an account specified by the secured card issuer.
This account serves as the security for the issuer. At that point a card is
extended to the applicant with a credit limit that is the same as
the opening balance of the interest bearing account that was created. Each time you swipe your card the amount of that transaction is deducted from your available credit balance, low rate
regularly scheduled payments are determined, and payment plan
is is mailed or emailed if you choose paperless billing. If the card is active an affordable monthly invoice will be sent. Secured Cards for Building Credit
are excellent because they perform like
ordinary credit cards allowing customers
to do things that debit cards may not, like making travel accommodations such as hotels
that typically do not accept debit
cards. One of the best things about the application process is that approval is usually
guaranteed regardless of your credit score. But do not forget that most
credit-rebuilding card issuers submit your payment schedule and how you keep up with your payments
to Experian, Equifax, and Trans Union. This can be a great
method to prove you are creditworthy by making regular
payments no matter if you have Rebuilding
credit or not. Once you make
six to twelve payments on or before their due date, many times the limit can be increased without
asking for 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. Just like
a regular bank account, a certain amount of money is deposited into an account and that is
the amount that can be spent. As the prepaid card
balance has been completely used, you can recharge it with an additional deposit. Prepaid cards
work well for students, they allow people to make online purchases, and they help people that cannot
obtain a traditional banking account.
Quick approval is usually not a problem regardless of
your credit report and there is
no need for the bank that issues the prepaid cards to deal with the credit bureaus.
With all of the various types
of Top Credit Cards
for Rebuilding credit and
rewards that are available, there is a solution available for most credit card seekers. Look for
Top Credit Cards that offer rewards that match your lifestyle and spending style. The most important thing is to always
spend wisely and pay the bill on or before the due date. Perfect credit is a terrific
To make sure that you keep growing the best credit score, obey these simple tips:
1. Maintain your outstanding balance at a percentage of the
card's max. Another way of saying it is, do not
"max out". It is important to carry
an account that is no more than forty to fifty percent
of the max on any
Top Credit Cards for Rebuilding Credit.
2. Make the monthly payments by the due date. Even if the minimum is the most that your budget will allow, pay it before the due date. If the bill is paid 30 days after the due date, that information could be posted to the credit reporting companies. This could bring down the consumer's credit score. Additionally, when this happens you may also experience a higher interest rate as a consequence of a late payment. Therefore it is smart to stay on top of the bill.
3. Repay the balance completely every so often.
When purchases are made, make it your goal to
pay the balance back down to zero at least once a 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) then take a few months to pay the balance off again, and keep this cycle going.
This sequence confirms to the lenders
that you can be an excellent credit candidate. You could also be rewarded with
a lower interest rate, a higher limit, and a better credit profile.
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Top Credit Cards
for Rebuilding credit
are waiting for your application. Click here
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