Top Credit Cards for Subprime
Credit - Understanding The Possibilities
When individuals have
Credit, how will they
tell which Top Credit Cards
to select when there are so many possibilities?
The information below will break down a few types
of cards to provide a useful outline
of the advantages of each:
Cashback - With a Cashback
card, customers are offered a refund equivalent to
a fraction of their transactions. For example,
if somebody is approved for a Cashback
option that gives 5% cashback
on supermarket, fuel, and drugstore
purchases, as the rewards accumulate they can be redeemed. If you
use one hundred and fifty dollars in gasoline, food,
and pharmacy items every 5-7 days, at
the completion of a year, almost $400
in cash would be ready to cash out.
Rewards Points - In lieu
of rewarding customers with cash back, some issuers
present customers with redeemable rewards. Customers receive
rewards every time the card is used. Every time the card is used, the points
add up. After a certain amount of points add up they can be cashed in for things like
free hotel stays, gifts, subscriptions, and so on.
Always check to see if the Top Credit Cards
for Subprime Credit you are considering offers
Petro Bonuses - Lenders
are often times considerate of the cost
of gas and want to reward
consumers for using their credit card by giving them a prepaid
fuel card. As transactions are completed, points are accumulated and summarized. After a specified amount of points are accumulated they can be turned in for a
free prepaid gas station card. The cool thing is, with some cards gas points are actually accumulated even
when buying fuel.
Points Toward Free Hotel Accommodations, Car Rentals, or Frequent Air Travel Miles - When purchases are made with this kind of card, "customers receive "" points"" toward free travel including free frequent flyer miles." After an accumulation of a certain number of points, they turn into vouchers that can be used for discounted or free travel arrangements like rental cars, hotels, or even airline tickets. Business travelers find these kinds of programs to be very beneficial.
0% APR Promotions - What does this mean? Simply put: for a limited time, finance charges are not incurred.
The period where no finance charges are being applied generally varies from 6-12 months.
Smart people use this interest-free period
to move balances from their interest bearing Top Credit Cards
to one of these, then pay it off while there are no finance charges being accrued. Making monthly payments on time is very important.
When a payment is not paid on time, typically
zero percent APR rates go up to a higher
rate. Individuals that are applying for
Top Credit Cards for Subprime
Credit, and are offered a zero percent promotion
ought to think about this type of card.
Secured Credit Cards - People that have this type of card
must insert a cash amount in a secure account that accumulates interest.
This account serves as the security for the issuer. Then, a card is
sent with a credit max in
the amount that has been deposited in the account. Each time you swipe your card the credit limit decreases, low rate
monthly payments are calculated, and payment plan
is is mailed. If the card is active low monthly payments will become due. Secured Credit Cards
are perfect because they function the same as
normal credit cards allowing customers
to complete all kinds of transactions including booking travel accommodations including vehicle rentals
that commonly do not take standard bank account
cards. Another great feature is that approval is typically
guaranteed despite your credit profile. This can help in the rebuilding process because most
credit-rebuilding card companies submit whether or not you are keeping up with your payments
to Experian, Equifax, and Trans Union. This is a remarkable
way to establish creditworthiness by paying regular
payments whether you have Subprime
credit or not. After paying
six to twelve payments on or before their due date, most times the bank that gave you the card will allow you to make purchases over your current limit without
asking for another deposit to the initial secured account.
Reloadable Prepaid Credit Cards - With
a Reloadable Prepaid card, there is no question about the credit limit. Similar to
a checking account, a certain amount of money is deposited into an account and that is
the amount that can be used for purchases. After the prepaid credit card
balance runs out, you can recharge it with an additional deposit. Reloadable prepaid cards
work well for parents to use to give an allowance to their teen or college student, they allow people to make online purchases, and they are a great solution for those that cannot
obtain a normal bank account.
Fast approval is normally granted regardless of
your FICO profile and there is
no need for the bank that issues the prepaid cards to deal with the three bureaus.
With all of the diverse varieties
of Top Credit Cards
for Subprime credit and
benefits that are available, it is easy to identify the best solution for your situation. Look for
Top Credit Cards that make sense for your situation that will allow you to control your spending habits. Once you are approved always
stay within your credit limit and make your payments on time every month. Top notch credit is a wonderful
To guarantee that you keep building a super credit report, take heed to these general tips:
1. Keep your outstanding balance less than the
card's limit. Simply put, it is not smart to
"go wild". It is important to keep
an account that is no more than half
of the available balance on any
Top Credit Cards for Subprime Credit.
2. Make at least the minimum payment as scheduled. Even if you have to make just the minimum payment that is listed on your monthly statement, make the payment in a timely fashion. Once a payment is more than 30 days behind, that information must be told to the credit reporting companies. This is not good for your FICO profile. Additionally, when this happens you may also experience an increased interest rate as a result of a solitary delayed payment. Hence it is advised that you pay the bill.
3. Repay the balance completely every few billing cycles.
If the card is used a lot, try to
pay the balance back down to zero at least once a year. After the bill has been paid down to zero you can feel free to
start using the card again and take a few months to pay the balance off again, and make this your repayment pattern.
This process shows the lenders
that you are an excellent credit candidate. Some other perks you could get when you repay in this way are
a lower interest rate, a higher credit max, and a higher FICO score.
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Top Credit Cards
for Subprime credit
are available online. Act now
to apply for a solution that fits