Unsecured Cards for Bad
Credit - Learning The Choices
If people have
Credit, how will they
know which Unsecured Cards
to pick when there are so many options?
The information below discusses a few types
of cards to offer a better understanding
of the advantages of each:
Cashback - With a Cashback
card, customers are offered a rebate equal to
a fraction of their purchases. For instance,
if an applicant is approved for a Cashback
option that offers 5% cash back
on food, gasoline, and drugstore
purchases, as the rebates add up they earn cash value. If you
pay a hundred fifty dollars in petro, food,
and drugstore items every week, at
the completion of a 12-month period, $390
in cash back rewards would have accumulated.
Redeemable Points - Instead
of rewarding customers with money back, some issuers
give points programs. Customers get
points every time the card is used. With each swipe of the card, the points
accumulate. After a certain amount of points add up they can be redeemed for things like
free merchandise, gift cards, subscriptions, and so on.
It is smart to be aware of whether or not the Unsecured Cards
for Bad Credit that you want will offer
a redeemable rewards program.
Fuel Rewards - Card Issuers
can be sensitive to the cost
of fuel and will offer an incentive to
consumers for using their credit card by offering them a free
gas card. As transactions are completed, points are accumulated and summarized. After a specified amount of points are accumulated you are eligible for a
free prepaid gas station card. Sometimes, gas points are actually accumulated even
when you are gassing up your vehicle.
Reward Points Toward Free Hotel Stays, Rental Cars or Frequent Air Travel Miles - When purchases are made with this kind of card, points that can be used as free frequent flyer miles or free travel vouchers are earned. After an accumulation of a certain number of points, they can be redeemed for free travel accommodations. This kind of card is great for business travelers.
0% Introductory Interest Rates - What does this mean? Simply put: for a limited time, finance charges are not incurred.
The promotional period typically lasts anywhere from 6-12 months.
Many customers use promotions such as this
to shift balances from their high interest Unsecured Cards
to one of these, then pay it off while there are no finance charges being accrued. Making timely payments is extremely important.
When just one payment becomes past due, most
the interest free rates go up to a higher
rate. People that are offered
Unsecured Cards for Bad
Credit, and have the chance to get a 0% promotion
should think about this opportunity.
Secured Cards for Building Credit - People with one of these
must put money into an interest-bearing savings account.
This becomes the card's collateral After the deposit is made a card is
sent with a line of credit equal to
the amount of the deposit. Each time a transaction is approved the amount of that transaction is deducted from your available credit balance, low rate
monthly payments are calculated, and payment plan
is sent. Just like any other credit card, when you use it a relatively small monthly payment is expected. Secured Cards for Building Credit
are awesome because they perform the same as
normal credit cards allowing you
to complete all kinds of transactions including booking travel accommodations such as vehicle rentals
that commonly do not accept debit
cards. However, just like prepaid cards approval is usually
guaranteed even if your credit is poor. It is important to note that many
credit-rebuilding card issuers report the way you pay your bill
to the credit bureaus. This is a great
practice to prove you are creditworthy by paying timely
payments whether you have Bad
credit or not. Once you have paid
a certain number of consecutive timely payments, typically the lender will offer additional spending power without
asking for another deposit to the initial secured account.
Reloadable Prepaid Credit Cards - With
a Reloadable Prepaid card, you get most of the benefits of a credit card without the debt. Just like
a regular bank account, a deposit is made into an account and that becomes
the amount that can be spent. After the prepaid card
balance runs out, you can recharge it with an additional deposit. Prepaid cards
are excellent for financial planning, 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
acquire a normal banking account.
Fast approval is typically guaranteed despite
your bureau profile and there is
no need for the bank that issues the prepaid cards to contact the credit bureaus.
With all of the many varieties
of Unsecured Cards
for Bad credit and
rewards that are offered, it is easy to identify the best solution for your situation. Consider
Unsecured Cards that give the benefits that fit your situation. Stay smart and always
try to keep your purchases at less than half of your credit limit and make more than the minimum payment every month. Prime credit is a great
thing to have.
To ensure that you keep building a prime FICO report, obey these few directions:
1. Always have your bill lower than the
card's max. In other words, it is not smart to
"go wild". Try to retain
a bill that is about forty to fifty percent
of the max on any
Unsecured Cards for Bad Credit.
2. Do not make late payments. Even if a small payment can be made, that will be just fine. Once a payment is more than 30 days behind, that information must be posted to the credit reporting companies. This negatively affects your FICO profile. Additionally, customers may also have a rising interest rate as a result of one delayed payment. Therefore it is wise to make this bill payment a financial priority.
3. Repay the balance completely every time you can.
When the balance gets to be about half of the limit, do your best to
bring the balance to zero as many times a year as possible. Then once your balance is paid off it is wise to
start swiping your card for purchases again then pay it back down to zero again after a few months, and keep this pattern going
This cycle shows the lenders
that you can be creditworthy. Once this sequence is repeated a couple of times, you could qualify for
a lower rate, more of a limit, and a higher credit score.
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