Unsecured Cards for Excellent
Credit - Understanding The Possibilities
If individuals have
Credit, how do they
distinguish which Unsecured Cards
to choose when there are so many possibilities?
This article will break down a couple varieties
of cards to provide a helpful understanding
of the advantages of each:
Cash Back - With a Cash Back
card, customers get a reimbursement that is the same as
a fraction of their transactions. For example,
if an applicant is approved for a Cash Back
option that offers five percent cash back
on food, gas, and drugstore
purchases, as the cash back rewards add up they earn cash value. If you
pay $150 in petro, groceries,
and drugstore purchases weekly, by
the close of a year, about four hundred dollars
in cash would have accumulated.
Rewards Points - In lieu
of giving money back, some companies
offer redeemable rewards. Customers earn
rewards for just about every transaction. With each swipe of the card, the points
add up. When you earn enough points they can be redeemed for items including
free travel, gift items, magazines, etc.
Be sure to find out if the Unsecured Cards
for Excellent Credit you are considering offers
Gasoline Bonuses - Companies
are often times considerate of the cost
of gas and will compensate
consumers for making card purchases by offering them a free
fuel card. As purchases are made, points are earned. Once enough points have been earned they can be cashed in for a
prepaid gasoline card. The funny thing is, with some cards fuel points can be earned
when you are gassing up your vehicle.
Points Redeemable for Free Rental Car Upgrades, Hotel Rooms, or Frequent Air Traveler Miles - When purchases are made with this kind of card, free travel points are earned. After an accumulation of a certain number of points, they can be cashed in for discounted or free airline tickets or travel accommodations. Business travelers find these kinds of programs to be very beneficial.
0% Introductory Interest Rates - 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 spans six to twelve months.
Smart people use this promotional period
to move balances from their current Unsecured Cards
to one of these and pay the balances off within the promotional period. Paying the bill on or before the due date is imperative.
When the first payment is not received on time, most
0% APR rates go up to a different
rate. People that are eligible for
Unsecured Cards for Excellent
Credit, and have the chance to get an introductory period free of finance charges
should consider this great opportunity.
Secured Cards to Establish Credit - Customers with one of these
would insert a few hundred to a few thousand dollars, depending on what they could afford, into an account that can earn interest while it is there.
This account serves as the security for the issuer. Once the account is set up, a card is
offered with a line of credit that is the same as
the amount that has been deposited in the account. Each time you swipe your card the amount of that transaction is deducted from your available credit balance, low interest
regularly scheduled payments are calculated, and a monthly invoice
is generated. Just like any other credit card, when you use it you will receive a payment plan. Secured Cards to Establish Credit
are awesome because they perform the same as
ordinary credit cards allowing people
the freedom to book travel accommodations like airline tickets
that usually do not take prepaid or debit
cards. Another great feature is that approval is typically
guaranteed regardless of your credit score. This is good because many
secured card companies submit your payment schedule and how you keep up with your payments
to be added to your credit profile. This could be an excellent
way to prove you are creditworthy by showing timely
payments no matter if you have Excellent
credit or not. After making
a certain number of payments on or before their due date, most issuers will increase your credit limit without
asking for an additional deposit.
Pre-paid Credit Cards - With
a Pre-paid card, purchases can be made without interest, fees, or finance charges. Just like
a typical bank account, you put money in and that becomes
the amount that can be spent. After the prepaid account
balance runs out, you can recharge it with an additional deposit. Reloadable prepaid cards
are fantastic as gifts, transactions can be tracked and recorded if necessary, and they help people that cannot
get a conventional depository account.
Approval is normally granted regardless of
your FICO profile and there is
no need for the prepaid card issuer to send any inquiries to the three bureaus.
With all of the various sorts
of Unsecured Cards
for Excellent credit and
benefits that exist, there is something for everyone. Look for
Unsecured Cards that allow for the most rewards. Remember these things and always
spend wisely and pay the bill on or before the due date. Great credit is fantastic
To make sure that you keep cultivating the best FICO profile, take heed to these three directions:
1. Always have a balance at a percentage of the
credit max. Simply put, it is not smart to
"go wild". Most people with excellent credit make it a point to carry
an account that is no more than fifty percent
of the limit on any
Unsecured Cards for Excellent Credit.
2. Keep the credit card bill paid on time. Even if the minimum is the most that your budget will allow, make the payment in a timely fashion. When payments are made more than 30 days late, it will be told to Experian, Equifax, and Trans Union. This negatively affects the consumer's FICO report. Unfortunately, customers may also have more points on the card's interest rate as a consequence of a single past due payment. Therefore it is recommended that consumers stay on top of the bill.
3. Pay the whole thing off every few billing cycles.
If the card is used a lot, do your best to
bring the balance to zero as many times a year as possible. When you do this, it is wise to
start using the card again then take a few months to pay the balance off again, and make this your repayment pattern.
This sequence shows the lenders
that you can be a great customer. Most lenders reward customers like this with
lower rates, higher credit limits, and a better credit profile.
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