Unsecured Cards for Great
Credit - Understanding The Choices
When people have
Credit, how can they
know which Unsecured Cards
to select when there are so many possibilities?
This article will expand on a couple types
of cards to give you a useful understanding
of the advantages of each:
Money Back - With a Money Back
card, customers get a repayment equal to
a percentage of their purchases. For instance,
if there is a Money Back
option that offers 5% cash back
on food, fuel, and drugstore
purchases, as purchases increase and rewards accumulate, they can be redeemed. If you
spend $150 in gasoline, supermarket items,
and drugstore purchases each week, by
the conclusion of a year, $390
in rebates would have accumulated.
Rewards Points - In lieu
of giving cash rewards, some lenders
present customers with redeemable rewards. Customers get
rewards when purchases are made. With each swipe of the card, the points
accumulate. When you earn enough points they can be cashed in for items including
free travel, gift items, magazines, etc.
It is smart to be aware of whether or not the Unsecured Cards
for Great Credit you are considering offers
Fuel Bonuses - Card Issuers
are often times sensitive to the price
of fuel and want to offer an incentive to
consumers for using their credit card by giving them a free
fuel card. As purchases are made, points are earned. After a specified amount of points are accumulated they can be cashed in for a
prepaid fuel card. Sometimes, gas points are actually accumulated even
while making gas purchases.
Rewards for Free Hotel Accommodations, Car Rentals, or Frequent Flyer Miles - When this kind of card is utilized, redeemable points that can be cashed in for free travel miles 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. These rewards work best for those who travel a lot.
0% Introductory Rates - In the beginning when these credit cards are utilized, there are no finance charges that are applied.
The period where no finance charges are being applied typically varies from 6-12 months.
Typically, customers are advised to utilize promotions such as this
to transfer outstanding balances from their high interest Unsecured Cards
to one like this and pay it off while there are no finance charges being accrued. Paying the bill on or before the due date is extremely important.
When just one payment is not received on time, most
0% APR rates adjust to a much higher
rate. Individuals that are eligible for
Unsecured Cards for Great
Credit, and have the chance to get a zero percent promotion
should consider this card.
Secured Cards - Individuals with a secured credit card
must deposit a specified amount of cash in a bank account that can generate interest.
This is what secures the account. At that point a credit card is
offered with a spending limit in
the amount of the deposit. Each time you swipe your card the amount of that transaction is deducted from your available credit balance, low rate
recurrent payments are determined, and a bill
is generated. Just like any other credit card, when you use it a relatively small monthly payment is expected. Secured Cards
are terrific because they perform like
ordinary credit cards allowing you
to do things that debit cards may not, like making travel arrangements including airline tickets
that typically do not accept prepaid or debit
cards. Another great feature is that approval is ordinarily
guaranteed despite your credit profile. This can help in the rebuilding process because most
credit-rebuilding card companies submit whether or not the bill is paid on time
to be added to your credit profile. This is a good
way to show creditworthiness by showing regular
payments whether you have Great
credit or not. Once you make
several payments in a row, some secured card companies will approve a higher limit without
asking for additional collateral.
Reloadable Prepaid Credit Cards - With
a Reloadable Prepaid card, you get most of the benefits of a credit card without the debt. Similar to
a typical bank account, a certain amount of money is deposited into an account and that becomes
the amount that can be spent. After the prepaid account
balance is used up, it can be reloaded with more money and used again. Reloadable prepaid cards
work well for parents to use to give an allowance to their teen or college student, purchases can be tracked, and they are generally granted to those that may not qualify to
get a normal checking account.
Fast approval is usually guaranteed regardless of
your FICO report and there is
no need for the prepaid company to send any inquiries to Experian, Equifax, and TransUnion.
With all of the different varieties
of Unsecured Cards
for Great credit and
incentives that are available, it is easy to identify the best solution for your situation. Look for
Unsecured Cards that allow for the most rewards. Remember these things and always
spend within your budget and stay under the limit. Timely payments are important as well. Prime credit is a terrific
To make certain that you keep cultivating an excellent FICO report, follow these three directions:
1. Keep your outstanding balance at a percentage of the
credit limit. Simply put, it is not smart to
"max out". Experts agree that consumers should retain
a balance that is no more than half
of the available balance on any
Unsecured Cards for Great Credit.
2. It is important to pay the bill when it is due. Even if a small payment can be made, pay it. If you miss a payment, that information could be told to the credit reporting companies. This is bad for your FICO profile. Additionally, customers may also be assessed more points on the card's interest rate as a result of something as small as a late payment. Hence it is advised that you make payments.
3. Repay the whole thing off every quarter.
When the balance gets to be about half of the limit, do your best to
pay it all off at least once a year. When you do this, go ahead and
begin creating transaction activity (like buying gas, shopping online, or making purchases) then pay it back down to zero again after a few months, and keep utilizing this approach as you complete your monthly budget and annual financial plan.
This repayment history demonstrates to the issuing companies
that you will be creditworthy. Some of the other benefits of this approach are
low interest rates, higher credit limits, and a better FICO score.
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