Unsecured Cards for Poor
Credit - Understanding The Options
If people have
Credit, how do they
know which Unsecured Cards
to choose when there are so many options?
This article discusses a couple types
of cards to offer a helpful understanding
of the advantages of each:
Money Back - With a Money Back
card, customers get a rebate equivalent to
a percentage of their transactions. For instance,
if somebody has a Money Back
solution that awards five percent cash back
on supermarket, fuel, and drugstore
purchases, as the rewards accumulate they can be redeemed. If you
pay a hundred fifty dollars in petro, supermarket items,
and pharmacy items weekly, by
the completion of a year, about four hundred dollars
in cash would be ready to cash out.
Redeemable Points - In lieu
of providing cash rewards, some lenders
give redeemable rewards. Customers receive
points for just about every transaction. With each swipe of the card, the points
increase. Once a specified number of points have accumulated they can be cashed in for perks like
free rental cars, gifts, magazines, and more.
Be sure to find out if the Unsecured Cards
for Poor Credit you apply for offers
a points program.
Petro Rewards - Companies
can be considerate of the price
of gasoline and will compensate
people for using their credit card by giving them a free
fuel card. As transactions are completed, points are accumulated and summarized. After a specified amount of points are accumulated you can get a
free prepaid gas station card. Sometimes, redeemable fuel rewards can be accumulated
while you are getting gas.
Points Redeemable for Free Hotel Accommodations, Car Rentals, or Frequent Air Travel Miles - When these cards are used, 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 programs are great for frequent travelers.
Zero Percent Introductory Interest Rates - Finance charges are not applied on these cards for a specified amount of time.
The period where no finance charges are being applied typically lasts anywhere from six to twelve months.
Typically, customers are advised to utilize promotions such as this
to move their balance from their current Unsecured Cards
to one of these, then pay the balances off within the promotional period. Paying the bill on or before the due date is crucial.
When a payment is late, generally
the interest free rates go up to a different
rate. Individuals that are applying for
Unsecured Cards for Poor
Credit, and have the chance to get an interest free period
ought to consider this great opportunity.
Secured Cards to Re-establish Credit - Customers that have a secured credit card
simply deposits a specified amount of cash into a bank account that can generate interest.
This "is why the card is called "" secured"" ." Once the account is set up, a credit card is
issued with a credit max that is the same as
the amount of the deposit. As the card is used the credit limit decreases, low interest
monthly payments are determined, and payment plan
is is mailed. If the card is active you will receive a payment plan. Secured Cards to Re-establish Credit
are awesome because they perform the same as
standard credit cards allowing you
the freedom to book travel accommodations including hotels, rental cars, airline tickets, or cruises
that typically do not accept standard bank account
cards. However, just like prepaid cards approval is typically
guaranteed despite your credit profile. This is good because most
credit-rebuilding card companies report the way you pay your bill
to Experian, Equifax, and Trans Union. This could be an excellent
practice to prove you are creditworthy by showing timely
payments whether you have Poor
credit or not. After making
several consecutive timely payments, some secured card companies will approve a higher limit without
requiring more cash to be put into the account that was used to set up the card.
Reloadable Prepaid Credit Cards - With
a Reloadable Prepaid card, there is no guesswork. Just like
a typical bank account, a certain amount of money is deposited into an account and this is
the credit limit. As the prepaid credit card
balance has been completely used, you can recharge it with an additional deposit. Prepaid cards
are excellent for financial planning, purchases can be tracked, and they are generally granted to those that may not qualify to
acquire a normal depository account.
Quick approval is usually granted regardless of
your FICO score and there is
no need for the prepaid company to contact the three bureaus.
With all of the diverse kinds
of Unsecured Cards
for Poor credit and
benefits that are offered, there is something for everyone. Seek
Unsecured Cards that make sense for your situation that will allow you to control your spending habits. When you receive your card always
make wise purchases and timely payments. Awesome credit is a terrific
To make sure that you keep developing a super FICO score, obey these few guidelines:
1. Maintain a balance lower than the
card's limit. Another way of saying it is, it is not smart to
"over spend". The banks encourage their cardholders to retain
a balance that is about fifty percent
of the max on any
Unsecured Cards for Poor Credit.
2. Do not default on payments. Even if you have to make just the minimum payment that is listed on your monthly statement, it is better to make that small payment on time then it is to try and pay more at a later date. When payments are made more than 30 days late, that information could be posted to the credit bureaus. This could bring down your credit report. Additionally, you may also be assessed a rising interest rate as a consequence of a single delayed payment. Therefore it is wise to make payments.
3. Repay the whole thing off every so often.
When the balance gets to be about half of the limit, try to
bring the balance to zero at least one time per year. After completing this, go ahead and
start swiping your card for purchases again then take a few months to pay the balance off again, and make this your repayment pattern.
This process shows the lenders
that you will be a great customer. Some other perks you could get when you repay in this way are
low interest rates, a higher limit, and a higher credit score.
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