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5 Tips for Choosing the Best Cash Back Credit Card
The offers to make money as you spend money are quite enticing to the modern consumer. With a cash back credit card, you can earn percentages that can reap rewards at the end of the year. So to choose the best cash back credit card for you, here are some questions that you will want to ask.
1. What counts toward the cash back?
While it might seem that any purchase or addition to the overall cash back credit card balance would reap rewards, this is not generally the case. Many times, balance transfers and cash advances do not contribute to the percentage back. If you think that you will be using the cash back credit card for those purposes, youll want to see if you will be rewarded or not.
2. How much cash back are you receiving?
Of course, if youre looking for a cash back credit card, youll want to choose the one with the highest amount of percentage that you can get back. And the cards vary widely in this respect. Look at several cash back credit card companies to see if one seems particularly high.
3. Can you increase your cash back?
Besides increasing the overall balance and contributing to the cash back, some cash back credit card companies also encourage customers to frequent certain retailers to get a larger cash back amount. If you already go to these establishments, these cash back credit card companies might work out better for you.
4. How can you redeem the cash back?
When youre using a cash back credit card, you want to be able to get your rewards as frequently as possible. There used to be a time when you had to wait until the end of a twelve month cycle to receive the benefits, but it has changed. Some companies are now allowing customers to redeem their cash back as payments against their balance or to contribute to a charity as frequently as certain amounts are accrued.
5. What are the fees?
As with all credit cards, youll want to be sure that the cash back credit card you sign up for doesnt charge a large fee that actually upsets any rewards that you might be receiving. Try to find a cash back credit card that doesnt make you pay for your cash back.
With a cash back credit card, you can earn a little money as you spend for things that you already need.
Can Secured Credit Cards Lead You To Good Credit?
If you are suffering from bad credit history, surely you would like to find an easier way to regain your good credit standing. The good news is, it does not have to be a difficult task. There are several options that you can do to raise your credit score at the soonest time possible.
One option is to get a secured credit card. Can a secured credit card really lead you to good credit? Read on to find out.
What is a secured credit card?
As the name implies, a secured credit card requires its cardholder to submit security or cash deposit. Thus, despite having a poor credit score, the credit card company is given the guarantee that funds will be readily at hand in case of payment defaults.
Secured cards grant quick and instant approval regardless of the status of your credit history. Whether you have bad credit or no credit, you can surely open a secured credit card account in your name. This type of credit card is indeed a wonderful tool for establishing and rebuilding credit.
Will other people know that you are using a secured card? Secured cards look exactly like regular credit cards so no one has to know that you are using a secured account because you have bad credit. It can used for purchasing or paying bills anywhere where standard credit cards are accepted.
The Difference of Getting Secured Credit Card The main difference with a secured account is the submission of cash security deposit. Usually, the amount of your deposit will determine the value of your credit limit. Some secured card issuers do offer a slightly higher credit line than the amount of cash deposited.
In time, you may request your issuer to raise your limit as you prove your credit worthiness by submitting your payments on time. There are credit card companies that will automatically give an upgrade to an unsecured account after a year of consistent payments.
Before signing up, see to it that your chosen issuer provides credit reporting to the major credit bureaus so you can improve your credit history as you make your payments. After improving your credit, switching to a non-secured account will enable you to enjoy lower rates and more privileges.
Be a Wise Secured Cardholder
Yes, secured credit cards can be used to rebuild bad credit. However, that will depend on how you use your card and how you keep up with your payments. The safest way to manage your account is to keep your charges minimal and to pay off your monthly balances in full at all times.
Avoid carrying over your balance for the next billing cycle so you wont have to pay the interest rates. Be conscious about your due dates. If for a really good reason, you will not be able to make your payment on time, do not hesitate to call up your bank and explain your situation. Request for an extension of your deadline and ask your issuer not to report your late payment if you can submit on the extended date.