Is There Credit Cards To Rebuild Credit ?

If you are in the process of rebuilding the credit through secured credit cards then definitely you are on the right track. But there are few things you need to do for rebuilding the credit score through secured cards.

Re-establish your spending and credit habits

If your credit score is poor or just end up with the bankruptcy situation then sign up for the secured credit card will be the perfect option to rebuild your credit history. Use of the secured card not only makes you to rebuild your credit history it also allows you to reestablish your spending habits. When you adhere to the timely payments you will start to learn the credit management tactics as well.

What Secured Credit Cards actually means

In order to obtain the secured credit card you will need to pay some amount as a deposit. Upon receiving the deposit card provider sets a limits on your monthly secured card usage. For example if you pay $500 on your secured card as a deposit you can use the card up to $500 per month. Monthly statement will provided. When you fail to make a settlement they will reduce the amount from your deposit.

On other hand if you make timely payments your credit history will be updated to the credit bureaus positively. So you can use these secured cards to rebuild credit. There are many no annual fee credit cards are available as the secured cards. Grab the one for you

How secured cards offered despite the bankruptcy

Since you have paid the deposit already in your account for a banker it is a less risky. These are too. When you fail to pay they will deduct the amount. So this is the factor that made them to provide you the secured card even though you have ended up with the bankruptcy.

Since the spending limit is predefined and secured with the deposit it is also one of the good ways to learn new spending habits. By having your deposit the banker also will help you to rebuild your credit history in all the way they can. When the time comes and you close your secured credit card account with some good condition the whole deposit amount will be given back to you.

Credit cards to build credit

Major credit card companies like Orchard Bank, Capital One, Secured Credit Card Bank of America, Wells Fargo used to provide the secured cards to help you with the credit rebuilding. Normally secured cards can be stated as no annual fee credit cards

Move forward to unsecured credit cards

Generally when obtaining the credit cards to build credit start with the limit of $200 – $300. When you make the proper payments every month you can upgrade the credit limit to some higher amounts by requesting the banker. If you have a clear credit history chances are there to move your secured credit card to the unsecured credit card. When they change your card to the standard credit card your banker will return your security deposit too. But this upgrade requires a long endurance. Remember Rome was not built over the night.

Since your aim is to obtain Credit cards to rebuild try to credit make a strict schedule to pay off your monthly bills. Try to keep your secured account in a very good condition.

Although you have security deposit always make on-time payments. Don’t create a situation when your banker to use your deposit amount to pay your outstanding debt.

Even though you have put down a security deposit, you should continue to make regular on-time payments.

 

How to Find the Best Business Credit Cards

You may run a small business or a large business, whoever it may be definitely your ultimate aim will be finding the Best business credit cards that are available in the today’s market. Normally best small business credit cards should not come with the fee.

One other main thing that should be noted when it comes for finding the best business card is “how much incentive is provided?”  Even some of the large companies are in the process of getting the cards which are providing the incentives. This incentive can include some of the discounts on the travel, eating establishments and money which are spent on the business.

When inquiring about the small business credit cards ensures that you are noting everything else like APR, interest rates and so on. These business cards are also like the same standard card so you should note the APR rates too. Lower the APR better it will be. Check out the time period until which you will be receiving the discounts.

One of the best ways to grab a best business credit card is “talk to your fellow entrepreneurs who are in your domain”. Find out which credit card is preferred by many and why. Also find out are they satisfied with the credit card they are currently holding? Is the card provides them enough incentives to continue with the card or they are thinking to switch over to some other cards.

One other thing you should keep in mind to grab the best business cards are “always keep your company’s financial in a good position”. Just like you are searching to get a business credit card, credit card companies will also want to provide their cards to the best businesses. They will analyze your credit history and see the financial risk. Then only will provide an approval for your credit cards applications.

Upon receiving the credit card try to pay the dues in a timely manner. If you do so they will report your credit history to the main credit reporting agencies and will consider you to provide the better offers than providing you when you are not paying your all obligations in an agreed way.

If you have any business associate in your reputed concern ensure they are staying focused to keep everything in the planned line. Ensure whether your corporate credit rating stays in a good condition. Good credit rating is one of the important things if you want to have small business credit cards from the best company.

Many business owners used to take the loan for the business start up. If you pay off this loan as fast as you can it will serve as a proof for your loyalty and credit repaying capability.

Following are some of the best business credit cards you can consider.

Capital One Aspire Business

Features

  • Balance transfer interest rate of 16.94%
  • Offers a cash back offer as a reward
  • Representative APR – 16.9%APR ( variable)
  • No annual fee

This card is more suitable for the self employed or any small business owner.

Barclaycard – Business credit card visa

Features

It provides 0% balance transfer rate for the first 22 months. After that 2.5% fee will be collected.

0% interest rate for all the purchases made in the first 3 months.

Provides purchase protection

Representative APR is- 18.9 %

Barclaycard – Business credit card (Master)

Features

Just like visa card offered in the same category it also provides 0% interest rate on all purchases made in the first 3 months.

It charges the representative APR of 21.9%.

 

 

0 Percent Credit Cards & Secured Business Credit Cards

0 percent credit cards

The zero percent credit cards are the cards which offer 0% balance transfers and 0% interest on your purchases. So just imagine if you don’t need to pay for the interest on your purchases how much it will be beneficial to you. Normally the credit cards which are offered at the 0% interest rate provides an introductory period for 3 to 18 months. It will be purely depends on the credit history of the individual. However apart from saving money there are many ways in which these 0 percent credit cards can give you benefits.

Make a big purchase with 0% interest

One of the main benefit of having this 0 percent credit card is you don’t need to pay for making big purchases at certain offer period. Generally this 0% offer will get expired after a specific time. So know that time in advance and make a prior plan to utilize the offer before it get expire. Also make sure you have sufficient amount in hand to make the big purchase at 0% interest rate.

Grab some cash

Many credit card offering companies now a day’s offer a decent amount of cash back offers which works well when comparing to the rewards points system. When you apply for 0 percent credit cards, they also provide the cash back offers so never miss to grab it. Sometimes you can get immediate cash back when you make your first purchase by using the cards, after that you will be continually getting the rewards points for the remaining purchases. If there is an option to combine this 0 percent credit card with some high interest savings account you can do it. By doing so when the declared promotional period offer comes to an end you can convert the cash back money from your credit card and can also get some interest on the cash back money too.

Earning Interest

When you have some amount of money for the purchases on hand, you can put this money in high interest saving account and can pay for the purchase by using this 0% interest credit card. However you should make some minimum payments at the time of promotional offer period.

All the above are some of the many benefits of 0 percent credit cards.

Now let’s see about best secured credit cards.

Secured credit cards is work in the same way as unsecured credit cards except you need to deposit some money as CD deposit when applying for the secured credit cards. Although secured accredit cards are easy to get one must make an extensive analysis on the factors such as APR, how much you need to deposit, what will your credit limit etc. Best secured credit card should have no annual fee and 0% interest on all purchases.

When it’s come for secured business credit card you can find wide range of cards in the market some cards are requires you to provide a security by your asset and some cards are provided with no such things. Whatever it may be, before sign up with any of these secured business credit card try to understand on which condition credit is made available to you.

One such thing is penalties posed on the early repayment. Even though you pay off the credit quite early some will cost you more amounts by the name of penalty. Normally secured business credit cards will be provided by submitting the collateral such as your business or any other property posed by the business owner.

 

How Does A Credit Card Work?

Statistics reveals that every American on an average have 2 credit cards with them. What made them to sign up for the credit cards? Of course it is a convenience factor. Unlike the past years when we need to carry large sum of money wherever we go, now carrying the cash became very easy with the credit and debit cards.

If you have a card just choose whatever you want and hand in the products and card to the merchant. Shopping made easy! Isn’t it?

Apart from the portability many credit card offering banks offer the features like cash back offers (mostly 1%), 0% interest credit, discount offers on the selected shops and the reward points for the timely payments.

So all these features make the people to use the credit card rather than prepaid cards. So are you eager to know “how does a credit card work “when I hand in my credit card to the merchant? Let’s learn now.

When you finish your purchases and submit the credit card to the cashier of the store he swill swipe it in the merchant’s electronic system known as POS or point of sale system.

This POS will be directly connected to the merchant’s bank through the communication link. When connected to the merchant’s system, this POS will help in the process of verifying the inputted data by making use of the electronic verification method.

During the verification your card validity and whether your card has the sufficient balance to pay off the current purchase will be verified. This information will be available at the magnetic strip which can found at the back of your credit card.

During the process these inferred data will be send out to the merchant’s bank in turn they will transmit the data to the card holder’s bank. Now your banker will check the information and will authorize the payment if everything is in order. When the authorisation information is transmitted back to the merchant’s bank, they will reduce the amount from the card’s credit limit so they will reimburse the amount later on to the merchant.

The verification process will generate one approval code which is send to the merchant.  When 2 charge slips are generated by the POS, cashier will key in the code. So what is this charge slip? It is actually an agreement that states you are liable to pay the purchased amount to your card issuer. You will be asked to sign in one of the copy and you can carry the remaining copy along with your purchase.

Typically thousands of people will make credit card payment. Whenever credit card purchases are made the POS will generate a charge slip. These all will be collected and submitted to the merchant bank at the end of every single day. These slips will then be sent to your card issuer bank for the record keeping.

So now you know how does a credit card work. If you are interested in getting the one for you should make credit card comparisons by considering so many factors.

Although everyone who has crossed their 18 can apply for the credit card, getting the first credit card is not an easy one.  When you fail to obtain the standard credit cards try to apply for the easy approval credit cards.

If you have a poor credit or bad credit then getting the unsecured credit card is one of the toughest task that anyone shouldn’t experience. But there are some companies which offer easy approval credit cards even with the bad credit. But these cards are designed to have a lower credit limit.  However since you are having a bad history or no history sign up for these cards or secure visa credit cards will help you in building the credit history.

 

Get Secured Credit Cards For Bad Credit

So many people have the though as prepaid Visa cards are more or less same to the Secured visa credit card. But it is actually wrong. If you too have this thought it’s time to know the truth. Let’s find out how secured visa prepaid card get differs from the Secured visa credit card.

The Credit Factor

If you have a bad credit history and want to improve your credit then try to apply for the secured credit cards for bad credit. Although both of the cards are used in the same way your prepaid visa cards can do nothing with your credit rebuilding. Secured credit card is also known as pre paid credit card.

These cards will not be reported to the credit bureaus. But when you use Secured visa credit card and make timely payments your all credit activity will be reported and hence it provides a way for rebuilding the credit. When you use the secured card in a proper way it opens a door for getting the unsecured credit cards.

The Money Factor

This is one of the notable things that all prepaid cards and secured cards have in common. Regardless of the secured visa credit card or visa prepaid card you need to deposit some amount.

When you put the money in your prepaid account, it will be added to your card and you can start to use the card on all your purchases until the money gets finished.

Once the card goes out off cash again you can reload with the money in account. But when you deposit the hard earned money on the account of secured Visa credit card, you are actually earning the interest rate on the deposited money from the first working day itself. Your credit limit will be kept in the direct proportional to the money that kept in the account.

Monthly Statements

In the prepaid card there will not be any monthly statements to get paid for every month. But when it comes for secured prepaid visa card you need to pay the monthly statements either in a small amount due or in full payment. Your credit activity will be reported to the major credit bureaus. So be careful with your secured credit cards for bad credit.

Hotels and Cars

When you attempt to book the hotels or rent the car in companies most of them will ask you the mode of payment whether it is prepaid visa card, secured pre paid credit card or unsecured card. Few of them will not accept the secured visa credit card in their concerns. However do not panic. You can use the secured card in the same way as the unsecured card to book hotels, tickets and rent car in many places without any difficulties.

Moving Forward

If you use a prepaid card you have no way of evolving the card into the unsecured credit card. But when you use secured credit cards for bad credit with the clear payment history there are many chances for moving forward. By this secured card you can actually prove the credit card companies that you are trusted enough to obtain an unsecured credit cards.

So what you think now? If you want to improve your credit history then obtaining the secured visa credit card can get you many benefits.

List Of College Student Credit Cards

Quick tips

When applying for the College student credit cards one should look for the card with the 0% annual fee, simple terms and worthy cash back rewards.

Since it is a student card it is not a good idea to have a habit of paying certain amount of interest on the credit card balance. So choose the card which charges a decent interest rate.

If you are already holding a checking account in any bank, try to apply for the student credit card in the same bank. It increases the possibility for the acceptance slightly.

best credit cards for college students

Given below are some of the best credit cards for college students

Wells Fargo Cash BackSM College Card

Requirements

  • Student should prove their eligibilty for repaying the debt
  • Should have the annual income of minimum $3,000 / year

It offer College student credit cards with no annual fee. Also provides a cash Back offer of 1% on the purchases made through this card. Once your credit crad applications are accepted you are allowed to choose the monthly payment date in your own. You can make your self avail for the monthly free email alerts.one other attrcative feature offered by the Wells Fargo card is “ it provides Visa payWave service”. Through this service you can make the contact free payments. APR ranges from 7.9%–18.74%. It is based on the student’s credit history.

 

Discover Student More Card

In our list of best credit cards for college students Discover student more card holds the second place. This card is widely known for offering best customer service for its card holders.

Important features are 0% annual fee and 1% cash back offer. Apart from this 1% card holders can get even 5% cash back offers for the purchases made on various categories. This rate is subject to change on every quarter.

Upon receiving the card, card holder can subscribe for the mail alerts. Interest rate offered on this card is equal to the prime lending rate + 9.74%–15.74%. Again it is based on the card holder’s credit history.

JourneySM Student Rewards

It is one of the best credit cards for college students because it also offers 0% annual fee and 1% cash back offer on all the purchases made through the card. This card is from the leading player Capital one. When the card holder is regular on their payment and makes no late payments this card offers bonus .25% of cash back offer.

To make the card holder to keep an eye on their account it offers free text and email alerts. Offered APR is around 19.8%.  No transaction fee will be charged when you use this card in foreign countries. It is an added advantage of having this card.

Citi® Dividend® Card

Although it offers so many unique credit card for students, this citi dividend card for college students provides many interesting features. It also offers a reasonable level of cash back offers and 0% annual fee. Cash back rate is 1%.

Other interesting features offered by the card are retail purchase protection and warranty coverage.

It also offers 0% introductory APR on all purchases for the period of 7 months after that APR will be anywhere between3.99% to 23.99% which depends on the card holder’s credit history.

Bank of America Student Platinum Plus

Features of this best credit card for college students include text alert, mail alert and mobile banking facility.

When the security feature is concerned it provides an extended service by embedding your photo on the card. Appearance of the card will be changed upon the request made from the card holder. It offers the card with no annual fee. Depending on the credit history you can receive the interest rate of 10.99%.

 

Steps To Be Followed When Applying For A Credit Card

If you are new to credit cards take a note on our simple six steps and come to the conclusion on the credit card applications. Once you decide on the factors to consider you can use the credit card finder to choose the card in the market that meet your criteria.

Applying for credit card can be done through the following steps.

1)   Have a Credit check 

Before head on to the credit card applications you should make a self assessment on your credit score. Because based on this factor only you can know the possibility for the acceptance and can know the estimation of credit limit you will be allowed on the new card.

Try to be honest when you fill out the credit card applications. When you provide a false information anywhere on the application it may lead to the defrauding that particular credit card provider. They can take legal actions. So be careful when giving out the information.

If you don’t pose enough credit eligibility then give a try for the best secured credit cards. In this secured card you are going to deposit your amount against your card’s credit limit. So the banker will take out the money from this deposit when you couldn’t make payments as you agreed. It is also one of the best ways to rebuild your credit history.

2)APR

When applying for a credit card, consider the one which offers a lower APR Rate because it will be applied on your borrowed money interest rate. This includes the charges such as mandatory fee on your card. Late payments will not come under this APR.

So if your card offers a less APR it implies you will be required to pay only less interest.

3) Eligibility

Anyone who has crossed their 18 years of age is eligible for the acceptance of standard credit card applications. Acceptance will also subject to the credit check and other criteria.

If you want to have a premium card then you should poses a higher income and the better credit risk. These premium cards will provide high credit limits with much lower interest rate.

4) Which one to choose – typical factors to be used in credit card finder by based on the following option you can determine which card will best suit to you.

i) Purchase now and make payoff at the end of each month

If you want to use your credit card for the month full of purchase and settle all the money at the end of each and every month you don’t need to bother about the APR because you are going to payoff within the free interest rate period. So check out the features like rewards, loyalty points cash back offers when going for the credit card applications.

ii) Going to use the credit card for some major purchases and will spread the total payments for several months.

If this is the case then should go for the card with low APR. Also check out whether this low APR will get changed in just few months. Some credit card companies use to offer even 0% interests on the introductory period but they will raise the rate dramatically once the intro period gets over.

iii) Will use the card in abroad

If you want to use the credit card in foreign countries then you should be careful with the credit limit & annual fee. If it is 0 annual fees it will be much the better. Try to select the card which will be accepted in most of the foreign countries. Have a note on the transaction and fees collected when dealing with the foreign currencies.

Have all these concerns in mind and try out the Credit card finder to come out with the best one.

Best Balance Transfer Cards To Choose In 2013

All consumers have already started to search the ways to lower their credit card debt in this New Year 2013. For most of them their credit reached to nearly $5,000 on an average.

So people are searching the ways to transfer their credit card balance to their new card at 0% introductory period offer. It is a report from the major credit reporting agency TransUnion.

Credit card balance transfers

Credit card balance transfer is one of the major facilities provided by the credit companies. It enables their consumer to transfer their outstanding debt from one credit card to another at lower interest rates. When doing the balance transfer to your new card, your credit limit allocated for the new card will be reduced proportionately to the transferred balance amount. But remember your balance transfer should be less than 80% of new credit card limit. For example if your credit limit on the new card is $5000 and you want to transfer the amount of $2000 then your credit limit will be reduced to $3000.

As the name implies Best balance transfer credit cards are designed and offered for the consumers to take the benefit of zero percent interest rate introductory periods to repay their credit card debt as interest free.

But to be genuine not all the balance transfer cards are designed and working the same way. There are many things to consider when it comes for picking the best balance transfer credit cards. Some of the factors are

Length of introductory period, fee collected for the balance transfer and of course reviews from consumers.

Upon analyzing these factors we have given 3 best balance transfer credit cards here.

1.) Citi Simplicity® Card

This Card offers the introductory period offer for the 18 months. This 0%introductory period offer is applicable for the balance transfer and all purchases done on this period.

It doesn’t pose any annual fee, late payment fees and no over the credit limit fee. But they pose a little charge of 3% when you transfer the whole balance to a new card.

We can say this card as one of the best credit card balance transfers card. So if you are searching the card to consolidate all your debt into single one we recommend you to check out the Citi Simplicity Card.

2.) Discover it™

This card is getting more and more aggressive in the process of promoting the Discover it card. It is of course very good news for all credit card debtors.

Just like the city card it also offers 0% interest introductory offer for the length of 18 months. This interest rate is applicable for the purchases and credit card balance transfers. This card also seems more lenient towards the late payment when the consumer attempts to make on the introductory period however after 18 months it will be $35.

One more benefit offered by the Discover it card is it offers a more attractive rewards program for their card holders. Through this program card holder can earn up to five percentages on various categories. You can earn points at all purchases made at the theaters and restaurants until the march 2013.

It also offers 1% of the cash back offer on all the other shopping bills. They will charge 3% for the credit card balance transfers. So if you want to transfer the credit card balance and want to have some cash back offer on the purchases we recommend you to go for the Discover it.

3)Slate (SM) from Chase

If you want to do the credit card 0 balance transfer we recommend you to choose the slate (SM) card because it doesn’t pose any interest on the balance credit card balance transfer. It is the only card in the market that opt the title of credit card 0 balance transfer

 

How To Get The Instant Approval Credit Cards

Today many credit card holders have ended up with the bad history. Reason may be the recent financial crisis or their spending habit. Whatever it may be everyone wants to rebuild their credit history so seeking one more chance.

One main question that is running tirelessly in so many young and old minds today is “is it possible to get a credit card with the bad credit very quickly?” If you have this question then the type of credit card you should apply for is “Instant approval credit cards”.

Credit cards with instant approval can help the consumers in rebuilding their credit history through baby steps. Since rebuilding their credit history becomes more and more popular in these days all credit card companies aware that if they offer instant credit card approval  chances are there to get more new clients in a short span of time. World has not been the same after the boom of internet. The high edge technologies enabled all businesses to move forward in the speed of lightning. Many companies made their applications for instant approval online. Enroll yourself and get a quick response.

Before sign up with any particular credit card company carefully read the fine print and study the company profile, their terms and conditions. It will help you to avoid the future misunderstandings between you and your credit card company.

Who can get the Instant credit card Approval

If you want to sign up with the instant approval credit card you should submit your previous credit card report along with your application. Your credit card company will use this report to decide on whether they can offer their credit card to you. Mostly people who have the credit score between 680 and 700 can get these instant approval credit cards instantly. Obviously these people can get any credit card they apply for.

So what about the people who have their credit scores falls below 680? Is it possible for them to get instant approval credit cards? If this is your question then answer is big yes. Today since many companies understood the need of instant approval credit cards for people living with the bad credit history they used to offer guaranteed approval credit cards.  One of the main draw back with these credit cards is high interest rates.

Now let’s find out how these credit cards will help you to regain your credit scores and why these are very popular in rebuilding credit score.

Other credit rebuilding options

Apart from guaranteed credit cards, companies used to offer secured credit cards / prepaid credit cards for the people with the bad or poor credit history. If you want get these credit cards then you need to spend some money from your hands. When you provide the required deposit you can get instant approval credit cards. This deposit amount can be anywhere between $250 – $500.This deposit amount plays a main role in determining your credit limit. In this way those credit companies minimizes their risk of providing their credit cards to the people with bad credit and bankruptcy.

When the credit card holder fails to pay the monthly bill then the credit card company will use this initial deposit amount for their unpaid obligations. Never fails to pay your monthly bills. To remind you on the payment due all credit card companies will send you alert text and email messages. If you make the timely payments they will report positively to the credit bureaus else you will get one more bad credit score. Avoid it wisely and get succeed with your credit rebuilding.

 

Role of Secured Credit Card in Credit Rebuilding

It is a kind of credit card which is offered by the bank or other financial institutions in exchange for the deposit or collateral.  To acquire a standard credit card one should have an average or good credit score but these secured cards can be obtained by any individual with even no history or poor credit history. This article will educate you on what is a secured credit card and how to use to for credit rebuilding. So read on.

Why secured credit cards are so popular

Secured credit card is one of the best ways to build or rebuild your credit history. Anyhow this secured credit card is not just like all other unsecured credit cards. It differs in many ways. But same as unsecured credit cards here too you have annual fee and interest rates.

Many secured credit card providers do an employment check and age verification to offer their secured credit cards for you. If you sign up with the best secured credit card your credit card company after seeing your timely payments and credit loyalty they will promote your secured credit card to unsecured credit card. It is suggestible to compare many secured credit cards before commit yourself with any particular credit card provider.

What are the requirements?

To sign up with the secured credit card, credit card applicant should provide a deposit amount to the credit card issuer. This deposit will be used as a credit card security against your all unpaid obligations. After receiving the deposit your creditor will issue the secured credit card. They will fix your credit line anywhere between 50 to 100 percentage of your initial deposit amount. For instance, let’s say your credit card company provides 50% credit limit from your deposit then if your deposited amount is $500, your credit limit will be $250.

There are some companies exist they will reduce the charges like annual fees, finance charges, and application fees from your deposit amount. If this is the case, better to stay away from that company. Because if the company starts to impose high charges on your account from the beginning itself it will drastically reduce your deposit amount in the near future too.

There are some good credit cards companies who will give you interest on your deposit from the first working day itself while others wouldn’t touch your deposit until you defaulted with your payment due. Some may use your deposit to avoid the single one time late payment. Go through some secured credit card reviews and uncover the truth.

 How these secured credit cards can help you in credit repair?

Even though most of the credit card companies report credit behavior to the major credit bureaus some will not do this. So if you sign up with these companies then you rebuilding your credit history will become impossible.  If your creditor reports to the credit bureau as them will they mention as a secured credit card. If so there are high chances in which your other lenders will not consider by seeing such information.

If you truly want to rebuild your credit history by means of secured credit cards never make big purchases. Only make the affordable purchases which you are confident to repay. Make sure your spending habit is not going to ruin the chances of getting an unsecured credit card.

Secured credit card reviews

Internet is a great resource for those who want to get started their journey on any types of credit card. Watch out through secured credit card reviews and find out which is the best secured credit card to rebuild your credit very quickly.

Move Forward

If you are lucky enough and never made late payments your credit card company can promote you to obtain an unsecured credit card. They will return your credit card security deposit too.