Secured Credit Card is similar to a prepaid credit card since the funds you’re using are actually yours and not the issuer of the charge card. Normally, those who apply for a secured credit card or prepaid credit card are people with poor credit or unemployed. Prepaid Credit Card spending limit is the amount of money you loaded to the card. There are no interest or finance charges on a prepaid card. Using a secured credit card, your credit line could be from 50% to 100% of your deposit depending on the institution giving you the secured credit. Therefore the company giving you the secured credit card has no risks.
A secured credit card can be very beneficial as it gives you an chance to rebuild your credit history and you can make purchases just as if you had an unsecured credit card. Many companies require that you have a credit card to make purchases, such as car rental, airline tickets, etc.. Make sure that the company issuing the secured credit, routinely reports customers’ payment history to any of the 3 primary credit bureaus namely Experian, Equifax, and Trans Union. This reporting to the credit bureaus will rebuild your credit history over time.
Closing unnecessary accounts and consolidating your bills to make payments more manageable could be an advantage financially. By not applying for too much credit within a short period of time is another element that will help in rebuilding your credit rating. Additionally, even though secured credit is like prepaid cards, they do have certain fees attached.
Benefits are similar to that of an unsecured credit card, like usually being paid interest on your balance at the bank, using Automated Teller Machines (ATM) to make deposits, withdrawals, and making purchases at participating merchants. Following the above steps will strengthen your credit score.
Unsecured Credit Cards are issued to individuals with good to excellent credit rating. Credit ratings depend on certain criteria, such as one’s capacity to repay loans. These criteria include payment history, employment history, and financial stability. People with excellent credit will most likely receive a lower interest rate. A major factor in maintaining excellent credit is making your loan payments on time thus avoiding late fee penalties.
Customers should read the credit agreement to ensure that they understand their obligation to the creditor. Making payments on time will strengthen your credit rating. Secured credit cards possess numerous advantages such as low-interest rates, higher credit limit, business name options, no annual fees, and low APRs on balance transfers up to 12 months. Closing unnecessary accounts and consolidating your bills to make payments more manageable could be an advantage financially. By not applying for too much credit within a short time period is another factor that will help in maintaining a fantastic credit score. Cornerstone Payment Solutions
Rebuilding your credit takes time, patience, and consistency. If you consistently pay your bills on time, then you will find an improvement in your credit ratings over time. There are no quick fixes for improving your credit report except for mistakes or inaccuracies that can be corrected, hopefully in your favor. Your credit information is maintained by the credit bureaus namely Experience, Equifax, and Trans Union for seven decades. Therefore poor credit information will remain on your report for seven decades. The fantastic thing is that as negative information disappears with positive information, this will definitely rebuild your credit score.
Applying for a secured credit card can be very helpful because it gives you an chance to rebuild your credit history, and you are able to make purchases just as if you had an unsecured credit card. Many companies require that you have a credit card to make purchases, such as car rental, airline tickets, etc.. Make sure that the company issuing the secured credit, routinely reports customers’ payment history to any of the three primary credit bureaus namely Experience, Equifax and Trans Union. This reporting to the credit reporting agencies will rebuild your credit history with time.
Business Credit Card
Business credit cards are very popular for small business owners because of the numerous benefits they offer. Benefits includes 0% Intro APR on balance transfers, no annual fees, higher credit limit, low rates of interest, cash rewards, bonus miles, free online account management to choosing card design etc., At iCreditOnline.com we have some of the best business credit cards from American Express, Advantage, Chase, Bank One, Bank of America, Discover, Citibank, Household Bank and more, with online credit card approval. Why waste time going to a bank when you’re able to get a decision in under 60 seconds with a secure online credit card program. Online Credit Card Approval with Online Credit Card Application is fast and Simple! Cornerstone Credit Services
Student Credit Card
Having a student credit card while still living at home or attending school away from home may be an advantage. It provides the student the opportunity to establish credit at an early age and to begin asserting their independence. It comes in handy in case of emergency, it is less trouble and safer to carry a student credit card than to carry cash. Parents find student credit cards to be very convenient. They can make deposits to their children’s account while they’re away from your home. Students should be careful with their credit card receipts to avoid identity thief.
If you consistently pay your bills on time, obtaining students credit cards is a fantastic means to the established credit score and begin building a fantastic credit history while in school. Establishing and maintaining a fantastic credit rating can make it easy to buy a car, a home or obtaining a personal loan later on. For students who aren’t committed to their financial obligation, getting a student credit card isn’t a fantastic idea. Running up balances, finding yourself in debt, not able to make monthly payments will destroy your credit score.
Student’s credit cards generally have high-interest rates. At iCreditOnline.com we offer some of their very best student credit cards from Chase and Discover with 0% APR introductory rate for 6 months, no yearly fees and online account access. Online credit card approval with an online credit card application is quick and simple!
Explanation of some of the credit cards we offer:
0% Intro APR Credit Card or Balance Transfer Credit Card gives you the benefit of using this credit card without making any interest payment on the principal for a specified period of time. This credit card is marketed to individuals with good credit rating who want to transfer the balance from a high-interest credit card to a 0% intro APR credit card.