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You see them every day on T.V., ad after ad for all the different credit cards. Some offer 0% interest for an introductory period (usually six months), some offer frequent flier miles, others offer rewards points which can be used to purchase various items (much like modern day green stamps), and some even offer cold hard cash as cash back rewards. So in theses days of marketing bombardment, there's a lot you should take into consideration before you even apply for a card, and you'll want to keep your applications few and far in between as too many inquiries too soon, could result in paying a higher interest rate or getting turned down all together.
If your credit is already suffering, you may have to go with a higher risk card. If your credit score is less than 600, you generally have two options: prepaid credit cards, or special high risk cards that typically have fees and interest rates higher than normal cards. A prepaid credit card is pretty self explanatory. The things to look for in a prepaid card are things like, do they report to the three major credit bureaus, and if so how often, and what are the fees involved as well as interest rates, after all, they do hold your deposit as collateral so there's very little risk to them. Shop around and read the fine print on the application.
The second option of a high risk card is another option to rebuild credit. These cards typically come with a processing fee of around $20 which you must pay up front to receive the card, and usually have fees already charged to the card. For example, a typical high risk card has a $300 limit, and comes with $200 to $250 already charged to the card as fees. This leaves you with $50 to $100 of available credit on the card. The best card I've come across in this category is the Imagine Gold Mastercard which comes with a $300 limit and $150 in fees charged to the card when you get it.
If you are a young student just starting to build your credit, there are many student credit cards available, most with rewards. Discover and Chase are about the two best options these days with both offering 0% interest for six months. They both also offer very flexible rewards programs, but there are a variety of cards out there designed for students. Again, shop around and read all the terms and conditions of the card or cards you are applying for, and don't apply for more that one or two at a time.
Rewards cards are a great option for those with established credit. These cards offer a variety of ways to get extra perks from using the card. If you fly a lot, an air-miles reward card could come in handy. You generally earn frequent flier miles for the money you spend on the card. I had a room mate that put everything on her Jet Blue card from American Express, She included rent, groceries, utilities, even her car payment, and you would be surprised how many free trips she earned each year. Of course, you have to have the discipline to pay the balance in full each month if you are going to use your card to this extent. I on the other hand, have most of my flights paid for by the company, so I use mine to upgrade to first class. If you don't fly much, but commute to work every day, you may want to consider a gas rewards card such as the Discover Open Road card.
There is a wide variety of rewards cards to choose from. Some examples are hotel, auto, travel, and even cards that reward you with cash back. Again, read the terms and conditions before applying and select the type of card that will offer the most rewards for your lifestyle.
Business credit cards work pretty much the same as personal cards as far as rewards, interest rates, and fees. Shop around and find the best card to suit your business. The biggest advantage to using credit cards with your business, is accounting. It makes it very easy to itemize expenses.
A great resource for comparing cards is Credit4every1.net. The cards are broken into various categories and you can sort them by APR, fees, or overall rating. The main thing is to take your time and consider which card will benefit you the most.
Matt Staber
mattstabler@credit4every1.net
http://www.credit4every1.net
If your credit is already suffering, you may have to go with a higher risk card. If your credit score is less than 600, you generally have two options: prepaid credit cards, or special high risk cards that typically have fees and interest rates higher than normal cards. A prepaid credit card is pretty self explanatory. The things to look for in a prepaid card are things like, do they report to the three major credit bureaus, and if so how often, and what are the fees involved as well as interest rates, after all, they do hold your deposit as collateral so there's very little risk to them. Shop around and read the fine print on the application.
The second option of a high risk card is another option to rebuild credit. These cards typically come with a processing fee of around $20 which you must pay up front to receive the card, and usually have fees already charged to the card. For example, a typical high risk card has a $300 limit, and comes with $200 to $250 already charged to the card as fees. This leaves you with $50 to $100 of available credit on the card. The best card I've come across in this category is the Imagine Gold Mastercard which comes with a $300 limit and $150 in fees charged to the card when you get it.
If you are a young student just starting to build your credit, there are many student credit cards available, most with rewards. Discover and Chase are about the two best options these days with both offering 0% interest for six months. They both also offer very flexible rewards programs, but there are a variety of cards out there designed for students. Again, shop around and read all the terms and conditions of the card or cards you are applying for, and don't apply for more that one or two at a time.
Rewards cards are a great option for those with established credit. These cards offer a variety of ways to get extra perks from using the card. If you fly a lot, an air-miles reward card could come in handy. You generally earn frequent flier miles for the money you spend on the card. I had a room mate that put everything on her Jet Blue card from American Express, She included rent, groceries, utilities, even her car payment, and you would be surprised how many free trips she earned each year. Of course, you have to have the discipline to pay the balance in full each month if you are going to use your card to this extent. I on the other hand, have most of my flights paid for by the company, so I use mine to upgrade to first class. If you don't fly much, but commute to work every day, you may want to consider a gas rewards card such as the Discover Open Road card.
There is a wide variety of rewards cards to choose from. Some examples are hotel, auto, travel, and even cards that reward you with cash back. Again, read the terms and conditions before applying and select the type of card that will offer the most rewards for your lifestyle.
Business credit cards work pretty much the same as personal cards as far as rewards, interest rates, and fees. Shop around and find the best card to suit your business. The biggest advantage to using credit cards with your business, is accounting. It makes it very easy to itemize expenses.
A great resource for comparing cards is Credit4every1.net. The cards are broken into various categories and you can sort them by APR, fees, or overall rating. The main thing is to take your time and consider which card will benefit you the most.
Matt Staber
mattstabler@credit4every1.net
http://www.credit4every1.net
