Secured Credit
Card is similar
to a prepaid
credit card
since the funds
you are using
are actually
yours and not
the issuer of
the credit card.
Generally people
who apply for
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.
With 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
zero risk.
Secured credit
card can be very
beneficial
because it gives
you an
opportunity 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. Ensure that
the company
issuing the
secured credit,
routinely
reports
customers’
payment history
to any of the
three main
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
factor 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,
such as usually
being paid
interest on your
balance in 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 rating.
Unsecured Credit
Cards are issued
to individuals
with good to
excellent credit
rating. Credit
ratings depend
on certain
criteria, such
as one’s ability
to repay loans.
These criteria
include payment
history,
employment
history, and
financial
stability.
Individuals 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.
Unsecured credit
cards has
numerous
advantages such
as low interest
rates, high
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
period of time
is another
factor that will
help in
maintaining a
good credit
rating.
Rebuilding your
credit takes
time, patience,
and consistency.
If you
consistently pay
your bills on
time, you will
see 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 years.
Therefore poor
credit
information will
remain on your
report for seven
years. The good
thing is that as
negative
information
disappears with
positive
information,
this will
definitely
rebuild your
credit rating.
Applying for
secured credit
card can be very
beneficial
because it gives
you an
opportunity 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. Ensure that
the company
issuing the
secured credit,
routinely
reports
customers’
payment history
to any of the
three main
credit bureaus
namely
Experience,
Equifax and
Trans Union.
This reporting
to the credit
bureaus will
rebuild your
credit history
over time.
Business Credit
Card Business
credit cards are
very popular for
small business
owners because
of the many
benefits they
offer. Benefits
includes 0%
Intro APR on
balance
transfers, no
annual fees,
high credit
limit, low
interest rates,
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 can get
a decision in
less than 60
seconds with
secure online
credit card
application.
Online Credit
Card Approval
with Online
Credit Card
Application is
fast and easy!
Student Credit
Card
Having a student
credit card
while still
living at Credit Score Home
or attending
school away from
Credit Score Home can be an
advantage. It
gives the
student the
opportunity to
establish credit
at an early age
and to start
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
are able to make
deposits to
their children’s
account while
they are away
from Credit Score 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 good
way to
established
credit rating
and start
building a good
credit history
while in school.
Establishing and
maintaining a
good credit
rating will make
it easy to
purchase a car,
a Credit Score Home or
obtaining a
personal loan in
the future. For
students who are
not committed to
their financial
obligation,
getting a
student credit
card is not a
good idea.
Running up
balances,
finding yourself
in debt, unable
to make monthly
payments will
destroy your
credit rating.
Student’s credit
cards generally
have high
interest rates.
At
iCreditOnline.com
we offer some of
the best student
credit cards
from Chase and
Discover with 0%
APR introductory
rate for 6
months, no
annual fees and
online account
access. Online
credit card
approval with
online credit
card application
is fast and
easy!
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
stated period of
time. This
credit card is
marketed to
individuals with
good credit
rating who want
to transfer
balance from a
high interest
credit card to a
0% intro APR
credit card.
Cash Rewards or
Cash Back Credit
Card earns a
percentage on
purchases made.
This reward or
cash back is
credited to your
account.
Debit Card takes
the place of
carrying a
checkbook or
cash. This card
is used like a
credit card with
certain
limitations,
such as not
being able to
rent a car.
Purchase
transactions are
contingent upon
having enough
funds in your
checking or
savings account
to cover the
purchase.
Verification of
funds requires
entering your
Personal
Identification
Number (PIN) at
a point-of-sale
terminal.
Low interest
credit card
saves you money.
Having a good
credit rating
qualifies you
for some of the
best low APR
credit card
offers.
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.
Therefore the
company giving
you the prepaid
credit card has
zero risk.
Generally people
who apply for
prepaid credit
card are people
with poor credit
or unemployed.
Secured Credit
Card is secured
by the amount of
funds you have
in your account.
Your credit line
could be from
50% to 100% of
your deposit
depending on the
institution
giving you the
secured credit.
Unsecured Credit
Card is issued
to individuals
with good to
excellent credit
rating. Credit
ratings depend
on certain
criteria, such
as one’s ability
to repay loans.
These criteria
include payment
history,
employment
history, and
financial
stability.
Individuals with
excellent credit
will most likely
receive a lower
interest rate
and can receive
instant online
credit card
approval. A
major factor in
maintaining
excellent credit
is making your
loan payments on
time thus
avoiding late
fee penalties.
Travel Rewards
Credit Card
benefits may
include travel
accident
insurance, free
rental car
collision/loss
damage
insurance,
rebate on
gasoline
purchases,
frequent flyer
points or bonus
miles towards
airline flights,
free quarterly
and annual
account
summaries.
About The Author
David Hall owns
http://www.iCreditOnline.com.
He offers free
downloadable,
high quality
guides on credit
repair, credit
ratings, credit
scoring, debt
consolidation
and more. He has
tools for
finding a wide
range of
financial
services
including
secured and
unsecured cards,
student and
business cards,
auto loans, and
more from the
most reputable
companies in the
industry. You
can also compare
multiple credit
card offers,
securely
complete an
online credit
card
application, and
receive a credit
decision in at
least 60
seconds. Visit
David’s site
today:
http://www.iCreditOnline.com