Credit Cards: Credit Cards for Bad Credit, Credit Cards for No Credit and Credit Cards for Good Credit
Credit Cards 101: Working over sixteen years as an Assistant Vice President of Banking with one of the largest financial institutions in the world, I have learned a great deal about how to effectively manage and use credit cards.
I have been privileged with the opportunity to gain a Birdseye view of how to best utilize credit cards.
No matter the type of credit card, MasterCard, Visa Card, Discover Card or American Express Card, there is a skill to using credit cards wisely.
I have learned from the credit card mistakes of others as well as borrowed great ideas from men and women who have managed to master the art of using a credit card skillfully.
Great idea borrowed from men and women who use credit wisely:
- Groceries, Gas and Utilities: Using a credit card to pay for groceries, gas and utilities each month is an excellent way to earn interest on your savings deposit by using the bank’s money for free. This tip does require you to pay your credit card balance in full on or before the statement due date.
For the purpose of this article, I will provide information about Credit Cards for Bad Credit, Credit Cards for No Credit and Credit Cards for Good Credit.
When using a credit card, it is important to establish:
- Monthly Credit Card Budget
- Monthly Credit Card Financial Strategy
An effective monthly credit card budget and monthly financial credit card strategy will provide a realistic plan of action for using a credit card each month.
When used effectively, credit cards can help men and women to establish a strong credit history while building wealth by keeping track of everyday spending. Also, credit cards:
- Credit cards are an excellent way to balance spending and determine areas of spending that need adjustments.
- Credit cards are powerful tools that allow men and women to create healthy financial habits that are based on sound financial judgment.
There are certain actions that one can take to determine how to gain the best opportunities out of credit card usage. The best ways to evaluate a credit card includes:
- Research: Research potential credit card companies by reviewing the benefits and features of credit card options.
- Decide: Decide how to best utilize a credit card to ensure that you gain the most benefits from using a credit card.
- Honesty: From a credit perspective, know your credit history. Take an honest assessment of your credit history to determine available options for credit.
To determine the best credit card options, it is important to know your credit history. Therefore, before evaluating credit card options, men and women must:
- Credit Report: Order a copy of your credit report to evaluate your credit history and credit score. This information will help you to determine the best credit card options that are available for you.
- Income: Take an honest assessment of your monthly income and monthly expenses. This will provide insight on how to best utilize a credit card.
Credit history determines the type of credit card options that are available for men and women.
Credit for Bad Credit
For men and women with bad credit, it is essential to create a credit financial management plan of action to re-establish credit. Bad credit card can be re-established by :
- Getting a Secured Credit Card: Applying for a secured credit card can help people with bad credit re-establish a good credit history.
For those who have struggled with credit in the past, effectively managing a secured credit card is imperative. Tips on how to best use a secured credit card:
- Pay your balance in full each month
- Keep your monthly charges to less than 50% of your available credit card
- Pay your credit card statement electronically each month. Doing so will help to avoid late payments
Men and women who have responsibly used credit cards will have many options available for credit. Those with an excellent credit card history should shop around and evaluate credit card options. Things to consider when evaluating credit card options include:
- Benefits: Determine the type of credit card benefits that are available. Choose credit card options that best suit how you will use your credit card.
- Annual Fees: Choose credit card options that do not charge annual fees
How to Have Good Credit
There are many simple ways to build a good credit history. The easiest way to build good credit includes:
- Using credit card debt wisely. Never charge what you are unable to pay each month.
- Pay Your Balance in Full. Avoid costly finance charges by paying your balance in full each month.
- Monitor your Credit Report. Frequently review your credit report to avoid possible identity theft.
Credit cards are an important part of building and establishing a good credit history. When used responsibly, credit cards can open doors to financial prosperity. I would love to hear how you are using credit cards. Connect with me on:
- Test Your Credit Knowledge
- Secured Credit Cards
- Ways to Protect Personal Information
- Identity Theft Video