You finally found the time to pull away from the race and slow down…I’ts vacation time! A family emergency has come up unexpectedly and you simply can’t afford NOT to be there. It’s NEVER a good time for car trouble but this month, you just can’t afford one more unplanned expense. What each of these scenarios has in common is credit cards. The fact of the matter is that in order to rent a vehicle or even book hotel reservations credit cards are a necessity, even if you plan to pay cash. With so many options, perks, rewards, and incentives choosing the right credit card can be a daunting task. Allow us to simplfy the process.
Finding the right credit card, like many things, is a matter of matching your needs with potential benefits. If you are looking to establish credit for the first time or in the process of credit repair there are a few key features you should be looking for. The First Progress MasterCard® and OpenSky® Visa are designed specifically for building and re-building credit with those key features in mind.
The First Progress MasterCard® is a full-featured credit card that can be used wherever MasterCard® is accepted. The card reports to all three major credit bureaus monthly which, over time, establishes or re-builds credit history. Likewise, the OpenSky® Visa can be used wherever Visa®Card is accepted. Both cards offer a simple and easy application process with no credit history or minimum credit score required for approval. Activity on both cards is reported regularly to all three major national credit bureaus, effectively speeding up the accumulation of positive credit history for the cardholder.
The First Progress MasterCard® and OpenSky® Visa are completely safe choices because they are secured credit cards. A secured credit card can help build a strong credit history from scratch. Secured credit cards are safe and credit friendly options because, after an initial deposit has been made, they work just like any other major credit card. A cash collateral deposit is required in order to qualify for the Firs Progress MasterCard® or OpenSky® Visa.
The minimum deposit for both cards is $200. Once paid, the deposit becomes the credit line for that credit card account. For example, a line of credit opened with a $500 deposit is secured for up to $500. This becomes the spending limit for that account until an additional deposit is added or a new spending limit is set. Allowing the cardholder to spend only up to the deposited amount prevents over spending and the associated fees that come with it. Therefore, the credit and spending limit is determined by you, the cardholder, rather than the credit card company.
In addition to building or re-building credit, The First Progress MasterCard® and OpenSky® Visa have short application processes and competitive Annual Percentage Rates (APR’s). Like other credit cards, secured credit cards can carry a revolving balance that cardholders can choose to pay only a minimum portion of. Alternatively, by paying the full balance each month, cardholders can avoid monthly finance charges entirely.
Once you become a cardholder you will want to make the very best use of your new secured credit card by making a few reasonable purchases every month. This is not the type of credit card that should be used to “carry a balance”. However, paying the balance in full is not necessarily the best strategy either. We recommend paying down the majority of any balance leaving at least a $10 balance so as to continue to show activity. This allows the cardholder to avoid the risk of having the account closed, which can ultimately have a negative impact on credit scores. While secured credit cards like the First Progress MasterCard® and OpenSky® Visa do prevent you from spending more money than you can afford, as always, it’s a good idea to use wisdom when it comes to making purchases.
Because secured credit cards do have higher interest rates and fees than other types of cards, using it as a stepping stone is a good strategy. Once you have enough discipline to handle your secured credit card responsibly, you may also find that your new LuxuriousCREDIT is in view.