How To Rebuild Credit Starting Today

Who doesn’t want to receive cash back for the items you currently purchase? Everyone these days could use a little extra money lining their pockets, and cash back credit cards are promoted as one way of accomplishing this. That being said, exactly what makes for the right rewards credit card is different for everyone. However, there are factors that anyone applying for one of these cards should consider. Here are the elements you should think about when looking to get the best cash rebate card for you.

1. What Kind of Credit Score Do You Need?

Prior to starting any kind of quest for a new credit card, it’s vital to know your credit score with each of the three bureaus, to ensure that you are qualified to apply for the card you want. Most cash back rewards cards require good to excellent credit to get approval as well as the best rates.

2. Compare the Rewards Offered

When comparing cards it’s a great idea to create a spreadsheet detailing elements of each card. You’ll need to read through the terms and conditions closely in order to accurately understand the benefits (and costs) of each card.

3. Are You Willing to Pay an Annual Fee?

Thankfully, a number of cash back cards don’t require a yearly fee. That isn’t to state they do not include various service fees (analyzing all the conditions and terms is fairly necessary), although some of the additional costs can be easy to avoid, whilst a year by year cost typically will not be. To paraphrase, virtually any yearly charge definitely will minimize the returns you will get back. Quite a few cards deliver additional bonuses to offset the once-a-year charge, but the majority won’t include an amount which 100% makes up for the charge.

4. Specialized Promotional Benefits

Generally everyone knows that it is not recommended to keep a balance on a rewards card, since the monthly interest is going to reduce your current bonuses each monthly. This is especially significant in the event you select a bank card that requires you to meet a minimum spending tier in order to generate the best points return. Many of the most aggressive cash back cards advertise zero percent APRs for 6-15 months, making it possible for the cardholder to lower their debt. But this should only be considered if you know you can off the entire balance before the promo rate ends.

5. What’s the post-intro APR?

The last few years we’ve seen credit card interest rates fluctuate between 5-15 percent. Currently we’re back in 8 percent territory, so there are some very good deals to be had. Unfortunately many rewards cards aren’t offering the best ongoing rates at this time, in part because there’s plenty of demand even with higher rates. And remember that this is moot if you pay off balances in full each month.

6. How to Redeem Your Rewards

Lastly, before opting for any card you need to figure out what the process for redeeming points is (specifically how easy or difficult the process is). And look out for surprises in the fine print: for example, some cash back programs require you to use some of your points in order to redeem them for actual cash. And redeeming points for cash may not offer you the most bang for your buck, as many banks offer a better exchange rate on gift certificates and credits to your bill.

EPPICard is a prepaid debit card, usually issued under the Visa or MasterCard brand that is used by a number of states to send child support, unemployment and other benefit funds to recipients. The convenience of the card is that the funds are automatically loaded onto the card, making it easy for recipients to access their funds. All EPPICards are managed by Affiliated Computer Services (ACS), which is owned by Xerox but each state contracts with a bank to issue their own card. Recently, EPPICard holders have been targets of fraud, prompting several states to issue fraud alerts to their card holders. However, the issue persists and the scams continue to grow in complexity. Here are the top 3:

1. Phishing Emails

Phishing emails involve receiving an email requesting that they log into their account and verify the account status. Usually, there is a link in the email that you are asked to click to verify your account information. Once you click on the link, it takes you to a phony site where your account information is then illegally captured while you attempt to log into your EPPICard account.

To avoid this scam, do not respond to suspicious emails that request that you verify your account information. If the email appears to be legitimate, call your EPPICard Customer Service to confirm before clicking on any link to verify your account status.

2. Fraudulent Charges on Card

This type of fraud happens when thieves obtain a person’s EPPICard information and begins to spend the funds on the card. In most cases, the entire balance on the EPPICard is spent before the card holder becomes aware of the issue. A recent example is documented by the New Jersey Star-Ledger where a Newark, NJ card holder’s account information was illegally obtained and used to purchase items at Staples in Washington DC totaling $600. The card holder found out about the illegal transactions when her card was denied when she attempted to make a purchase. That prompted her to check her card transactions, which led her to discover the fraudulent purchases. These types of fraud are hard to fight, even if the card holder can prove they did not use the card. It is therefore important to secure your EPPICard information.

To prevent this type of fraud, do not log into your EPPICard account from public computer stations, such as libraries and internet cafes. Also, be careful when using free public Wifi to access your account information. In addition, keep an eye on your EPPICard transactions and practice sound financial records disposal, including shredding your statements and other sensitive financial documents rather than throwing them away in the trash.

3. Text Message Fraud

Text message fraud is the newest form of EPPICard fraud, where cardholders that have signed up for balance alerts via their mobile phones receive text messages believed to be from EPPICard luring them to giving up sensitive personal information, which is then later used to either deplete the funds from their account or in case of social security and date of birth information – used to perpetrate identity theft.

To avoid this type of fraud, always be hesitant when you receive any communication, whether via text, email, or phone requesting you to verify account status or provide sensitive information to confirm an account status. The best way to handle these kinds of requests is to call the official customer service number for the card issuer – in this case, you will call your EPPICard Customer Service, and verify whether the request you received is legitimate. If it is a legitimate request, insist on performing the verification with them while you are on the phone. That way, you do not have to click on a link to verify your information, especially if you don’t trust the security of your computer or mobile device.

The way you respect your credit privilege is very important when you are trying to gain control of your personal finances. The tips and advice you will read in this article will help you make better habits when dealing with credit cards.

Whenever possible, you should try to use cash instead of plastic. It has been proven that many people who use plastic end up spending more money than they would if cash was actually passing through their hands. While card usage in the right way is essential, you should practice using cash for most everything.

When you do use plastic, use your debit card more often than your credit card. This will ensure that you do not rack up large debts. Occasionally, it will be appropriate to use your card, and when you do, you should be sure to pay the balance at the end of the month.

Know the rules of the credit card companies as far as applications. You do not want to just start filling out applications without knowing what the company is all about. Do your research, and find out different rates and things that you need to know before you apply.

Make sure you actually read all of the terms and conditions. We are all guilty of it at one time or another. It is understandable that you might not read all the terms for everything that you do, but for a credit application, you need to be reading all of the terms and conditions.

There is absolutely no reason why you should sign up for any card with high interest rates. If your credit is that bad, then you need to use a secured card until you get the offer that you need. There is no reason to have an interest rate at almost 30 percent just because you want to have a credit card.

You do not want to cancel old cards. If the interest rate isn’t desirable, or you have another issue with them, call the credit card company, and ask them to resolve the issue. If you are a long-standing customer with a credit card company, this reflects well on your credit report.

You should never be spending over 30 percent of your credit limit. This is to ensure that you are able to make the payments, as well as to show that you do not have to max out your credit cards to live the lifestyle that you live. This proves you have better creditworthiness and are much more likely in the bank’s eyes to pay back a loan. This is much more beneficial to you than maxing out your credit cards as a sign you are less responsible with your credit.

When you are looking to take better care of your personal financial situation, you need to be sure to contemplate your credit usage habits. It is very easy to start damaging your credit and lose track of your financial security. Use the tips that have been provided here to help you on your journey.