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CREDIT BUILDER CREDIT CARDS 🛠️ 💳 🛠️ If you want to improve your credit score, a credit builder credit card might something you want to consider! Here's everything you should know about credit builder credit cards THREAD BELOW 🧵On twitter.com
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What is a credit builder credit card? • It's a credit card meant for people who might have a bad credit history or no credit history at all • If you use them correctly, they can help you build your credit score and credit history 📈Permalink On twitter.com
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Credit builder credit cards work exactly like regular credit cards but they generally have: • Lower credit limits • Higher interest rates (APRs)Permalink On twitter.com
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If you're building your credit score with one of these cards, here's how you should use them 👇 • Put a small number of purchases on the card • Pay the balance in full every month (to avoid paying any interest) This shows creditors that you can borrow/repay money responsiblyPermalink On twitter.com
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There are some additional benefits to credit builder credit cards: • You're more likely to be accepted for them - These cards have less strict criteria to apply for them 🙌 • Your purchases (between £100 to £30,000) are protected by section 75 🛡Permalink On twitter.com
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There are also things you should NOT do with credit builder credit cards: • Don't make cash withdraws on them (generally applies to all credit cards) • Don't go over your credit limit • Don't pay interest or other fees (because the rates are high)Permalink On twitter.com
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Remember to be responsible 💛 If you're not good with borrowing money, it's best to avoid credit cards If you've been rejected from other credit cards recently, avoid applying for other cards right away as this hurts your credit score Wait sometime before applying againPermalink On twitter.com
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I think it's important to stress that you need to be careful when it comes to credit cards You do not want to pay interest on these credit cards. The APRs (interest rates) are really high in my opinion Treat your credit card like a debit card - Only spend what you can affordPermalink On twitter.com
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👆 If you follow the tips above and manage your credit card well, you'll start seeing your credit score improve over time and start building up a history of credit that shows lenders you are reliable & responsible when borrowing moneyPermalink On twitter.com
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I actually had one of these credit cards myself! I would pop things recurring subscriptions (Netflix, Spotify, etc.) and some small purchases on it and paid the card off in full each month Overall it's helped me improve my own credit score 🎉Permalink On twitter.com
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Time to recap 🧢 • Credit builder cards are for those with bad/no credit history 🏚️ • They often have lower credit limits and high APRs 🚧 • Put small purchases on the card and pay it off in full every month 📆Permalink On twitter.com
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I cover other personal finance topics in my newsletter @akashandmoney Subscribe to get those sent directly to your inbox 📬 Like this thread? 1. Retweet the 1st tweet above 🔄 2. Follow me @akashgoswami_ for more threads I'll be dropping soon 🧵Permalink On twitter.com
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You can read the unrolled version of this thread here: typefully.app/u/akashgoswami_/t/a0gL9U2J7xqOPermalink On twitter.com
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*I would pop things LIKE recurring subscriptions (Netflix, Spotify, etc.) and some small purchases on it and paid the card off in full each month ...Yeah idk what happened there...sorry 😅Permalink On twitter.com
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