Tips To Establish Your Credit With Gas Credit Card

Wednesday, July 4, 2012, 2:00 AM | Leave Comment

If your credit is bad and you have been refused regular credit card, then there are ways to establish and rebuild your credit. One of which is to get a secured credit card.

Another and probably easier way is to get gas charge card which can be used only at the gas station. That can establish you a positive credit history, probably over a year in most cases.

Tips To Establish Your Credit With Gas Credit Card

You can easily get approved for this kind of credit card because they have easier underwriting terms.

If you use the gas credit card for a year and make sure that you don’t miss a payment and pay your bill in full each month before the due date, then you will have established your credit history. You will then be eligible for the regular credit card.

A good thing about gas credit cards is that mostly you can get one with no annual fee. You can apply at most of the gas stations. The credit card is a private-label card.

The bad thing about it is that it comes with higher interest rate than the regular credit card – typically closer to 20%, compared with the national average for regular credit cards of about 14%.

However, the interest rate does not come into play if you pay the bill in full each month and before the due date.

In a Nutshell
So you definitely have options to establish and rebuild your credit history. It’s just that you have to be careful to not repeat the same mistakes when your credit history went from good to bad to worse.

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