Review On The 5 Most Popular Credit Card Types Offered By The

Credit Cards, whether you like it or not, is a requirement these days as the world continuously turns virtual and actual cash, as in dollar bills, are slowly but surely being phased out. If you want to shop online or do something simple like renting a movie, a credit card of some type is required. So deciding what type of credit card is best suited for you is a lot easier once you know the different types available out there.

Standard Issue Credit Cards
This is the most common and popular type of cc, the standard credit card. These cards allow you to use them to make a purchase, on credit, usually with a set monthly limit, and you are required to pay back the charged amount at a specified time. Interest is applied on the balance at monthly intervals. You may of received a lot of these types of card offers that are low fixed interest or 0% APR with balance transfer options etc. These offers are usually sent to you through the mail by your bank or by credit card companies based on your credit score.

Premium, Reward and Cash Back Cards
There are credit cards that offer you an incentive for using their card. These credit cards offer special rewards where the more you charge, the more you get back in points or some type of cash back reward. These returns are often in form of points that you can collect to get: cash back, gift cards, airline miles, etc. Generally most people who use these reward credit cards will pay off their month balances while building up “points” to gain complete vacation packages or gift cards by the end of the year. This is a very good strategy if done properly.

Prepaid and Secured Credit Cards
For those who may have bad credit, or parents who want to set spending limits on their kids credit cards, prepaid and/or secured credit cards are the best option. These cards are ‘charged’ with a deposit of money, much like a debit card, before they can be used. The only disadvantage or setback with these debit/prepaid credit cards is that they will not build up a credit rating on your credit report. This can become important for say students once they are out of school. They have not built up a credit history like they would have, if they used a standard credit card responsively verses using a prepaid credit card.

Business/Corporate Credit Cards

Corporations and businesses will often get extra perks and value added incentives when it comes to using company issued credit cards. They also often get lower interest rates as most businesses are not deemed a high credit risk as some individuals are. Also, these business credit cards have a larger spending limit to allow companies the “money” they require for say, capital improvements. A good business credit card plan can also build incentive points over time that can pay for expenses such as office supplies, or business travel expenses by building up airline miles.

Credit and Charge Cards
For those of you that are able to or wanting to spend a lot of money on credit every month, and are also disciplined enough or rich enough to pay off the balance at the end of the month, charge cards are the way to go. These cards usually have no credit spending limits, the only stipulation is they must be paid, in full, each and every month. American Express is an example of a charge card that offers unlimited spending but the balance must be fully paid off monthly. These cards allow the user the availability and luxury of an unlimited amount of credit to spend when making huge purchases without having to write a check or carrying huge wads of cash. There is also no interest attached to these credit cards since the balance is paid in full each month.

Once you know the exact type of credit card that is best suited for your particular financial situation, you can then start to narrow down on the perfect credit card by comparing the different types of perks and options available to you.

Before entering into any type of credit card agreement, make sure that you look into more than just the type of credit card. Also look at the annual fees they charge, the interest rate and other money terms attached to the credit card.

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