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Home > Banking Services > Credit Cards > Main Types of Credit Cards
Main Types of Credit Cards
Sometimes it may be uneasy for you to decide if you really require a credit card and/or if you are going to be able to deal, every day, with the temptation of using it at the very moment that you believe you need something. Nevertheless, finding the most appropriate kind of credit card, the one which can help you, serving all your needs and really suiting your life-style may get to be equally difficult or even more.
There are four main kinds of credit cards. Standard Credit Cards constitute, as it name reveals, the most common type of cards among all cardholders. Because of their type, these cards are not secured by collateral. Almost all financial institutions provide this kind of cards. The annual percentage rate (APR), which is the percentage that is charged yearly each time a balance is held on a credit card, varies greatly in regards to how they are conferred or estimated.
The second sort of credit cards is named Credit Cards with Rewards Programs. They refer to those cards that remunerate the cardholder with rebates, cashback and incentives because of all the purchases made with that specific card. Some examples of those rewards may be airline miles, discounts when buying goods for each dollar spent with the card, gasoline rebates and/or entertainment rewards.
The third type of credit card is called Bad Credit and/or Credit Repair. This type is exclusive for those people who have suffered bad credit in the past. Also, these credit cards are used to help customers rebuild previous bad credit. Lastly, Specialty Credits are designed exclusively to meet the specific needs of each costumer, for instance, students or business users. In particular, business people who have this kind of cards receive special advantages and benefits such as low introductory rates, higher credit limits and additional cards for employees. Likewise, as students have no or little credit history, they confer them the possibility of beginning to create one. No matter what the chosen sort of credit card is, it is always preferable to ask your financial advisor for assistance.
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