Credit cards are cards that allows the cardholder to borrow money from their bank to make purchases. Co-branded credit cards are made available for customers who wish to have a customized credit card. There are several types of credit cards that are available to customers. It is important to know the credit card that best suit your need and each of them have their uses. The major types of credit cards are:
Standard credit cards: Commonly known as the plain vanilla credit card. This is due to the fact that the credit card offers no reward for users. Standard credit card are simple to understand. The funds in the card can be used for purchases and balance up after making deposit.
Balance credit card: this card comes with a cheap introductory rate on balance transfer. It allows customers to transfer the balance on the credit card to another card while charging a low interest rate.
Reward credit card: Rewards credit cards include, travel, cashback and point. Each of this card have their benefits which are available for users to enjoy.
Charge Cards: Typically, charge cards have no spending limit. However, all balances must be paid completely at the end of every month. Late payment may require paying a fee, restrictions or simply canceling of the card.
Secured and Unsecured credit card:Secured credit card: Secured credit cards are for people without credit history at all. The card comes with a security deposit. The spending limit on the card usually equal to the deposit on it. While the unsecured credit cards are designed for people with fair to good credit history and is the most common of all credit cards.
Student credit cards: This type of card is available for college students who does not have any credit history. These cards are easily approved to students who are just applying for the card for the first time.
Advantages of using a credit card
It is more preferable to carry than cash
It reduces spending limit
It comes with rewards
They can be used in all currency
Customized Co-branded credit cards are available for customers. Credit cards are great choices to have for convenience.
Standard credit cards: Commonly known as the plain vanilla credit card. This is due to the fact that the credit card offers no reward for users. Standard credit card are simple to understand. The funds in the card can be used for purchases and balance up after making deposit.
Balance credit card: this card comes with a cheap introductory rate on balance transfer. It allows customers to transfer the balance on the credit card to another card while charging a low interest rate.
Reward credit card: Rewards credit cards include, travel, cashback and point. Each of this card have their benefits which are available for users to enjoy.
Charge Cards: Typically, charge cards have no spending limit. However, all balances must be paid completely at the end of every month. Late payment may require paying a fee, restrictions or simply canceling of the card.
Secured and Unsecured credit card:Secured credit card: Secured credit cards are for people without credit history at all. The card comes with a security deposit. The spending limit on the card usually equal to the deposit on it. While the unsecured credit cards are designed for people with fair to good credit history and is the most common of all credit cards.
Student credit cards: This type of card is available for college students who does not have any credit history. These cards are easily approved to students who are just applying for the card for the first time.
Advantages of using a credit card
It is more preferable to carry than cash
It reduces spending limit
It comes with rewards
They can be used in all currency
Customized Co-branded credit cards are available for customers. Credit cards are great choices to have for convenience.
About the Author:
I am a professional publisher on credit card programs and has multiple views and opinions, multiple publishes at CNN and new websites on co-branded credit cards.. This article, Credit Cards: What Are They And Their Benefits? has free reprint rights.
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