|
|
Types of Credit Cards
Many credit card companies offer several different types of cards, ranging from a general credit card to those associated with a particular merchandise retailer. The type of credit card you get can depend on your current credit rating, and what you are looking for in a card. There are many types offered here at Gettingacreditcard.com, including regular cards, cards with rewards programs, secured credit cards, premium cards, and retailer credit cards.
Regular Credit Cards
Regular credit cards are the most typical credit cards, and what many people think of when they consider a credit card. These basic cards have a generally low APR, and are unsecured cards. These have a low to medium credit limit, and consist of a few different types, such as balance transfer cards, low interest cards, and student credit cards.
Cards With Rewards Programs
Cards with rewards programs are becoming very popular with people. The idea of getting something back for using the credit card and paying the bills on time seemed to have made credit cards with rewards programs some of the most used and asked for cards today. Some of the most typical rewards programs that are used with credit cards today include:
- Airline miles - Card users gain miles to use towards plane tickets when they use their credit cards and pay off the balance. Sometimes the number of miles earned depends upon hitting a limit spent on the credit card.
- Cash back - Some credit cards have cash back rewards which give the credit card users cash back for a certain amount depending on what they’ve spent and paid off on their credit card.
- Rewards points - Other credit card companies give out a certain number of points to their customers for the amount the user spends and pays off. These points can be redeemed for a number of items offered by the credit card company.
Secured Credit Cards
Secured credit cards are credit cards meant for people with little or bad credit. These cards require collateral, generally of a prepaid amount, to ensure that the balance will be paid. If the balance isn’t paid on time, the collateral is collected for as much as the missed payment is worth. Generally the credit limit on secured credit cards is low, and collateral can come in the form of cash, jewelry, or owned property.
Premium Credit Cards
Premium credit cards are credit cards that are generally advertised as gold, silver, titanium and platinum cards. These credit cards have a higher credit limit than regular credit cards, and offer other services included with the card. Some of the extras that come with premium credit cards can include:
- Product warranties
- Travel insurance
- Emergency services
- Identity theft protection
Retailer Cards
Retailer cards are credit cards offered by merchandise retailers, generally in the store, that can be used like regular credit cards because they are affiliated with a credit card company such as Visa or Master Card. These cards can offer special rewards, but unlike rewards cards, retailer cards generally offer specials only in the stores that they are affiliated with, such as a percentage off purchases or free products after a certain amount of money is spent and repaid.
Of all the types of credit cards out there, make sure that you read the fine print carefully so that you know exactly what you are getting. You don’t want to be surprised with the amount of fees you have to pay or the interest rate, whether you have a regular card, a rewards card, a secured card, a premium card, or a retailer card.
|
.gif)
