General Overview of Types of Credit Cards Available
Credit cards come in different types. The differences come in with the benefits, terms and conditions. Some will opt for less strict terms or perks like concierge service and travel insurance for those clients with a great credit score.
Qualifying for any card will depend on whether you meet the terms.
Below is an outline of the four major categories of the different credit cards available.
1. Credit Cards for Poor Credit
These cards are designed to help people with fair credit to obtain a credit card. The credit limit amount offered is usually lower and the cards will still charge the usual credit card fees. They can also be used by people with no credit who are trying to get a credit card or who have had previous bankruptcies.
View our Poor credit type credit cards.
Other credit card types are available on external websites and are provided here as samples of other credit card websites.
2. Standard credit cards
This basically covers the common credit cards usually given by banks and other financial institutions. They are unsecured hence you do not need any deposit acting as your proof that the money will be paid. The only varying thing is how interest is calculated. In this regard, standard cards can further be grouped into two, balance transfer credit cards and low interest credit cards. Balance transfer credit cards allow the user to move from high interest credit cards to low interest credit cards by transferring the balance.
They usually have an introductory rate which lasts for several months. Low interest credit cards on the other hand offer either a very low Annual Percentage Rate which lasts for a longer period of time then rises later or a low interest fixed APR. The benefit of low interest credit cards is that they allow for clients to buy large purchases and then pay it off after several months or years at low interest.
Visit Card Applications as a source for standard credit cards.
3. Reward program Credit cards
These types of credit cards offer you incentives for making purchases using the card. For every dollar spent, there are points you gain which can then be redeemed later for various rewards. The reward credit cards require a higher credit rating. Major kinds of reward programs include; cash back credit cards, general rewards credit cards, hotel and travel point credit cards, gas cards, retail rewards credit cards, airline mile or frequent flier credit cards.
Visit Credit Card Application Forms as a source for reward program type credit cards.
4. Specialty credit cards
These are for certain class of consumers with unique needs. These cards are tailored to meet their circumstances. Examples of such cards are the business credit cards and the student credit cards.
All these cards come with a range of terms which differ across providers. It is therefore important that you read, understand and compare the terms and select the cards that meet your needs.
Visit Charge Cards Offers as a source for specialty credit cards.