Different Kinds of Credit Cards
There are various kinds of credit cards offered by different credit card issuers. Some may offer you exclusive shopping rewards. Some may allow you to earn free flights. Some may help you deal with multiple debts and allowing you to transfer your card balances. The choices are endless.
But the goal is to get a credit card that complements your lifestyle and spending habits. To be able to do that, you must carefully compare and shop for different credit cards. Review each one and its benefits. You can use online comparison site to help you determine which one suits you best. Some of these sites can also help you to have an easier credit card application.
To get a glimpse on the common available cards, here’s a list of different types of credit cards that will suit whatever lifestyle you have.
Balance transfer card
One of the best types of credit card is the balance transfer card. This card allows cardholder to spread out his/her debt from high interest card to a lower one.
Although many credit cards have this type of feature, a balance credit card offers a low introductory rate for a specific period of time, which will help you settle your debt through a low interest rate. Some of the things that you must consider when getting this type of card are balance transfer fee, introductory rate, amount limit, and rewards and perks, among others.
Furthermore, before getting a card that has a balance transfer feature, you need to have a good credit profile.
Many people use credit cards because of the rewards that associated with it. Commonly, there are three types of rewards- cashback, points, and travel.
A cashback credit card gives a portion of the amount you spend. The rewards points card allows cardholders to earn and redeem points, which they can exchange for items. Lastly, the travel card enables user to earn free flights or accommodation, earn airmiles, or free airport lounge access.
Secured card is a type of cardthat suit for people who have a damaged credit profile or those who do not have a credit history yet. This card requires a cardholder to have a deposit account first before applying for a new one. Plus, unlike in any other type of cards, the credit limit of secured cards equates the amount deposited on the card. Furthermore, it has various fees that can take up a large amount in the credit limit.
Fuel rebate cards
A fuel rebate card is solely made for motorist. This card allows cardholders to have an exclusive reward from participating gas stations. Some cards also provide rebates on toll fees, auto repairs and services, and other fuel purchases.
Shopping credit cards
A shopping card like eastwest visa platinum credit card providesexclusive shopping rewards and perks to its cardholders. Users can also get reward points every time they shop from participating stores. Furthermore, some shopping cards can offer installment plan when you shop from selected merchants.