Types Of Credit Cards You Can Choose From

Advertising Disclosure

Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » Research » Guides » Cardholder Benefits » Types Of Credit Cards You Can Choose From

Types Of Credit Cards You Can Choose From

By
Add to Favorites:

The financial requirements of one person are different from those of the other. With this being the situation, it is not fair to have just one type of credit card for people from all walks of life. In order to ensure all customers are kept happy, banks and other financial institutions offer various types of credit cards. Though most of the people are aware of the fact that there are various types of cards, a vast majority are not aware of the types they can choose from. Let us take a quick look at the options banks generally offer customers.

The most common types of credit cards that people prefer are the standard credit cards. The working of these cards is very simple. Every person who holds this card is offered a revolving balance with a fixed credit limit. You can use these cards to make your purchases for online shopping and also in regular stores. At the end of each billing cycle, there is a finance charge that is applied to the balance. The billing statement mailed to you will contain the details of the transactions and the amount due to the bank. You will need to make the minimum payment before the due date if you do not want any late payment fees to be charged on your account.

The next most common set of cards are the premium credit cards. A large number of banks offer gold and platinum cards to select customers that come with various benefits that are better than those offered on the standard cards. Though these cards have higher fees associated to them, the rewards offered are excellent. Travel upgrades, air miles and cash back are some of the most common rewards that customers can opt for.

There are credit cards that can be used only in certain places. Such cards are called limited purpose cards and work just like the standard ones. These cards are not issued by banks, but by other financial institutions and stores.

If you want cards that don`t have any limits associated to them, then, opt for charge cards. The balance on these cards, unlike those on the standard ones, has to be repaid in full at the end of each billing cycle. Since the payments are repaid in full there are no financial charges applicable. However, depending on your usage, the lender might levy charge restrictions or even cancel the card.

It is imperative that you consider all these cards and match them against your expectations in order to find the right one for your financial needs.

Add to Favorites:
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.

Related Research:

Interest Free Credit Cards: Pay No Interest Until 2019

Interest Free Credit Cards: Pay No Interest Until 2019

By Credit-Land, Posted: May 23, 2017

Carrying a balance on a credit card is wasting your money on interest fees. It is easy to avoid interest payments on purchase transactions by paying off the entire card balance by the due date each month. But what to do if you are already ... Continue reading
Dashlane: Password Management and Shopping Ease in One Simple Product

Dashlane: Password Management and Shopping Ease in One Simple Product

By Angela Rose, Posted: May 3, 2017

Are you terrible at remembering passwords? Are you so terrible, in fact, that you often use the same one for multiple websites? If so, you’re not alone. Continue reading
SoFi Making Lending Social

SoFi Making Lending Social

By Dar Dowling, Posted: April 26, 2017

Since 2011 SoFi, a San Francisco based online lending company, took the lending industry by storm, when they became the first online lender giving people access to affordable student loan refinancing. Continue reading