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Turn on the television, open a newspaper, stare at the billboards and look around in your city, or answer a phone call from an unknown number, there is just no way you can avoid the various claims and counter claims from different banks and credit card companies that their credit card is the best. However, before you think about which is the best credit card, it would be a good idea to examine the various types of credit cards available, so you can decide, which would be better you.
Regular Cards
The usual credit cards are usually issued in three or four categories, with increasing credit limits. Although the brand names of each type of these cards might vary from one bank to the other, the usual nomenclature is standard, silver, gold and titanium. A particular type of card issued by a bank would be likely to have different credit limits for salaried people and for self employed people. Again, among self employed applicants, banks might allow different credit limits to self employed professionals (like doctors, chartered accountants, etc.) and self employed non professionals (like shopkeepers, builders, etc.). Most banks provide an opportunity to the card holder to upgrade his card to a higher category based on his usage patterns and repayment records.
Signature Credit Cards
These credit cards are exclusively for high net worth individuals and usually have no specified credit limits. They also offer many exclusive services like concierge, club memberships, access to airport lounges, an invitation to golf tournaments, air travel insurance, etc., which are part of the fine lifestyle of the ultra rich. These privileges are not for everyone, though, and these cards come with a steep application fee and a substantial annual fee, making it out of reach for most card users.
Reward Cards
Some credit cards offer special rewards from certain companies if the card is used for purchasing the products or services of that company. For instance, an airline reward card might offer free frequent flier miles a chain of gas stations might offer discounts on fuel surcharge or even coupons for discounts a retail chain might offer discounts and so on and so forth.
Corporate Credit Cards
These cards are usually issued to certain employees of a company, to pay expenses on behalf of the company. These cards allow employees to pay for the company`s expenses without spending their own cash, and also help those companies keep a tab on the expenses with the help of the monthly statements.
There are numerous websites, which provide detailed comparisons about the charges and benefits of various credit cards, and they could help you to decide on the best credit card for you.
