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Life these days demands that each individual own at least one credit card for ease of financial transactions. Credit cards offer benefits of convenience, safety, time-efficiency and reliability. No wonder all kinds of retail stores, malls and shops accept them readily and to serve this growing credit card market, there are many kinds of them available? What’s your type? Choose from the ones listed below:

  • Low interest credit cards: These cards ask you to pay a very low APR initially, but these can be amended with time.
  • Balance transfer credit cards: With these cards, you can transfer your balance from a high interest card to one with low interest rate. You should know the interest rates of these cards before opting for them.
  • Reward cards: With these cards, you get incentives and cash back offers for the money you spend on them. There are many kinds of reward cards available these days, such as:
    • Business credit cards: These are meant for businessmen and are geared to suit their needs. They offer business incentives such as business rewards and higher credit limits, etc. Each credit card and the issuer are different depending on the offer and its promotion.
    • Airline reward cards: You get incentives on your air travel purchases, like airline mile and frequent flyer credits. They can be point-based incentives or cash-based and can be redeemed for more air travel or as listed in the card offer.
    • Gas reward credit cards: With incentives on these cards, you can buy fuel for your car. Incentives can be cash-based or points-based and can be redeemed on the terms described specifically in the card offer.
  • Cash back credit cards: Every time you use these cards, you get a cash reward at rates varying from company to company. If you are a disciplined person who repays your dues diligently, this is a good card for you.
  • Student credit cards: An individual first learns to use a credit card with a student card. He also builds his own credit history using this card. These cards, as the name indicates, are geared to the student community who has no credit history yet. These cards have a low interest rate and easy repayment plans.
  • Prepaid credit cards: These are also called debit cards. Here, the entire money stored in the card must be paid to the credit card company in advance. They do not attract any finance charges and help one avoid getting into credit card debt because one can only spend as much as the value of the card. This makes it great for budgeting your finances.