A Rundown Of The Different Types Of Credit Cards Available


Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most 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 » A Rundown Of The Different Types Of Credit Cards Available

A Rundown Of The Different Types Of Credit Cards Available

Updated: September 28, 2018

The content is accurate at the time of publication and is subject to change.
Many people who want to apply for a new credit card wonder which card they should choose. With a number of different types of cards available, it is wise to gather information and weigh all your options to help you decide which card is right for you. Here are a few of the most common types you will encounter:
  • Credit Cards With Rewards
One very popular category of credit card is rewards credit cards. These types of cards offer users spending incentives such as cash back, travel perks and other freebies. Most of these cards are tailored to offer specific rewards such as dining certificated or plane tickets, while a few issue generic points per dollar spent which can be redeemed for cash, services or merchandise. Two things to watch out for with rewards credit cards are that they often have an annual fee and a higher APR than non-rewards cards. If you intend to revolve a balance from month to month the amount of interest you accrue might outweigh any rewards benefits.
  • Business Credit Cards
If you are a business powner, you may want to consider getting a business credit card no matter how big or small your business is. They come with great tools designed to help you track and manage your spending and expenses. Many also come with the option to issue multiple cards to employees so that you can also track their spending. Some business credit cards even come with rewards programs, which can avail you of some very useful perks.
  • Balance Transfer Credit Cards
A balance transfer credit card is a card with a low or no interest rate onto which a debt is transferred from another card. They are great options for anyone who has a sizable chunk of outstanding debt sitting on a high interest-bearing card. In transferring the balance from the high interest card to the low interest card, you will save yourself money in interest fees while giving yourself the opportunity to make some headway in paying the debt down. When faced with selecting a balance transfer credit card, you should always compare a number of different offers first in order to secure the best deal. The low APR offered on balance transfer credit cards are typically promotional rates offered for only a limited amount of time, so pay attention to the duration of the teaser rate. Also, there is often times a fee associated with transferring a balance, so make sure you know what it will cost you to shift your debt around prior to filling out any application forms.
  • Student Credit Cards
For college-aged students who are interested in building their credit history, applying for a student credit card is a good way to begin establishing credit. You will need to research which companies offer special cards designed just for students that require no credit history. In general, student credit cards have low spending limits, so be sure to use your card wisely and not go overboard making charges once you get one.
  • General Card Benefits
There are certain benefits that are available no matter which type of credit card you choose. These are things such as extended warranties for items you buy using the card and other purchases protections, discounts at affiliated retailers or travel insurance. Make sure that you always read the terms and conditions of your credit card agreement so you can learn everything a particular card has to offer.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.

Related Research:

Autumn 2018: Best Rewards Credit Cards for Thanksgiving Shopping

Autumn 2018: Best Rewards Credit Cards for Thanksgiving Shopping

Posted: November 8, 2018

Thanksgiving is coming, and whether you are hosting a meal or coming as a guest, your spendings are going to accumulate faster than you can notice. A holiday feast is a costly matter – each year Americans spend around $50 on a Thanksgiving ... Continue reading
The Best Credit Card for Earning Cash: Discover it® Cash Back

The Best Credit Card for Earning Cash: Discover it® Cash Back

Posted: November 2, 2018

You’ll have hundreds of dollars in your pocket in no time because you’ll earn money back on every purchase you make with this card. There are no restrictions on the amount of cash back you can get, and Discover even matches every penny you ... Continue reading
Top 5 Cards for Travel from Our Partners: Autumn 2018 – Expert’s Choice

Top 5 Cards for Travel from Our Partners: Autumn 2018 – Expert’s Choice

Posted: October 10, 2018

Nights are drawing out, the wind is colder every day and you already feel the lightest breath of winter on your face - autumn is here. Holidays are over, kids are back to school and all you are left with are hefty holiday bills that you ... Continue reading
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!