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Credit Card Features
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Credit card features are many but some of them are interest rate, annual fee, incentives, special cards, rewards and credit limit. Credit card is a lending facility to a credit card holder but its safety and security is important.Get a great credit card with 0% interest at DontSpendMore.com
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Interest Rate
First credit card feature is interest rate. The interest rate is charged on any unpaid balance. In case of most cards you get 30 days to make your payment when the purchase is made. With full payment there are no interest charges as there is no balance to pay. The interest rate depends on APR and the customer’s credit standing. Higher the interest rate, higher your monthly charges will be. (See How to Calculate Annual Percentage Rate, Credit Cards with Zero Interest Rates and 0 Annual Percentage Rate Credit Cards)
Credit Limit
Another key credit card feature is credit limit. It is the amount of money a person has to pay when the credit card company cuts him off. The credit limit depends on rating. Good rating will have higher credit limit than the poor rating. (See What is a Credit Line on a Credit Card)
Types of Credit Cards
- Secured cards
- Regular cards
- Premium cards
Secured cards as from the name require security deposit. Higher security deposit will increase the credit limit as well. They are usually for the people who have trouble getting the cards or have limited credit histories. Regular credit cards don’t have security deposits, have higher credit limits but not as high as premium cards and they do not have many benefits and features. Premium credit cards have the highest credit limits and have a lot of features like product warranties, travel insurance or emergency services. (See Information About Credit Cards and All About Credit Cards)
Advance Fee
Be very careful when taking advance because the interest rate is higher. While transferring the balance of an existing credit card to the new credit card make sure of all the terms and conditions.
Rewards
One of the credit card features is reward in which points are awarded on the amount of money being charged each month. Such cards are broadly categorized as rewards credit cards. Mostly it is not considered a good strategy because one has to spend very large amount to get a decent reward. It is one of the credit card feature will offers special rewards or reward cards on purchasing different items. As a result points are given in the form of vacations, hotels, gift cards etc.
Incentives
Another credit card feature is incentives which include rebates on purchases, extended warranties, or frequent flyer miles.
Special Cards
These credit cards are either for a person or a student (e.g. student credit cards). They are especially for a certain type of person.
Credit cards are issued by credit card issuer such as bank after the approval of the bank and then used.See also our articles on What you need to apply for a credit card? and Comparing credit card offers.
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