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Which Type of Credit Cards Suit Your Financial Needs the Best?
We live in a world that is largely dominated by electronic and digital products. Almost everything from communication to cooking food is being controlled by electronic gadgets. In this electronic age, having a credit card is almost as vital as having a job. Different types of people have different types of financial needs. So today’s post is focused on all the different type of credit cards so as to help you decide which one suits you best.
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Bank Issued Credit Cards
Secured Credit Card
This requires you to deposit a certain amount as collateral before getting approval for use. The collateral amount is supposed to be deposited in a savings account. Usually, the maximum amount you could charge on this type of credit card is equal to the amount deposited.
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Prepaid Cards
This type of credit card is similar to a secured credit card and a debit card. The only difference is that you need to top up a prepaid card before you could use it. So it basically works like this- if you want to spend $ 300 via this card, you will top it up for the same amount beforehand. This type of credit card usually works well when you want to combine the security of cashless shopping with controlled spending.Traditional Credit Cards
This type of credit card allows you to spend only up to the set limit for each month. You receive monthly bills and pay a minimum amount. The balance incurs interest over time.
Retail Rewards Credit Cards
These include credit cards from retail establishments such as boutiques, grocery stores, and even online shops. Points accumulated from these credit cards can be used to redeem their products and services.
Cash Back Credit Card
This type of credit card offers the sweetest reward -cash! Every time the cardholder uses the card, he receives a certain amount of cash back. Oftentimes, the higher the amount spent, the higher the cash back received.
Airline Mile Or Frequent Flyer Credit Cards
This is type of credit card is one of the most popular nowadays. You can earn points simply by choosing to fly with the issuing airline. Points earned can be used to purchase tickets, get discounts and a lot more. This is a must have on a frequent flyer`s list.
Client Specific- Credit Cards
Business Credit Cards
This type of credit card caters to business owners and executives for their specific needs. What sets this card apart from others is that it has certain features such as budget management and perks only applicable to business owners.
Student credit cards
Now, even students who have very low credit score can apply for a credit card. This enables students to establish a good payment track record and credit score over time, but only if they are vigilant about taking care of the monthly dues in time.
Synopsis
In conclusion, the abundance of different type of credit card available to us today enables us to choose which ones fit our needs perfectly. Having a credit card has certainly made spending even more fun.
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