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Different Types of Credit Cards

On May 31, 2011, in Credit Cards, by KimberlyC

Credit Cards

There are several different types of credit cards. Some cards offer you various rewards or cash back, while other cards will offer low interest or no annual fee. We will discuss some different varieties in today’s article.

Rewards Cards: These are some of the most popular types of credit cards as they offer you free things for using your card. A point system will be assigned to all your purchases, often there will be bonus points for certain purchases so keep an eye out for that. These points can then be exchanged for items in a catalog or other benefits. A common and very popular type of reward card is a frequent flier mileage card. These cards allow you to save up money toward the purchase a flight, which can be a great cost savings for you. If you shop at a company with bonus points on a regular basis (perhaps a favorite department store) or you fly quite a bit on a certain supported airline a rewards card can be a much better option than a money back card discussed below.

Money Back Cards: These credit cards work very much like reward cards except instead of giving you items from a catalog, or giving you free flights, you receive cash instead. For example, if you have a 2% cash back card, and you spend $40,000 over the course of the year you would receive a check from your credit card company for $800, this can be a great benefit to you if you are not running high balances to accomplish this task. Interest can add up very quickly, and it’s very important to be aware how much money you are spending each year in interest, if you have cards with interest rates over 10% I highly recommend you keep these at a zero balance as much as possible as interest in the 10s or even 20 percents can be very very expensive over time.

Charge Cards: Unlike standard credit cards on which you can carry a monthly balance, charge cards must be paid in full each month. They can extend the benefit of either being a money back card or a reward card, and offer all the convenience at point of sale as any other card. These can be great if all you need is a way to streamline all your spending and track your budget, and of course rake in whatever benefits your individual plan offers.

For more information, go to credit cards at http://www.creditnowusa.com/Credit-And-Prepaid-Cards

Different Types of Credit Cards was last modified: September 14th, 2011 by KimberlyC
 

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