About Credit Cards - Types of Credit Cards
About Credit Cards
About Credit Cards
Majority of the cards you'll probably notice offer lucrative schemes and rewards. There is an endless list of types of student credit cards, so it becomes very difficult to select the appropriate one for you. All these types of cards can be differentiated on the bases of interest rate; cash back amount, annual fee, bonus and rewards. So you have to pick up the one which is the most beneficial for you. Few types are discussed below:
1. Low-interest credit card:
i. It offers a low initial introductory annual percentage rate (APR). ii. It also offers significant savings on interest when the amount of large purchases is paid back before the end of introductory period.
2. Balance transfer credit card:
i. It offers consolidation of credit card debts.
ii. To transfer the debt to a low APR plastic card can save a huge amount of interest.
3. Reward credit card:
i. They offer various hotel discounts, frequent flyer miles, free fuels etc just to promote the usage of card.
ii. It is beneficial for those students which are flying (travelling) frequently and are more engaged in shopping etc.
iii. Based on how much is the usage of student credit card over a definite period of time.
4. Airline mile credit card :
i. It is almost same as the card mention above but the reward can be redeemed only in the form of air travel.
ii. A free air travel given per mile for fixed amount of dollars you spend.
5. Cash-back credit card :
i. It pays back cash rewards for making purchases with the card.
ii. Excluding interest and finance charges, it pays around 1 cent per dollar spent.
iii. It is preferred if you are regular in paying off payments every month.
6. Secured credit card:
i. It is the best option if you have a very little credit.
ii. It is secured with collateral or cash deposits.
7. Pre-paid cards :
i. It is actually a misnomer as it works same as gift cards for retail shopping.
ii. You have to deposit a certain amount and then you can use that card to make purchases up to that amount.
iii. It generally offers bonus and rewards. Moreover no credit check is required.
Major credit card providers are:
- American Express
- Visa
- Citibank
- Discover
- MasterCard
- Capital One
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