Credit Cards Available Today

Today, there are so many credit cards available on the market that it is very easy to get overwhelmed with it all. There are quite literally hundreds of different types of credit cards, each claiming to be the best one for you so where do you even start? First of all, don't panic and get lost in the sea of credit cards. You can find the right card to suit your needs and your wallet; you just need to understand the various types of cards that are available to you right now.

In the past the main criteria people used to pick a credit card was the Annual Percentage Rate (APR), but now as the market is so saturated with different cards there are a number of other variables which need to be taken into account. Going for the card with the lowest APR may be the quickest route but this may not necessarily get you the best results financially.

Your own personal circumstances should play a big part in your choice. For example, if you are looking to borrow money for a long period of time then the interest rate will be of paramount importance and you may find it best to switch between cards to find the lowest rate on your cash. However, if you are the sort of person who is super organized and pays their bills on time every month, then it might be worth choosing a card that offers a loyalty bonus or has no annual fee.

Here is a look at some of the main types of credit cards out there:

Standard credit cards are the most typical card that most people own. They are unsecured, readily available from most banks and vary in how their annual percentage rate is calculated.

Balance transfer credit cards allow consumers to transfer their balance from a high-interest credit card onto one with a lower interest rate. This means that you can transfer your balance to a card that offers a 0% introductory rate for example, and not have to pay any interest until the introductory period runs out. Be sure to thoroughly check all the terms and conditions as these can vary.

Low-interest credit cards sound like the best option but you need to be aware that these do vary. Some will off a low-introductory rate that will rise after a certain period or a low fixed rate. Lots of people tend to take advantage of the low introductory rates as a way of lowering the cost of borrowing on expensive items. However, you need to be clear about if and when the rates will rise so you don't get caught out.

Credit cards with reward programs are used by the banks as a way of rewarding cardholders with incentives, rebates and even cash back on their purchases. Some use airline miles or discounts on items for each pound spent on your card.

With a secured credit card you will usually need to lay down a security deposit. In general the deposit will be of equal value or greater than the amount offered on the credit card. You will also need to offer collateral which can come in the form of cars, boats, jewelry, stocks or something else of value. Be careful of any hidden additional costs though and always make sure you are clear on the terms and conditions.

A pre-paid credit card is not technically a credit card but it is used in a similar way. If you want to avid racking up debt then this card is ideal as all purchases will be paid beforehand. With this sort of card, the credit limit will be determined by how much money is transferred onto it. Most cards of this type will charge fees on a regular basis for things like going over your limit, getting money out and monthly fees.

If you have special credit needs then there are specialist cards available to meet your needs. For example if you are a business users or a student you will have specific requirements. This will operate in the same way as a standard credit card but will offer perks such as low introductory rates, cash-back rewards and airline rewards. In terms of business credit cards most will have added benefits such as higher credit limits, special business rewards and savings and additional cards for employees.

Students often need a specialist credit card as most will have little or no credit history making it difficult to apply for a credit card. Student credit cards are designed for young people to build up their credit history. These tend to have little or no reward schemes or other benefits but are incredibly useful.

There really is a credit card out there for you; you just need to make sure that you're aware of all the options out there in order to get the best deal for you!