Credit cards are cards issued by banks to people for the purpose of making purchases through the card while also paying back the money used in full at the end of every month. A credit card can be co-branded. Co-branded credit cards can be issued to customers who wish to have their cards customized. Credit cards are of various types and a customer can choose the type of credit card they want. Having any of this types of credit cards have several advantages. Some of this cards include:
Standard credit cards: Commonly known as the plain vanilla credit card. This is due to the fact that the credit card offers no reward for users. Standard credit card are simple to understand. The funds in the card can be used for purchases and balance up after making deposit.
Balance credit card: this card comes with a cheap introductory rate on balance transfer. It allows customers to transfer the balance on the credit card to another card while charging a low interest rate.
Rewards Credit Card: There are basically three types of rewards credit card namely; travel, cashback, and point. This type of credit cards offers rewards to cardholders on every credit card purchase. The travel reward is most popular among travelers because they can use it to get free flights, free hotel accommodation, and some other travel needs. The cashback reward is very simple and flexible. The point reward can be exchanged for cash or other things.
Charge cards: this card comes with no spending limit thus, allowing the cardholder to spend as they wish. It terms include that all balances be paid in full at the end of the month. Failure to pay up all balances at the end of the month comes with penalty which could be card cancellation, restrictions, or a fee.
Secured and Unsecured credit card: The secured credit cards is for those people free of credit history. The card comes with a security deposit. Also, the card spending limit is the same as the amount of fund deposit in it. And the unsecured credit cards are for those with good credit. This type of card is preferred by most people.
Students credit cards: this is a credit card designed for college students who have no credit history. It is easily approved for students or first time card applicant.
Why the need for a credit card?
It is very easy to carry in pocket or purse than cash
It reduces spending limit
It comes with rewards
They can be used in all currency
Customized Co-branded credit cards are available for customers. Credit cards are great choices to have for convenience.
Standard credit cards: Commonly known as the plain vanilla credit card. This is due to the fact that the credit card offers no reward for users. Standard credit card are simple to understand. The funds in the card can be used for purchases and balance up after making deposit.
Balance credit card: this card comes with a cheap introductory rate on balance transfer. It allows customers to transfer the balance on the credit card to another card while charging a low interest rate.
Rewards Credit Card: There are basically three types of rewards credit card namely; travel, cashback, and point. This type of credit cards offers rewards to cardholders on every credit card purchase. The travel reward is most popular among travelers because they can use it to get free flights, free hotel accommodation, and some other travel needs. The cashback reward is very simple and flexible. The point reward can be exchanged for cash or other things.
Charge cards: this card comes with no spending limit thus, allowing the cardholder to spend as they wish. It terms include that all balances be paid in full at the end of the month. Failure to pay up all balances at the end of the month comes with penalty which could be card cancellation, restrictions, or a fee.
Secured and Unsecured credit card: The secured credit cards is for those people free of credit history. The card comes with a security deposit. Also, the card spending limit is the same as the amount of fund deposit in it. And the unsecured credit cards are for those with good credit. This type of card is preferred by most people.
Students credit cards: this is a credit card designed for college students who have no credit history. It is easily approved for students or first time card applicant.
Why the need for a credit card?
It is very easy to carry in pocket or purse than cash
It reduces spending limit
It comes with rewards
They can be used in all currency
Customized Co-branded credit cards are available for customers. Credit cards are great choices to have for convenience.
About the Author:
I am a keen writer on credit card programs and has numerous views and opinions, many publishes at CNN and new resources on co-branded credit cards.
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