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Types of Credit Cards
There are many different types of credit cards available. Use our resources below to help you determine what credit card may be right for you.
Click on the Credit Card Type to get more information.
Low APR Credit Cards – Low APR Credit Cards are amongst the most popular credit cards available. If you have no special purpose for your credit card, like earning air miles or points, then a low APR can save you money with lower interest payments over time. There are many things to keep in mind about low APR credit cards that can hurt you…
Business Credit Cards – Keep your business and personal finances separate with business credit cards. This will save you headaches around tax time. Plus you can earn rewards on small and medium business related purchases like office supplies. Business credit cards can help your business get ahead, but there are some downfalls and a few things to be aware of…
Frequent Flier Credit Cards – If you travel a lot for pleasure or travel for business then a frequent flier credit card will save you a lot of money, and earn you many free flights or bonuses. For every dollar you spend you will earn a certain amount of “airmiles”. You can trade your miles for flights or other rewards like hotel rooms.
Student Credit Cards – An effective way to start building good credit is with student credit cards. High School or college students have a better chance of qualifying for student credit cards if they have not built any credit in the past. Many student cards will be entry level credit cards with low balances, but remember to avoid money you do not have…
Cash Back Credit Cards – Rewards credit cards will allow you to trade your points for nearly anything, sometimes even new clothes. Cash back credit cards will allow you to rebates on certain purchases. In some cases you can get a check back from the credit card company for what you have earned. There is a trick to these cards so…
0 Interest Credit Cards - 0% Interest Credit Cards have an introductory period where you will pay no interest on purchases and possibly transfers. The 0% introductory period usually lasts about 6 months to 12 months. Be sure to read the fine print to find out what the rate is after the intro period. Many people use these cards to…
Balance Transfer Credit Cards – This type of credit card is great for transferring large amounts of debt onto another card, which then saves the individual money from interest charges. These credit cards offer 0% intro APR’s for a period of 6 months, 12 months or 18 months from the time the card is activated. These credit cards will also offer 0% balance transfers, thus saving you money from interest charges on your other cards.
Instant Approval Credit Cards – In today’s economy, finding instant approval of credit is hard to come by. With many new regulations its hard to find a credit card company that can instantly approve an individual for a new credit card. Most of these cards will let you know if you have been approved within 60 seconds. Instant Approval cards usually require great credit, so if you have less than good credit, this card won’t be for you.
Hotel Rewards Credit Cards – Although many credit card rewards programs cater to all types of rewards, these hotel cards are specific to hotel chains. If you travel on a regular basis these cards might be great for you. Not only can you get free hotel stays, but you can also get discounted hotel rooms, rental cars, free flights and most any other travel related purchase.
Gasoline Rewards Credit Cards – These are specific cards to help you save money at the pump. Usually gasoline credit cards are gas station specific, but some of these will let you earn more reward points or bigger discounts with any gasoline purchase. With many gas cards you can save each and every time you fill up, and earn rewards to save even more money or redeem the points for…
Reward Points Credit Cards – Generally you earn 1 point for every $1 you spend. Some cards offer more points for gas purchases, supermarket purchases and traveling purchases. With these cards, they tend to have a large ‘rewards points online store’ where you can redeem your points for just about anything from fashion, electronics, gift cards, travel, to even charitable giving and credits to your account statements.
Charge Cards – These cards are great for business owners who need access to large amounts of money. They generally are limitless cards with no interest rate. By using these cards, you avoid high APRs and the ability to rack up credit card debt. These cards are required to be paid in full every month, but if you cannot pay you will be charged high fees and interest on the total debt.
Excellent Credit – Looking for a quick credit card and have excellent credit? These cards are some of the best of the best and offer the lowest APR’s, little or no annual fees and more in rewards and incentives. You need to have very good credit and history to qualify for these cards.
Excellent credit = 800+
Great Credit – These credit cards are easy to get with a great credit score. Some are just as good as the credit cards offered to individuals with excellent credit scores. Although not the best, these cards offer some low APR’s, low yearly fees and some great incentives and rewards programs.
Great credit = 730 – 799
Good Credit – Harder to get, but still obtainable are these credit cards for individuals with good credit scores. They also offer low APR’s but not the best. These cards usually have yearly fees and lower credit limits. Those that do no qualify for the Great or Excellent cards usually qualify for this level.
Good credit = 680 – 729
Fair Credit – With fair credit you can still get a credit card, some will require a security deposit for a period of time. These cards also have much higher APR’s, yearly fees and no rewards programs. Plan on using these cards for short term use to rebuild your credit until you qualify for better.
Fair credit = 580 – 679
Bad Credit – If you have bad credit these cards might work for you. These credit cards can help you rebuild your credit or help you stop from going further in debt. Generally an individual with bad credit can’t qualify for a credit card unless if they put down a significant security deposit or use a prepaid credit card. Generally no credit card company will give a normal credit card to someone with bad credit. Therefor they create these poor credit options.
Bad credit = 500 – 579
Credit Card Definition: “A credit card is a plastic card allowing someone to make a purchase on borrowed money.”
A credit card entitles its user to purchase goods and/or services based on the users obligation to pay the issuer of the credit card back in full. The issuer of the credit card will give the user a maximum credit limit in which the user can borrow against. The user can use the credit card to make purchases or take cash advances.
Credit cards allow the consumer to carry the balance of the credit card from one month to the next. Interest charges will accrue if a balance is carried from on month to the next. The interest amount is determined by the interested rate agreed upon between the issuer and the user of the credit card.
In western culture Credit cards are one of the most popular forms of payment for consumer goods and services.
