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Different Types of Credit Cards and Features - Part 1
Just as there are too many credit card companies to count,
there seems to be just as many different credit cards, all
claiming to offer you the best possible deal. Since no two people
are alike, not all programs and incentives will work the same for
everyone. Finding the one that works best for you is key to
maintaining responsible credit card use.
Types of Credit Cards
One of the more recent additions to the credit card world is
the low-interest credit card. If you live anywhere in the U.S.,
you've probably already received information regarding this type
of card. These cards offer a significantly lower interest rate
than some of the older ones that you may already have. Also, most
of these cards are also balance-transfer cards. They offer you
the option of transferring a balance from a higher interest rate
card and, for a specified period of time, your transferred
balance will be at either 0% interest or something quite low.
This can end up saving you a fair amount of money, particularly
if your hope is to pay it off.
Since credit cards have gotten to be such a lucrative
business, many corporations have jumped on the bandwagon. Even
airlines now offer credit cards to customers that will come with
a certain amount of frequent flyer miles attached to them,
depending on your balance and purchases. If you do a fair amount
of traveling, this can be a real bonus. Along these same lines,
reward credit cards are growing in popularity. Competition is
stiff and many card companies are now offering you many different
reward or incentive options for using their card. Once you
accumulate enough points, the rewards will pore in. These can be
anything from travel insurance to small appliances and anything
in between. If you use a card regularly, finding one that has a
reward program can really pay off.
Another form of credit card is the instant approval card.
Again, many of these applications come in the mail, some even by
e-mail. These cards offer you the opportunity to apply for a card
and receive instant approval, meaning no wait time. Once you fill
out the application, a quick background check will be done and
you will have your approval almost immediately. Other cards can
take up to two weeks to process and approve your application.
Although you can get instant approval, this does not always mean
you can get instant credit. Some companies will supply you with a
temporary credit card number and allow you to begin making
purchases immediately, while other will not due to an increase in
credit card fraud potential.
Since there are so many options when it comes to choosing a
credit card, do a little research before you apply. Decide what
type of card will best fit your needs and apply for that one.
Don't go over board though, applying for too many cards will
negatively affect your credit score.
Copyright 2005 Gibble LLC
For more information and resources on credit cards, please
visit: http://www.bankcreditcardlist.com
MORE RESOURCES:
Credit - Google News
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