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Various Types of Credit Cards - Part 2
Several different types of credit cards offer several
different options, depending on what your needs are. Some are
geared toward individual consumers while others are set up in
ways that work best for small business needs. To know what type
of card fits your needs, let's review a few of your options.
Business Credit Cards
A business credit card offers the business owner the
opportunity to keep business and personal expenses separate. The
card may offer special business rewards and saving opportunities
that go above and beyond what the individual card owner may have.
Since money management is essential in successfully running a
business, the card may offer an expense management service that
will allow you to keep track of the outgoing money. You can
obtain additional cards for employees who may need them for
travel expenses and such as well as have a higher credit limit
than you normally would on an individual card.
Student Credit Cards
Many credit card companies will issue student cards that have
lower credit limits and fewer incentives to help keep their
spending in check. Still, take note. Many college students
graduate with a credit balance that averages between $3,000 and
$7,000 and with interest rates, this can be a real problem when
trying to pay them off.
Prepaid Debit Cards
Prepaid debit cards are one type of credit card that has grown
significantly in recent years. Although they work like a
traditional credit card when making a purchase, that is where the
similarities end. With prepaid debit cards, you have actually
prepaid and set the credit limit by depositing money onto the
debit card. Depending on how much you have deposited into the
debit card's account depends on how much credit limit you want on
that card. This is a great way to have the convenience of a
credit card without the chance of charging more than you can
afford to pay off.
Credit Cards For Bad Credit
It is possible, even with bad credit to obtain a credit card.
These cards will come with some restrictions not typically found
on other types of cards. Your credit limit will be lower and your
interest rate higher. Some may require you to have a secured
card, meaning you have to maintain a savings or some other type
of account that will cover the expenses on the credit card. Once
you have established that you will be responsible, some, if not
all, of your restrictions may be lifted.
Cash Back Cards
Many cards will now offer you cash back incentives for using
their cards. Depending on how much your balance is and how often
you use the card, you can earn cash back for your purchases. Some
companies offer 1% off your balance while others, like Sears,
will offer you cash off purchases made in their store. Either
way, if you are planning on using a card, finding one that will
offer you a cash incentive is a smart choice.
Copyright 2005 Gibble LLC
For more information and resources on credit cards, please
visit: http://www.thebankcreditcardlist.com
MORE RESOURCES:
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