Types of Credit Cards

Looking to get a credit card? Before you fill out a credit card application, you need to decide what type of credit card will work best for your specific situation. The following is a brief description of the common types of credit cards available through banks or other financial institutions.

Standard Credit Cards
Standard credit cards are the most typical type of credit cards. These are unsecured credit cards that are readily available from most banks and financial groups. These types of cards vary in how the annual percentage rate (APR) is offered or calculated. Here are several examples:

• Balance Transfer Credit Cards


• Low Interest Credit Cards

Credit Cards with Rewards Programs
Credit Cards with Rewards Programs usually "reward" the card holder incentives, rebates and even cash back rewards for purchases they make on their credit card. You can get additional airline miles, cash back rewards or discounts on merchandise for each dollar charged on such a card. Rewards Cards usually require better than average credit for approval. Some examples are:

• Airline Miles Credit Cards


• Cash Back Credit Cards


• Rewards Credit Cards

Credit Cards for Bad Credit
Credit can easily go from good to bad with poor judgment, mismanagement of credit cards or simply a change in job or financial situation. This does not mean you cannot get a credit card. There are several options available for people who have had bad credit in the past and for those who are currently trying to repair their credit.

Depending on your specific situation, debt consolidation, use of introductory APRs on balance transfers or other options may be the best choice. However, if you still need credit or want to start repairing your credit by proof of action, there are several credit cards designed to help "rebuild" poor credit histories. Like:

• Secured Credit Cards


• Prepaid Debit Cards

Specialty Credit Cards
Specialty credit cards are for individuals with unique and special needs for their credit use. Examples of these types of cardholders include business users and students. These credit card programs are designed specifically to meet the needs of these particular groups. e.g.

• Business Credit Cards


• Student Credit Cards

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