Thursday, January 24, 2019
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What is The Best Of Credit Card For You?

The Best Of Credit Card For You
What is The Best Of Credit Card For You?. If you need a credit card, you will certainly find a credit card issuer who offers a credit card that suits your needs. Currently there are hundreds of credit cards issued by many credit card issuers. The first thing you need to do when applying for a credit card to choose a credit card is to find out what type of credit card you want based on your needs.

Do not let the wrong choice because of each type of credit card that available to consumers has a variety of different benefits based on the services provided. Latoya Irby, as stated at thebalance.com, mentioned there are 10 types of credit cards, including how to use them wisely to suit your needs.

  1. Standard Credit Cards

Because of its standard type, this credit card does not offer many prizes. This card is also relatively easy to understand. For this reason, those of you who don’t like complicated things and don’t need a gift, a standard type card is perfect for you.

A standard credit card allows you to have a rolling balance up to a certain credit limit. Your credit balance will be reduced or even exhausted when you make a purchase but will be automatically replenished when you make a payment. Generally, card fees will be applied to the balance at the end of each month. This type of credit card allows you to make a minimum payment on the due date and that you must do to avoid late payment penalties.

  1. Balance Transfer Credit Cards

This type of card is equipped with facilities with the ability to transfer balances. The benefits that you can get are low delivery rates on balance transfers for a certain period of time. Credit cards with balance transfers are suitable for you if you want to save money with a high interest rate balance.

Interest balance transfer rates vary per card. You can even get a 0% interest if you make a transaction at least twice a month. It is important that you note that the lower the level of promotion and the length of the promotion period the more attractive this type of card will be. You certainly will often need good credit to meet the requirements set.

  1. Reward Credit Cards

As the name implies, a reward card is a card that offers prizes for credit card purchases. There are three types of reward cards: cashback, points and trips. The desires of each card holder vary, some people prefer flexibility in return for money, while others like points that can be exchanged for cash or other merchandise. Of the three types of gift cards, travel gift cards remain a favorite among travelers because the owner of this card can get free flights, stay at hotels, and other travel facilities.

  1. Student Credit Cards

Student credit cards specifically designed for students. Many banks offer student credit cards because generally they still have little or no credit history. For students it will be easier to get approval for student credit cards than other types of credit cards.

Student credit cards are usually equipped with facilities in the form of additional benefits such as gifts or low interest rates on balance transfers. But this is not the most important feature for students who are looking for a credit card. To get a student credit card, the condition must be registered as a student at a university that has been accredited for four years.

  1. Charge Credit Cards

If you are a charge card holder, you are free to use it as you wish, because this card has no spending limit. However, you must always remember that bills must be paid in full at the end of each month. That’s why charge cards usually don’t have financial fees or minimum payments because the balance must be paid in full. Like other types of cards, if you pay late, you will be charged a fee, a fee limit, or a card cancellation depending on your card agreement. To get this card is not easy. You usually have to have a good credit history to be eligible for a charge card.

  1. Secured Credit Cards

For those who do not have a good credit history, a secured credit card is the right choice. This card requires a security deposit. A secured credit card requires a security deposit to be inserted on the card. Secured credit card limits are usually the same as the amount of deposits made on the card. You are expected to be able to make a monthly payment for your credit card balance.

  1. Subprime Credit Cards

For those of you who have experienced using a credit card, surely you know that subprime credit cards are one of the worst credit card products. This card usually has a high interest rate and cost. For this reason, it’s not surprising, if the credit card issuer targets applicants who have a bad credit history.

  1. Prepaid Card

Each prepaid card holder must fill in the balance before the card can be used. This is because every purchase using a card will be automatically withdrawn from the card balance. Expenditures are limited to the balance on your card. Prepaid cards do not have financial fees or minimum payments because the balance is withdrawn from your deposit. This card is not a real credit card, so it cannot directly help you rebuild your credit score.

  1. Limited Purpose Cards

According to the name and designation, limited purpose credit cards can only be used in certain locations. The use of this credit card is limited to the minimum payment and financial costs. Examples of using this card are credit cards for gas and other limited purposes.

  1. Business Credit Cards

For you business people, a business credit card is right for you because it is designed specifically for business use. This card is easy to use because of the separation of business and personal transactions. For card issuance, publishers still need to hold individuals accountable for credit card balances. For this reason, your personal credit history is required.