Secured credit card

Secured credit cards are types of card that requires a security deposit as collateral before you can get approval. Its type of card that best suit the need of people with no or poor credit who are trying to build their credit history. Your collateral must be equal or greater in value of the credit amount you are applying for.

 It can be anything of high monetary value like boat, jewelry, shares, house etc. Just like any other cards, you have to make sure that you study the terms and conditions associated with this card very well before taking the card. It’s even very important in this case when you are building your credit history.

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Business credit cards

These are the card that’s available for business owners, directors and business executives. They come with several features just like any traditional credit cards. You have to consider the terms and condition for these types of cards too before applying.

 

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Student credit cards

These are another type of credit card specifically for students. These types of cards are made for students because of their lack of credit history, and if given chance they can build their credit history with such card.

 

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Prepaid credit cards

These are set of cards that are just acceptable wherever the traditional credit cards are acceptable, but they are not credit card. You will have to always transfer money to your card before you can make use of the card and you may not be able to spend more than you prepaid for the card. 

Presently this is almost the best card for people that want to avoid interest and other fees charged on traditional credit card.  However, other little charges like monthly fees, application, over limit and ATM fees are still applicable.

Whichever card you decide to choose make sure that you go over the terms applicable very well to avoid putting yourself in financial bondage. In second part of this article we will continue looking at other types of credit card.

 

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Business Credit Cards

Balance credit cards are unsecured standard cards designed to allow consumers to save money in interest charges by transferring higher interest credit card balance onto a lower interest rate credit card.

 

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Low Interest credit cards

Low interest credit cards are other types of non secured standard credit card. They offer either low introductory APR that change to a higher rate after a certain period of time or a low fixed rate. You can take advantage of the low introductory APRs to make larger purchases for now and pay them off several months later.

Make sure that you study the terms of any of the card that you pick very well to avoid risking your credit rating. Also, when you pick any of the reward cards make sure you study the forms and offers very well because credit card issuing companies do offer different reward programs and their promotional offers often change. So make sure you thoroughly look over the card’s terms and conditions of each specific card before applying.

 

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