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Types of Credit Cards
Credit Card Types:
It’s up to you, what’s your pleasure?
Even though they are all made out of cheap plastic, and probably even produced by the same card manufacturing company, all plastic credit cards are NOT the same. There are very different types of credit cards. Which is better? Well that depends on you!What are your needs? What is your situation? If you’ve already got a lot of debt or are in the bankruptcy mill then getting a credit card is not right for you. It might even be downright unlawful!
If you are rebuilding your credit after just having come through a financial catastrophe then not all card options may be suitable for you, or available to you. And if your credit is in excellent shape and you are flying high financially then you may want to check out any of the available credit card programs available in order to get the finance, purchase and payment features that your creditworthiness entitles you to.A “credit card” lets you make point of sale purchases on the confidence of your credit lending agency. You pay on the credit you’ve used in monthly, in certain amounts that are less than the total.
And you don’t show any cash when you buy. The fact that Visa or MasterCard is vouching for you is enough to let the vendor know that you mean serious business. No retailer wants to get the negative attention of these very powerful entitles by disrespecting their card holders out of hand.After all, you made your relationship with your card issuer on the basis of mutual respect and friendship. So that if an honest customer, such as yourself, purchasing in good faith should ever find himself treated badly by some vendor then that vendor could come under the scrutiny of one of these huge money entities- and then they would worry about you.
Even though it looks the same and appears to work in the same ways the debit card is a bit different form the credit card. Debit cards shift the money to the vendor from your account right at the time of purchase. You don’t’ get any statements and don’t’ get some of the finance features offered to the credit card holders. But it is quick and convenient and it does the job most of the time for most of us.Then there is a species of credit t card known as the secured credit card. To get the card you need to put a certain amount of money on deposit with the card issuer. The issuer will then let you have a card that will let you use a percentage of your money.
Why, you might ask, would I ever consider having access to less cash than I have on deposit? The answer is because the person may be getting squeezed by bad credit. They want to reestablish their credit by manufacturing a reliable credit card use history, so it is in the mutual interest of lender and card applicant to do this. Then there are travel and entertainment cards. They don’t charge any interest to the cardholder but their entire balance is due every month. Diners Club, American Express and Carte Blanche are the most recognizable examples. When you get them use them, but don’t abuse them or you’ll be surprised at how quickly lose them.
