Credit cards are cards that allows the cardholder to borrow money from their bank to make purchases. Co-branded credit cards are made available for customers who wish to have a customized credit card. There are several types of credit cards that are available to customers. It is important to know the credit card that best suit your need and each of them have their uses.
Below are the types of credit cards and their uses: Standard credit cards: Commonly known as the plain vanilla credit card. This is due to the fact that the credit card offers no reward for users. Standard credit card are simple to understand. The funds in the card can be used for purchases and balance up after making deposit.
And, the card must be loaded up before the limited date lapses or else, late payment charges will be charged to the cardholder. Balance credit card: this card comes with a cheap introductory rate on balance transfer. It allows customers to transfer the balance on the credit card to another card while charging a low interest rate.
The travel reward is most popular among travelers because they can use it to get free flights, free hotel accommodation, and some other travel needs. The cashback reward is very simple and flexible. The point reward can be exchanged for cash or other things. Charge Cards: Typically, charge cards have no spending limit. However, all balances must be paid completely at the end of every month. Late payment may require paying a fee, restrictions or simply canceling of the card. Subprime credit cards: They are designed for people with bad credit history, high interest rates and fees. The terms are very discouraging and even at that, people still apply for the card.
Subprime credit cards: These type of cards are offered to people with not too fascinating credit history, or people who often have high rates and fees to settle. The card comes with hard terms but people still apply for the card notwithstanding.
Students credit cards: this is a credit card designed for college students who have no credit history. It is easily approved for students or first time card applicant.
Benefits of having a credit card It is more preferable to carry than cash It reduces spending limit It offers rewards for quick payment Can be used in any currency
Having a credit card and co-branded credit cards makes things easier and comfortable. And thus, have more rewards.
Below are the types of credit cards and their uses: Standard credit cards: Commonly known as the plain vanilla credit card. This is due to the fact that the credit card offers no reward for users. Standard credit card are simple to understand. The funds in the card can be used for purchases and balance up after making deposit.
And, the card must be loaded up before the limited date lapses or else, late payment charges will be charged to the cardholder. Balance credit card: this card comes with a cheap introductory rate on balance transfer. It allows customers to transfer the balance on the credit card to another card while charging a low interest rate.
The travel reward is most popular among travelers because they can use it to get free flights, free hotel accommodation, and some other travel needs. The cashback reward is very simple and flexible. The point reward can be exchanged for cash or other things. Charge Cards: Typically, charge cards have no spending limit. However, all balances must be paid completely at the end of every month. Late payment may require paying a fee, restrictions or simply canceling of the card. Subprime credit cards: They are designed for people with bad credit history, high interest rates and fees. The terms are very discouraging and even at that, people still apply for the card.
Subprime credit cards: These type of cards are offered to people with not too fascinating credit history, or people who often have high rates and fees to settle. The card comes with hard terms but people still apply for the card notwithstanding.
Students credit cards: this is a credit card designed for college students who have no credit history. It is easily approved for students or first time card applicant.
Benefits of having a credit card It is more preferable to carry than cash It reduces spending limit It offers rewards for quick payment Can be used in any currency
Having a credit card and co-branded credit cards makes things easier and comfortable. And thus, have more rewards.
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Another advantage of using MasterCard prepaid cards is the universal coverage. Clients can have access to their account even when they are internationally with co-branded card programs.