Hey Customers! Isn’t it amazing to discover vast ranges of credit cards that are present in the market recently? But another problem arises how will you pick the right type of credit card? Do not worry! You will be going to receive all the relevant detailed information regarding different types of credit cards and their benefits.
To help you clear your doubts in choosing the best type of credit cards, you need to consider the list given below for better understanding. Check the different types of credit cards and select the best that suits your needs.
Also Check: American Express Credit Cards 2020
List of Different kinds of Credit Cards:
1. Rewards Credit Cards
This form of credit card offers huge cashback, travel benefits, and points on every purchase made using this type of credit card. Some of the customers in United States prefer flexible cashback rewards while others love to redeem their reward points into cash or other merchandise.
Best reward credit card that only focuses on branded hotel, retail, and airline credit cards are:
- Capital-One Venture-One Rewards credit card.
- Chase Sapphire Preferred reward credit card
- Wells Frago Propel American Express Card
- Capital One quick-silver Cash Rewards Credit Card.
2. Balance Transfer Credit Cards
This category of credit card offers a less introductory rate while transferring balance for a limited period of time. If you are looking for ways to save money on high-interest rate on an existing card, balance Transfer Credit Card is a perfect choice for you. However, you need to remember that you will not be able to transfer balances between credit cards from the same financial institution.
Best Balance Transfer Credit cards are listed below:
- Amex Everyday Credit Card is best for earning rewards.
- Citi Simplicity offers a 0% APR for a long period.
- Chase Slate Offers low introductory balance fees.
- Simmons Visa is known for its low APR.
3. Student Credit Cards
This type of credit card is specially designed for college and university students in United States. Considering that these students or young adults have little or no credit history at all. Student credit cards may offer additional perks such as a minimum rate of interest on balance transfer, rewards, and so on. However, before joining this type of credit card, you require to keep in mind that students must be enrolled in a four-year course at an accredited university to receive approval for a student credit card. Indeed receiving a top quality credit card gives an opportunity for students to build their credit before leaving colleges and universities.
The most popular Student Credit Cards in US market are:
- Bank of America Travel Rewards Student Credit Card
- Capital-One student rewards credit-card
- Discover It student credit card
- Wells Fargo cash back card for College students.
4. Subprime Credit Cards
If you are struggling with finances and do not have any idea what to do now, then you can join a subprime credit card. However, you need to be aware of its high fees and rates of interest. You will receive a quick approval even if you have a poor credit history, but its terms and conditions are often confusing. This is indeed a situation of high risks which you have to take alone. You can select any one of the credit cards that provide quick and easy approval even if you have a disastrous credit history.
Best Subprime Credit Cards:
- Credit One Bank Platinum Visa
- Capital One Secured MasterCard
- Green Dot-Primor Visa Gold secured Credit-Card.
5. Secured Credit Cards
This credit card is an option for those customers who do not enjoy an attractive credit-history. This card requires you to pay a security deposit before giving you final approval. Secured Credit offers credit limit that is equal to your security deposit. It is worthy to note that you are expected to make monthly payments within deadline on your secured credit card balance.
Best Secured CC that are available in United States are:
- Capital One Secured MasterCard.
- Discover It Secured.
- Green Dot Gold Secured Credit Card with low APR.
6. Business Credit Cards
This type of credit card is specially designed for trade owners. Business credit-cards offer big business owners with simple methods of keeping personal and business transactions separate. Your personal credit history is considered while joining a business credit card because of credit card provider checks on the accountability of individuals for maintaining a healthy credit card balance.
Some of the best business credit cards, business owners and their employees benefited are Capital One Spark Cash Credit Card, Discover It, CitiBusiness Platinum MasterCard, and Wells Frago Business Credit-Card. Thus an analysis of the various types of Credit cards available in the markets has been given. So what are you waiting for? Finalize your wish list and choose the best credit card option that is compatible with your choices.