There Are Different Types Of Credit Card That Exist Today

Category: Finance, Credit.

Deciding on a card that suits your requirements is considered a wise decision.

Some are better for individual users while others are geared towards small businesses. There are different types of credit card that exist today. Let us find out what types of credit cards are there? Business Credit Cards. And what different features they offer? As the name suggests a business credit card targets small business. The business credit card offer what an individual s credit card can not.

This helps an individual to keep business and personal spending separate. The business credit card may offer some incentives, economy and rewards to the businesses which possibly will facilitate the business beyond what simple cash could achieve. Business credit cards may offer a money management service which could help keep your expenses in check. Money management is essential for running a business. To get higher credit limit, you could get your employees credit cards for travelling and other things. Student Credit Card. Through this they may get higher credit limit than they normally would have.

Many financial institutions or banks offer credit cards to students. This card may have some credit limits so to keep the students spending in check. Although students may not get the same privileges as a corporate employee or a business gets but it still works for a student. Even then some students spend too much and at the end of the month find themselves in deep trouble when they receive their monthly spending slip which also includes the interest rate. Prepaid Debit Cards. So it is recommended, that student should keep their credit card spending in strict check.

Prepaid debit cards are physically similar to the credit cards and they work somewhat similar but they have various different features and functions. One can get a debit card from the bank in which he already has an account. A debit card is unlike credit card in the sense that you can spend only a limited amount of money. Getting a debit card is relatively easier than a credit card. This card is recommended for those people who are not ready to take up the responsibilities that come along with a credit card, they are bad money mangers and as soon as they get a credit card they find themselves in a pile of debt. The spending through debit cards is dependent upon the money you have in your debit card issuing bank account.

Credit Cards for Bad Credit. But it is possible even with bad credit to get a credit card. To get a credit card, you must show the bank you credit history. The difference may be that you will have to pay a lot more interest and will get a limited credit. Cash Back Credit Cards. Once you have established you credit line history, you may get an opportunity to acquire a credit card.

Nowadays many bank offer cash back incentives to the customers for using their credit cards. Depending on how much balance you have and how many times you use their credit card, you can earn cash back for your purchases.

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