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Different Types of
Credit Cards and Features
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Various Types of Credit Cards
Several different types of credit cards offer several
different options, depending on what your needs are. Some
are geared toward individual consumers while others are set
up in ways that work best for small business needs. To know
what type of card fits your needs, let's review a few of
your options.
Business Credit Cards
A business credit card offers the business owner the
opportunity to keep business and personal expenses separate.
The card may offer special business rewards and saving
opportunities that go above and beyond what the individual
card owner may have. Since money management is essential in
successfully running a business, the card may offer an
expense management service that will allow you to keep track
of the outgoing money. You can obtain additional cards for
employees who may need them for travel expenses and such as
well as have a higher credit limit than you normally would
on an individual card.
Student Credit Cards
Many credit card companies will issue student cards that
have lower credit limits and fewer incentives to help keep
their spending in check. Still, take note. Many college
students graduate with a credit balance that averages
between $3,000 and $7,000 and with interest rates, this can
be a real problem when trying to pay them off.
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Credit Card Information
»Credit Card
Information
»Types
of Credit Cards I
»Types
of Credit Cards II
»Various
Features
»APR
Explained
»Choosing
a Credit Card
»Credit History
»What
is a Credit Report
»Credit
Card Numbers
»Expiration
Date
»Application
Process
What to do When...
»Your
Credit Card is Stolen
»Your
Application was rejected
»You
Have no Credit History
»You have Credit
Card Debt
»You have to pay your bill
Business Owners Section
»How
Credit Cards are Processed
»Accepting
payments online
»Accepting
payments offline
»Protecting
Your Business From Fraud |
Prepaid Debit Cards
Prepaid debit cards are one type of credit card that has
grown significantly in recent years. Although they work like
a traditional credit card when making a purchase, that is
where the similarities end. With prepaid debit cards, you
have actually prepaid and set the credit limit by depositing
money onto the debit card. Depending on how much you have
deposited into the debit card's account depends on how much
credit limit you want on that card. This is a great way to
have the convenience of a credit card without the chance of
charging more than you can afford to pay off.
Credit Cards For Bad Credit
It is possible, even with bad credit to obtain a credit
card. These cards will come with some restrictions not
typically found on other types of cards. Your credit limit
will be lower and your interest rate higher. Some may
require you to have a secured card, meaning you have to
maintain a savings or some other type of account that will
cover the expenses on the credit card. Once you have
established that you will be responsible, some, if not all,
of your restrictions may be lifted.
Cash Back Cards
Many cards will now offer you cash back incentives for using
their cards. Depending on how much your balance is and how
often you use the card, you can earn cash back for your
purchases. Some companies offer 1% off your balance while
others, like Sears, will offer you cash off purchases made
in their store. Either way, if you are planning on using a
card, finding one that will offer you a cash incentive is a
smart choice.♦
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