The basic fundamentals of credit cards. General reward points credit cards Reward credit cards are similar to cash back cards in that cardholders can accumulate points toward a reward structure, which is based on how much the card is used over time.
Some cards are co-branded with a specific airline, while some are generic and can be redeemed for tickets with a variety of airlines.
General cards treat all gas companies equally, while brand-specific cards favor one gas company.
This eliminates the risk of running up credit card debt and makes the budgeting process much easier. Some expire in five years while others do not expire at all.
Some cards are co-branded with hotels. Cash back credit cards This type of credit card allows you to earn cash rewards for making purchases. Low interest credit cards Low interest credit cards offer either a low introductory APR that jumps to a higher rate after a certain period, or a single low fixed-rate APR.
This type of reward program is beneficial for frequent travelers or those who want to use their card to plan vacations, but the associated fee might make them impractical for other cardholders. Because these reward programs can be costly for credit card companies, many of these cards come with an annual fee.
Secured credit cards are for people with either no credit or poor credit who are trying to build or rebuild their credit history. Compared to consumer credit cards, student credit cards are often scaled back somewhat in terms of rewards, features and other benefits, but they can still be a valuable commodity.
Typical in the market today are balance transfer credit cards with an introductory annual percentage rate APR of 0 percent, with that introductory or "teaser" rate lasting several months up to a year.
Then there are broader hotel and travel cards with which points can be redeemed for travel, theme park admission, stays at major hotel chains and more. Reward points must be redeemed for products or services from that specific retailer.
Low interest cards can be very useful when consumers need make a large purchase because it allows several months to a year to pay it off with very low or no interest. A general gas rebate card, for example, may give you 1 percent cash back for general purchases but rewards you with 5 percent back for buying gas or having auto maintenance done at any company.
The terms of balance transfer credit cards varies between offers, so be sure to thoroughly read the terms and conditions for each card.
A security deposit of a predetermined amount is needed in order to secure the credit card, and the security deposit generally needs to be of equal or greater value than the credit amount.
Retail rewards credit cards These credit cards are co-branded with a major retailer, such as Disney or Amazon.
If used appropriately, a cash back credit card can earn the cardholder a significant amount of money over time. Be sure to thoroughly look over the terms and conditions for each specific card before applying.
You can redeem your points for free nights and upgrades at the hotel chain your card is co-branded with. Student Standard credit cards These credit cards are the most common and are readily available from most banks and financial groups.
The extra fees and low credit lines will be worth it if a secured credit card helps you get your overall credit back on track.
This type of card is best for people who are faithful about paying off their balances each month.
If your credit score is less than satisfactory, it does not mean you cannot qualify for a credit card. Collateral can come in the form of a car, boat, jewelry, stocks or anything else of monetary value.
Points are accumulated by making everyday purchases, though cardholders are awarded with double or triple points for making purchases from the co-branded retailer. The more the card is used, the more cash rewards you receive.
Points accumulate for each dollar charged on the card, and cardholders can redeem these points for various rewards. Every credit card is a bit different and promotional offers often change, so be sure to thoroughly look over the terms and conditions for each specific card before applying.Credit Card vs.
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