Sorts Of Credit Cards And Selecting One

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Almost everyone over the age of consent (18 or 21) has or wants a credit card nowadays and they are accepted in almost every establishment. There are three major sorts of credit card in use in America. The first main kind of credit card is travel and entertainment cards such as American Express or Diners Card. These have to be paid in full at the end of the month and are liberal on spending limits.

The second major sort of credit card is the bank card such as Master Cards, Visa, GM, and Ford cards sponsored mostly by the banks. The bank defines the spending limits, which in bank parlance, is known as the credit line and each offers different terms and conditions. Banks offer a choice of payment methods: either pay the balance in full with no interest or pay the minimum or some part of the balance with a finance charge.

The other major sort of card is the retail store card, such as Sears, J.C. Penney, Shell or Mobil. These store cards and the ones from gas companies, which are known as fuel cards, are only accepted in specific countries. They usually do not carry annual fees. There is a wide variance in the terms and conditions for these cards.

Different kinds of credit cards offer different options. Some are designed for individual consumers, while others are set up in ways that work best for small business needs. To know what kind of credit card fits your needs, you should review a few options.

How to Select your Credit Card.

Credit cards are a part of everyday living for most people who live in the west. It’s becoming increasingly impossible to avoid them, especially for business men. So, if this is the first time you are about to enter into the realm of credit cards, here are some of the basics you ought to look out for.

First, compare the interest charged by all the credit cards you are interested in. While the rate will not remain fixed for ever, it’s always better for beginners to go for the one charging the least interest.

Read the small print carefully, especially on the other charges that can be applied, like late-payment fees, annual fees, and whether there is a grace period which is normally given before the finance charges are applied.

Decide which spending limit is most suitable for a person of your income. Furthermore, the fewer credit cards you use, the better placed you will be to track your spending pattern.

You should compare the services and other features such as the cash back incentives, or warranties, rebates and the like and check whether the card is taken widely enough to suit your needs.

You will help yourself by acquainting yourself with the following terms: 1] Annual Percentage Rate: this is the annual cost of the credit. 2] Finance Charges: these are the total charges involving the transaction. 3] Period of Grace: This is the period of time the card issuer allows you before they commence charging you interest on new purchases. (NB: not all credit card issuers allow a grace period).

If you are considering changing or getting a Credit Card, have a look at the free advice on our web site on using Credit Cards wisely.

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Article Citation
MLA Style Citation:
Jones, Owen "Sorts Of Credit Cards And Selecting One." Sorts Of Credit Cards And Selecting One. 28 Dec. 2009. uberarticles.com. 9 Feb 2012 <http://uberarticles.com/finance/credit-and-debit/types-of-credit-cards-and-choosing-one/>.

APA Style Citation:
Jones, O (2009, December 28). Sorts Of Credit Cards And Selecting One. Retrieved February 9, 2012, from http://uberarticles.com/finance/credit-and-debit/types-of-credit-cards-and-choosing-one/

Chicago Style Citation:
Jones, Owen "Sorts Of Credit Cards And Selecting One" uberarticles.com. http://uberarticles.com/finance/credit-and-debit/types-of-credit-cards-and-choosing-one/

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