Most people don't realise how important and hard it is to make the right choice when it comes to credit cards. If you have the right credit card, you can get the most out of it without going into debt.
Which type of credit card is best for you?
Low Interest Credit Card: If you only want a credit card so you can pay for emergencies when you don't have enough cash, this is the best type for you.
Reward Credit Card: Every time you swipe your credit card, you get a certain number of points based on how much you've spent. You can later trade the points you've earned for different prizes.
Airline Miles Credit Card: This is a reward credit card that only lets you earn airline miles. When you buy your plane ticket with this credit card, you can get reward miles. Later, you can use them to get cheaper plane tickets or even fly for free! The same rule holds true for credit cards for gas.
Student Credit Card: Lately, credit card companies have been making cards just for students. Even though these cards have higher interest rates, they often have fun designs and special reward programmes that were made to give students as much fun as possible. Often, proof that you went to school is needed. It helps if you go to a school that is recognised and if you get good grades.
Secured Credit Card: Even if you have bad credit, you can still get a credit card as long as you don't mind having a secured one. This kind of credit card requires you to put money into your bank account. This money is used as collateral in case you can't pay off your credit card debt. Your credit card limit could be the same as or more than what you've put on it.
Prepaid Credit Card: This isn't really a credit card, but it works like one in most ways. How much you can spend with this card will depend on how much money you put into its account. You can't spend more than you've put into the account. The main difference between it and a secured credit card is that the card limit on a secured credit card can be higher than the value of the deposit.
Business Credit Card: This card works just like any other credit card, but it has a few extra features that make it great for business use. With a business credit card, your personal and business expenses can be kept separate. This makes it easier to keep track of your monthly tax totals. It can also give you reports on your business's expenses and special rewards for your business. You can also give your employees extra cards. You can also choose to change your employees' credit limits if you need to.
Home-Secured Credit Card: This is like a secured credit card, except you use your home as collateral instead of money. You know what will happen to your home if you can't pay off your credit card debt, don't you?
Think of using a Charity Credit Card as shopping for a good cause. Every time you use your credit card to buy something, a small amount of your money will be given to the charity that the credit card company is supporting. This is a great way to clear your mind if you feel bad about how much you care about things.
