Different Types of Credit Plastics Explained
There are literally hundreds of different types of credit plastics out there from a list of never ending providers, all of who are trying hard to throw their cards at you.
So you can see how easy it is to become overwhelmed and confused when you're trying to decide which card is best for you. But don't panic just yet!
We can help you find the right credit card for your needs. But first, it's crucial you understand the various credit cards available right now.
Cash Back Credit Cards
Cash back credit cards are simple. Your issuer will award you a small percentage of your spending back in cash! So the more you spend, the more you'll earn back. This is great for those who presently have a regular spending pattern or make expensive purchases.
Credit Cards With Rewards
Do you pay your balance in full each month or make large purchases on credit? If so, credit cards with rewards are a great choice.
They're similar to a cash back credit card, but you collect points for each purchase you make. Instead of cash, these points can be redeemed for free flights, car rentals, hotel stays, gasoline, gift cards, statement credits and more depending on which type of rewards card you choose.
Balance Transfer Credit Cards
Credit card issuers aren't just trying to get first time card holders. They are also looking to lure customers from other card providers. One of the most effective ways of doing this is to offer balance transfer cards.
Customers can benefit from an introductory offer of zero interest on their transfered balance for a set period of time, normally between one year and 18 months, saving you a huge pile of cash!
Student Credit Cards
Student credit cards are specifically designed to meet the needs of college and university students.
They often come with extras that are tailored to help students through their studies, such as discounts for music and clothing stores. If you're a responsible student, this type of card could benefit you.
Credit Cards for Poor or Bad Credit
For the millions of people with poor or bad credit histories, there are specific cards available to help you rebuild your credit rating.
Credit cards for poor credit or bad credit are a good way to do that. Initially, you will be granted a small line of credit, but your limit will increase as you use your card responsibly and make timely payments.
Prepaid Credit CardsAnother type of card is the prepaid credit card. These cards work much like a debit card. You simply pre-load the card with your own money so you'll always know how much you have available to spend.
There are no credit checks required and you can never go overdrawn or spend more than you've loaded on to your card.
If you don't have a traditional credit card, either by choice or because of past credit issues, a prepaid credit card is a great alternative with zero risk to your credit file.
Now that you understand the various credit cards available from creditors, visit our credit card search.
There you will be able to search for cards based on type (cash back, rewards, student, business, etc.) as well as by interest rate, card ratings and more!