An Insight on Different types of Credit Cards - By: Chris Cornell

Credit cards have become an integral part of the life of the people. Gone are the days when people used to carry real money in their pockets. This is the age of plastic money. With the growing use of these cards occurrences of pick pocketing have reduced to a great extent because even if you lose your card you can easily get it blocked within seconds restricting any unauthorized use. With the growing popularity of cards, companies now offer different cards for different target customers. Some of them are:

• Standard Cards: These are the most basic types of cards and are provided by almost all the companies. Customers normally don’t have to pay any kind of security deposit fee and also enjoy lower interest rates on cash withdrawals and purchases.

• Student Cards: As the name suggests these cards are made specifically to suit the needs of students. As students normally don’t have much financial independence these cards offer very low interest rates and have comparatively lower credit limits thus ensuring that the students are able to pay off their monthly bills. These credit cards are only issued to people who are presently enrolled in some type of school or college.

• Business Cards: These cards are exclusively meant for people running a business. These cards can be custom designed depending on the status of the customer. These cards normally have very high credit limits so as to cover any unexpected business costs.

• Rewards Cards: These are credit cards that offer rewards in some form or another every time you use them. They come in different forms. For example, hotel reward card, airline reward card, gasoline reward card, cash reward card etc. Proper care should be taken before choosing such a card as sometimes the interest rates in these cards are comparatively higher than other types of cards.

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