Year 2015 has commenced eventually and you must have started working towards giving practical form to the resolutions set by you, right? Saving maximum money or making best use of bank’s services must be at the top of your resolutions’ list, right? So, are you aware about the credit card types that are available for you by various banks?Are you looking to have the information about the same? Well, you need to scroll various pages of web to get full-fledged information about this topic. Got saddened? You don’t need to, as here in this single post, I am covering everything  starting from what credit cards mean toproviding list of different types of prepaid/joint credit cards. Just brace yourself to keep reading the post ahead.

Credit Card Information

There is no point in going ahead in this post before making you aware about the term itself. Credit card is a plastic card that is issued by bank. This card is best used to shop online. With it, you can opt for EMI options while buying things online. Many online retailers offer zero interest EMI option, which is nothing less than a boon. Apart from it, with credit card, you can take out the cash whenever you want to. Such case is known as cash advance and you need to pay interest rate on the cash that you take out. The interest varies from bank to bank.

Joint Credit Card

Joint Credit Card is what can be issued to multiple individuals or organizations. It is issued one the basis of combined incomes, assets and credit histories of people who apply for joint credit card. You just need to contact the bank with required documents to get joint credit card. This is mostly applied by married couples. Before you apply for it, I would like you to know the pros and cons of it.

Different Types of Credit Cards

Standard Credit Cards

No deposit is needed to apply for this credit card. You just need to meet the set criteria and must be of above 18 in age. These cards have revolving credit lines.

Reward Cards

These are cards that offer reward programs. The rewards could be in terms of direct saving, discounts, points. The points can be used to claim discount on various services like air tickets, railway, bus travels, movie tickets, etc. Since these cards are with complex rules, so I would recommend this type to only those who can understand the complexity. This is meant for only those who have good habit to pay whatever balance in the end of month.

Premium Credit Cards

Gold and Platinum types fall under this category. Customers with excellent credit can only opt for this type of credit cards. The customers of this type of cards are usually people who have very high salaries. The interest and fees are very high in this case. Good on-the-spot service and personal assistant is offered to customers with this type of credit cards.

Secured Credit Cards

These are also known as pay-as-you-go cards. Just open the account and then deposit the intended amount in it. This amount tells what credit card line will be set to your secured credit card. You usually get 50 to 90 percent of total deposited amount as your credit card limit. Just like the above type, high interest and fees are applicable in this case as well.

Specialty Credit Cards

These type of cards are offered by the bank through major retailers, affiliations, partnerships or service providers. Generally, partnership with organizations with social cause is supported by these type of cards. Whatever purchase you opt for using this card, a small portion always goes to the partnered organization.

Prepaid Credit Cards

These are cards which provide a specific line of credit. With this type, you can borrow the money. You are just eligible to spend the amount that you have loaded yourself to your prepaid credit card. If you are one of those who don’t think will face the need of borrowing money from bank, must opt for this one.

Best Credit Cards 2015

I hope you have now good information about the credit cards and their types. To help you in selection task, I am here, in this last section, talking about the best credit cards 2015. Below is the list of best credit cards for 2015.

• Chase Freedom
• Chase Slate
• Citi Double Cash Card
• Capital One Venture Rewards Credit Card
• BankAmericard Travel Rewards Credit Card.

So, it was all about to share about credit cards. Now what are you waiting for? Do a little research by keeping your needs in mind and apply for best credit card meant for you.

rajkumar

Raj Kumar is a qualified business/finance writer expert in investment, debt, credit cards, Passive income, financial updates. He advises in his blog finance clap.