Credit card and its Types

Credit card and its Types

Credit card users are increasing day-by-day as it provides easiest way of buying things and paying bills. Before talking credit card we should first decide which type of card we should we prefer. There are many types of credit card depending on our usage. Different Cards will offer different offers and discounts. Here are some type of Credit cards and their usage.

Types of Credit cards:

Standard Credit card: This is the most common credit card. Anyone can use this type of Credit card. There is a limit of some amount and we have no option to cross this limit. We can use this Credit card in all places and can pay the due later before the prescribed time limit.

Premium Credit card: This Credit card is much higher than Standard Credit card. Premium Credit cards offers many offers like travel discounts, Credit points, cash back and so on. The best way of using Premium card will add Reward points to our account which will be more useful for many discounts. Platinum card, Gold card and Visa card will fall into this category as it also offers many discounts depending on our usage.

Chargeable Credit card: This type of credit card is only for some special people who have higher income and has no limit. We have to pay the due amount within one month at any cost and hence there is no limit of amount.

Secured Credit card: The name itself indicates that this type of Credit card is secure when compared to others. There is a certain limit of amount to borrow and we should not cross this limit. The amount of interest is also very less. We have to pay some minimum amount at least monthly to avoid interest. No need to pay entire amount at a time. We can also pay in instalments which will be easy for us.

Special Credit card: This type of Credit card is most commonly useful for business customers as this offers partnership facility. Generally this type of Credit card is issued to only Organizations and to multiple persons. The specialty of this card is it provides partnership facility based on that particular organization’s principles.

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