Types of credit cards
Below is a MRR and PLR article in category Finance -> subcategory Credit.
Types of Credit Cards
Understanding the various types of credit cards can help you choose the best one for your needs. Here’s a breakdown of common credit card types:
Debit Cards
Although not a traditional credit card, a debit card allows you to make transactions directly from your bank account. When you use a debit card, funds are deducted from your account balance. While it doesn’t offer a pay-later option, it allows for cash-free shopping and ATM withdrawals.
Charge Cards
Charge cards are a type of credit card requiring full balance payment at the end of each month. Unlike other cards, they typically have high or unlimited spending limits since you must settle the balance in full each billing cycle.
Store Cards
Issued by retailers, store cards are designed for purchases within specific stores or chains. They often provide benefits such as discounts and redeemable points.
Affinity Cards
These cards are offered in partnership with airlines, car companies, and hotels. Using an affinity card can earn you rewards like travel miles and points that you can redeem later.
Unsecured Credit Cards
Also known as revolving credit cards, these allow you to pay a minimum amount (usually 2-4% of the balance) and carry the rest forward. You won’t be charged interest on new purchases if you pay off the entire balance before the next billing cycle. If not, interest is applied as per the annual percentage rate (APR).
Secured Credit Cards
These require a savings account as collateral, making them ideal for those looking to rebuild credit. Ensure that the issuer reports your activity to credit bureaus without highlighting the card's secured status. Check for any associated fees as well.
Consolidated Credit Cards
If you have multiple credit card balances, you can merge them into a single card through a credit card balance transfer. The new provider pays off your existing balances, often charging fees and interest, consolidating your debt into one payment.
For more information, visit [Credit Card Universe](http://www.credit-card-universe.net) or [Credit Card Deal Maker](http://www.credit-card-deal-maker.com).
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