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Information on the Five Different Types of Credit Cards 

With so many different types of credit cards out there, how do you find the right one credit card for you? To start with, begin thinking about how you plan on using credit and for what reasons. Once you accomplish this, start comparing all the different credit cards available.

Some cards offer excellent value, providing incentives you may find useful; while others cost more in finance and interest charges. My advice is to research all the varying card rates, fees and benefits before making a decision. You'll be glad you did.

Depending on your needs, you'll find a number of different options which can fit what you are looking for. Some cards aim toward individual consumers, while others are built specifically for small business needs. To help you figure out what type of credit card would fit your needs, here is some information on five of the most common credit cards available:

• Standard credit cards - These credit cards are the most commonly used. They hold a balance on the card all the way up to a set credit limit. After you make a purchase a new TV, for example, credit from that balance is used. After a payment is made on that balance, that credit is made available to you once again. Finance charges and interest rates are applied at the end of the month to your balance. Your card's minimum payment needs to be paid by a certain due date or you are charged late-payment penalties.


• Premium credit cards - Premium credit cards are similar to regular credit cards except these offer incentives and benefits. Gold and Platinum credits cards are examples of such. They offer incentives such as cash back, reward points, or travel upgrades along with many other different types of rewards just for using the card. However, they tend to come with higher fees and you will need to meet minimum income and credit score requirements before you can get qualified for one.


• Prepaid credit cards - These cards work by uploading money onto the card before it can be used for a transaction. There is no renewing credit limit on these either since you are the one responsible for how much of a balance is loaded . They work very similarly as a debit card, but are not dependent on the balance of your checking account.


• Business credit cards - These types of cards are intended specifically for business use. They allow business owners to keep all of their transaction separated from their own personal finances and work nearly identical to a standard credit card does with the same rules and fees.


• Charge cards - Charge cards are basically credit cards without a limit to how much you can charge. The only requirement is the entire balance must be paid in full at the end of the month. Since the balance is always paid in full monthly, they tend not to come with any finance charges or minimum payments. They are subject to fees, charge restrictions, or card cancellations if you are late on your monthly payments.

Great Stuff on Amazon on Finance 

Finance for Non-Financial Managers (Briefcase Books Series)

by: Gene Siciliano

Amazon Price: $10.85 (as of 11/22/2008)

Personal Finance For Dummies

by: Eric, MBA Tyson

Amazon Price: $9.99 (as of 11/22/2008)

You Need A Budget Pro - Personal Finance Software Program

Amazon Price: $49.95 (as of 11/22/2008)

New Link List 

Credit Card Counseling

Credit and Debt Counseling programs offer a variety of budget planning sessions and educational programs to help better understand the risks of housing unsecured debt. They can teach financial disciplines one can engage to prevent getting stuck in the debt trap ever again.

Credit Card Info

Shopping around for a credit card can save you money on interest and fees. You'll want to find one with features that match your needs. This information can help you

Credit Card Relief

Debt is the highest risk loan creditors can make, therefore it is also the most expensive money a borrower can borrow. Based on the profound reality of compounded interest very little of your monthly payments apply toward the principal balance.

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Too many personal finance consultants offer financial advice that ignores the big picture and instead focuses on investing. You need much more than that to plan your future. You need a broader understanding of personal finance that includes all areas of your financial life in order to become financially sound. <p><i>Personal Finance for Dummies, 5th Edition</i> is full of detailed, action-oriented financial advice that will show you how to lower expenses and tame debts as well...0 points

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