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Which Is the Best Credit Card for You
By Robert Banks
Before you apply for a credit card, it is wise to learn about the different types of credit card that exist today to make sure you're choosing a credit card that's best for you. Not all credit cards work the same way; some are suitable for individual users while others are geared towards small businesses. So, let's find out more on the various types of credit card out there and what different features they offer?
What Is the Best Credit Card to Get?
Business Credit Cards
As the name suggests, a business credit card is designed specifically for business use. They help business owners to keep business and personal spending separate.
Quite often the business credit card will be issued in the name of the business, allowing several card holders to use the account which makes it especially useful for fuel payments if your company has it’s own vehicles.
In addition, a business credit card may offer some incentives, economy and rewards to the businesses which possibly will facilitate the business beyond what simple cash could achieve.
Student Credit Cards
Many financial institutions or banks offer credit cards to students. Students can qualify for these credit cards without an established credit rating and generally speaking, student credit cards may have credit limits so as to keep the student's spending in check.
If used responsibly, a student can make the first step towards building a solid credit history. Many also offer extra benefits such as cash back or bookstore discounts. However, some companies charge higher interest rates for students.
Prepaid Debit Cards
A prepaid debit card is not a credit card but is used like one. Unlike a credit card, you can spend only a limited amount of money.
The advantage of a prepaid debit card is that your credit limit is dependent upon the money you have it in your debit card issuing bank account and thus recommended for people who are bad money managers.
Getting a prepaid debit card is relatively easier than a standard credit card. As
most prepaid cards charge fees, including monthly fees, application fees, over-
Cards for Bad Credit
If your credit score is less than stellar, it is still possible to get a credit card. There are various options available to people who have had bad credit in the past and for those who are currently trying to work on their credit score.
Depending on your specific situation, debt consolidation or use of introductory APRs (Annual Percentage Rate Interest) on balance transfers may be wise choices.
If you still need credit or want to start repairing your credit by proof of action, there are several credit cards designed to help rebuild poor credit histories.
Typically cards for bad credit have higher interest rate and limited credit but once you have rebuild and strengthen your credit score, you may get able to get higher limits and lower interest and also get an opportunity to acquire a standard credit card.
Cash Back Credit Cards
A cash back credit card rewards you for using them with cash back incentives and rebate programs. Depending on how much balance you have and how many times you use their credit card, you can earn cash back for your purchases.
Credit cards with cash rebates and incentives usually require a good to excellent credit rating for approval. However, some cash back credit cards have high interest rates and annual fees that cancel out the reward benefits. Other have complicated and unfavorable redemption policies so always read the offer very carefully.
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