Credit cards can truly be considered as an integral component of modern society. It is the fastest, easiest and most comfortable way of making the right purchase, no matter large or small not carrying a lot of cash with you. With your credit card in your hand, you make the bank pay for your purchase and you return the loan in monthly installments on the balance. The types of obtainable credit cards differ, the interest rates and annual fees vary also, but generally there are four most common credit card types: Zero/low Interest Rate Credit Cards, Reward Credit Cards, Secured Credit Cards or Bad Credit Cards and Student Credit Cards.
Zero/low interest rate credit cards, such as Visa and MasterCard are the most popular ones. The offered interest rates and annual fees differ. However, if you are able to pay back the debt within the short time limits, then you may even enjoy the zero-rate cards. Caution: Beware of the time constraints, the life capacity of such cards is from six months to one year and finally you may find yourself paying even more then you would in other case. But this card has other privileges also, especially for those who know that they will return the money within certain period, it is the best way to save on interest rates.
Reward cards are also intended for those who pay off quickly and in particular for those who make large purchases through credit cards, in this case there is no annual fee. Several types of reward cards return 4-5% cash back. Caution: Some may have high interest rates and so the benefits may not turn out not as rewarding as it may seem.
If you had problems with credit cards earlier and your credit history is far from being exemplary, then secured credit card is the right choice. Nevertheless of your past, you can enjoy your future. In the majority of cases, you have to put certain deposit on your card when applying. Not surprising that most of the credit cards have high interest rates and annual fees.
Education is always a worthy investment and most banks choose to establish credit relationships with the students before they are into their careers. There is no set credit rating for the student cards. The interest rates and annual fees differ. The student cards are often followed by different bank products so the best one has to be chosen based on specific need.
And finally, credit card is a key role player in the life routine and even if selecting the most convenient one may take some time and effort the feedback of comfortable life is a proper recompense.
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