Credit Card Ratings and Types

Various types of credit cards

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If you are facing trouble with a Credit Card which has low
credit limit then you may have to opt for a Credit Card with a slightly higher
rate of interest. If you have poor credit or no credit, some banks will issue
you a secured credit card for which a deposit money in your saving account will
serve as guarantee against your credit limit. 

Secured
Credit Cards are often the most excellent
alternative for people facing the bankruptcy in their past. Make sure you select
a Credit Card that pays you interest on your deposit. On contrary if you have
very good Credit Score and would like a higher limit, you can opt for a Gold or
Platinum Card at the same interest rates but with a little

high annual fee.

We do normally receive notices like “we are pre-approved for
endless types of Credit Cards. This is a trap actually?

Warning about these “pre approved? Credit Card offers that
you get in your mail: You may be receiving offers like a new Credit Card with a
pre approved Credit Limit but the terms and conditions could discloses a very
high rate of interest and also state that, by accepting the offer you agree to
transfer the entire balance of your other Credit Card to the new high interest
account. This is a
trap, because you would never knowingly choose to pay extra interest. Study the
whole thing with awareness so that you don’t fall into this trap.   

It doesn’t matter what kind of plan you choose but you must
have the following information regarding the Federal Truth in Lending Acts. Following information will help you
evaluate Credit Cards with one another.

• Finance charges in dollars and as an annual
  percentage rate (APR)
• Credit issuer or company giving that the
  credit limit.
• Size of the credit line
• Duration of the grace period, if any, prior to payment must
  be made
• Minimum fee required
• Annual fee, if applicable
• Fees for credit insurance (if any) 

Now the Types of Credit Cards                                                            

Mainly
there are three types of Credit Cards

• Master, Visa and Discover Card.
• Travel and Entertainment Cards such as Diners Club and
  American Express.
• House Cards which are usually used in one chain of
  stores.  

You must be familiar with
Affinity Cards; these Cards do carry Master or Visa logo as usual but these
Cards give few benefits like Gas Cards, Frequent Flyer Miles plus reward points
on each time you use these cards. These Cards help companies put their name
before its Customers and establish a brand name and apart from that these
companies do receive some financial incentives too from the Credit Card
Company.

The right Credit Card for
you is the one that’s accepted everywhere you shop and charges you the least
amount of money for the services you utilize. Nearly any U.S. business
or organization that accepts MasterCard also takes Visa, and vice versa. So if
you only do use your Credit Card in the United States , you most likely
don’t need both.

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