Kinds of credit cards and how to choose yours

Kinds of credit cards and how to choose yours

Everyone wants the luxury and joy of owning a credit card. Imagine what one swipe of such a card can buy you, whenever you want and wherever you shop. Having said that, life is not easy. The plethora of cards advertised these days makes wanting to possess these cards attractive, but are they right for you? How do you determine which card is right for you?

Kinds of credit cards: There are different kinds of credit cards these days since everyone’s needs are different. Given below are the different kinds of credit cards, which you should familiarize yourself with before choosing any one.

• § Standard credit cards: This is the most common type of them all. It gives you the benefit of having a revolving balance, determined according to your card type. You can utilize the entire credit limit once you buy anything on your card, and it is once again available for you after you have paid the bank this amount. At the end of each month, the bank levies a charge against your outstanding amounts. Further, if you pay your dues after the last date, you stand to pay a late fee.
• § Business credit cards: These are meant specifically for business people. These cards are created with the company’s logo and help the card owner to keep track of his business expenses. These cards allow the card holder to separate their business and personal transactions.

When you are looking for the best business card in the market, you will have to take several things into consideration, e.g. any carryover balance to the next month, or whether all expenses have to be paid at the end of each month. As the card holder, you will have to find out about the grace period on your card. If you pay the borrowed amount outside the grace period, it will attract interest.

You might also like to find out about cash advance fees. There are several credit cards that allow card holders to draw money from ATMs using their credit card, but they will have to pay transaction fees.

• § Premium credit cards: Here, you get incentives and benefits of a credit card, apart from other facilities such as cash back, travel upgrades, reward points and other facilities. Premium cards can have higher fees and usually have minimum income and credit score requirements.
• § Limited purpose cards: These cards are usable only at certain locations such as gas stations and certain stores, hence the name limited purpose. You can use this as a regular credit card on a low payment and monthly finance charge.
• § Charge cards: There is no credit limit on these cards. However, the balance on these cards must be paid in full at the end of the month. The good thing about these cards is that they do not attract any late fees or minimum payment since you pay all your outstandings in full.
• § Balance transfer credit cards: These cards are perfect for those who want to move one’s balance on a credit card with high interest card to one with lower interest. If you want to do this, check that the balance transfer credit card you are considering does, in fact, have an APR lower than your present card. Also, check that it does not attract any fees to transfer the balance.
• § Secured credit cards: If you don’t have a poor credit history, you can safely go in for a secured credit card. This card demands a security deposit before you get the card. Based on this amount, your credit limit is fixed. This card works on the concept of revolving balance, depending on your level of expenses and payments.
• § Prepaid credit cards: These cards function best if the card holder stocks up the account with sufficient money before it is used. Any purchase can be made only from the available balance in the account. Its credit limit cannot be renewed until the old dues are settled and more money is added to the account. They do not levy any interest since the balance is paid out of the deposit. They are very like debit cards, but are not linked to a checking account.
• § College students’ credit cards: They do not require any credit history to be availed of, considering they are targeted at college students. They may have some nominal application fees and other standard costs, but they help establishing the credit history of a student. Such cards are known as secured credit cards. They function best when the card holder or his parents feed the account with money before it can be used. The money used on this card is not a loan but is kept there for him to use.
• § Reward credit cards: You can be offered rewards on your credit card such as cash back, access to other rewards, including gift certificates to restaurants and some merchants for their goods and services. Often, such cards ask for an annual fee.

In fact, many of the best cash back credit cards do not have an annual fee. The long-term payout of these credit cards, however, can be well worth the annual fee. Reward credit cards also sometimes have a higher than average APR, though many still offer a low introductory rate and the higher APR is not a problem for those that do not intend to carry a balance on their credit card.

Other features: Apart from standard features and services, certain cards may have extra benefits that vary from one kind of card to another. These could include extended warranties and protection while making purchases, travel insurance, car rental insurance, automatic discounts, etc. Look out for all these features when choosing a credit card.

By Mithi Chinoy

Keep your credit cards cafe. Get Slim Clip Money Clip – Money and Credit Card Holder Wallet

Amazon.com Price: $9.75 (as of 2010-03-20 00:40:17 GMT) Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon.com at the time of purchase will apply to the purchase of this product.

User Reviews Send this to a friend
Slim Clip Money Clip - Money and Credit Card Holder Wallet
	Manufacturer: Customer Rating:   List Price: Varies based on product options Sale Price: $9.75 Availibility: Usually ships in 24 hours Free Shipping Available This is cool.
Product Description
The brand new Slim Clip Deluxe is a new money clip and credit card carrier offered on TV! The patent pending double-sided grip tight clips that securely hold up to 30 bills on one side, & 6 credit cards on the other. Slim Clips have special raised edges and locking clips, so you can shake all you want & nothing will ever fall out. It is made from durable stainless steel. Sleek & ultra thin, it fits easily in your pocket, bag or purse! It also comes with a lifetime replacement warranty, if it ever breaks or gets damaged the manufacturer will send you a brand new one absolutely free!
Product Details
Holds up to 30 bills and 6 credit cards. No more bulky wallet Locking clips keep money and credit cards secure Sleek and ultra thin Fits easily in your pocket, bag, or purse
Video Reviews
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Customer Reviews
Piece of JUNK (please read)   Review Date: December 22, 2009 Reviewer: rbrown3918, First, I loved it. It was small, forced me to condense the contents in my wallet down to a small front-pocket sized clip that held the essentials (ID, couple credit/debit cards, business cards and some cash). After a few times removing and replacing my debit card, I noticed the metal started scratching layers of plastic off the card. After further inspection, practically every corner of the clip has a sharp metal edge, capable of slowly grinding down your cards, on both sides from the walls holding the cards in, and on top from the actual clip itself. I tried filing some of these edges down and even taped the clip so the sharp edges were no longer exposed, but failed in the end. The filing made some of the edges sharper, and the tape eventually wore off, thus scratching my cards yet again. I would not recommend this product to a friend. I would give it 4 stars on idea/innovation and 1 star on execution. It is a cheap sharp piece of metal with a huge ugly "Slim Clip" logo on the front. Don't Waste Your Money. EDIT: Forgot to add, it is also scratching my iPhone case, which is all smooth anymore... PLEASE vote helpful, for others' sake... Love it!   Review Date: March 22, 2009 Reviewer: Joshua L. Carter, Texas I used to carry around a wallet everywhere, but after a while it got to be a pain in the butt when I would put more than a couple bills in it. With the money clip, I've got the necessities, it fits nicely in my front pocket, and I can carry lots of cash without too much hassle. Basically I love it. :D Mind you this isn't for somebody that carries around a bunch of different cards or keeps receipts in their wallet...that doesn't work too well with the money clip (although I can get up to 6 cards in there comfortably...7 if i squeeze it in tight, but that makes it hard to get 'em out) money clip review   Review Date: March 10, 2009 Reviewer: Topgun10x, Connecticut This is a nice product but I think that it could have some improvements like were the money goes. I think that it should have the same side guards as the card side does because the bills slide out to easily. Best wallet ever had   Review Date: January 12, 2009 Reviewer: Gerardo Costilla, San Francisco, CA This is the most practical wallet --or bill clip actually-- I've ever owned. It is so convenient that everybody that sees me using it wants one. Its also sturdy and doesn't lack capacity, it holds as much bills and cards as I've ever needed to carry with me. Slim Clip Money Clip   Review Date: November 18, 2009 Reviewer: SJones, Palmdale, CA When we first got it, it worked great. But after using it a few weeks, it didn't hold the money in tight enough if you got down in bills. We will probably have to buy a better one when we have the money. I wouldn't recommend it unless you carry a lot of bills. Great Clip   Review Date: April 8, 2009 Reviewer: N. C. Vail, I have always carried a money clip, this is the first one that securely holds both the money and five credit cards plus drivers license. Now my cards and bills are secure. It is stainless steel as well. Awesome clip   Review Date: February 5, 2009 Reviewer: Alan L. BRENNEMAN, Taylor, MI USA This is without a doubt,the best product i have ever used,it works so well,i love it. Solid money clip and wallet   Review Date: March 27, 2009 Reviewer: Eagle Vision, Southeastern United States I have owned many money clips and after a period of time, the ability of them to hold money is lost. This is a chrome, money clip that is double sided. One side has reinforced edges to keep the credit cards in place, while the opposite side allows for money to be held securely. It is lightweight and compact for its size. It holds a 'wad of bills' securely. The credit cards are also very secure. The only disadvantage is someone seeing all of the money that you are carrying. This is a solid money clip for the cost. love it   Review Date: February 1, 2009 Reviewer: Todd G. Cates, holds everything tightly and securely, cards and cash. it is super thin and comfortable in my pocket. i got the shiny stainless steel one and it looks great too. couldn't ask for more. Slim Clip   Review Date: August 18, 2009 Reviewer: Radical, Works as advertised. Very good product. Might have to buy more for future use when this one wares out.

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