Credit Cards: Types of Credit Cards
posted on 11 Sep 2008 06:26 by momochiji in Credit
Credit cards are ubiquitous in our lives.
There are three
main types of credit cards that are common in America. They are travel
and entertainment cards such as American Express or Diners Card. These
have to be paid in full at the end of the month and are liberal on
spending limits.
The second major cards are the bank cards such
as Master Cards, Visa, GM, and Ford cards sponsored mainly by the
banks. The bank defines spending limits, which in the bank parlance, is
known as the credit lines, and each offers different terms and
conditions. Banks offer a choice of payment methods, either pay the
balance in full with no interest or pay a minimum part or some part of
the balance with a finance charge.
The other major type of card
is the retail store cards such as Sears, J.C. Penney, Shell or Mobil.
These cards, known in some countries (the ones from gas companies) as
fuel cards are only accepted in specific countries and usually do not
have annual fees. There is a wide disparity in the terms and conditions
for the cards.
Different types of credit cards offer several
different options, depending on what your needs are. Some are geared
toward individual consumers, while others are set up in ways that work
best for small business needs. To know what type of credit card fits
your needs, you should review a few of your options.
Different types of credit cards offer several different options, depending on what your needs are. Some are geared toward individual consumers, while others are set up in ways that work best for small business needs. To know what type of credit card fits your needs, you should review a few of your options.
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edit @ 11 Sep 2008 06:29:59 by momochiji