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What credit card is best for me? |
Business credit cards
These are credit cards that are specifically
geared towards business owners and even employees. These cards are
used for making purchases that are related to the business, effectively
separating business and personal expenses. A business credit card
is most usually regular credit card but there are some credit card
companies that have started incorporating a rewards feature to these
cards as well.
Bad credit
This is a type of regular credit card that
has been specifically designed for people who have a bad credit
history. This credit card usually has a low credit limit and also
incurs a number of fees. Try to find a card that provides regular
reports to credit bureaus so that your history profile is continuously
updated.
Pre-paid
This type of credit card is suited to students
and young adults. The difference of this type of credit card from
regular credit cards is that you will be asked to deposit money,
which serves as the card’s credit limit. As long as you continue
to deposit funds to the card (thereby “reloading” it)
you can continue to enjoy the benefits of the card allowing you
to continue “charging” your purchases to your card.
In effect, the pre-paid credit card acts similarly to that of a
debit card. Be forewarned though that a pre-paid card also imposes
different fees.
Secured credit card
This type of credit card is specifically
used for building good credit. It requires putting a security deposit
that amounts to 50 – 100 per cent of your credit limit.
Having known the different types of credit card you can more easily
pinpoint that one would best complement how you manage your credit
card as well as your personal credit record. Try to identify your
goals for getting a credit card and find out if which credit card
type will help you achieve your goals faster and with less problems.
That particular credit card will be the best one for you. |
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