Credit Card Ratings and Types

by : Manan Nagpal

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

SecuredCredit Cards are often the most excellentalternative for people facing the bankruptcy in their past. Make sure you selecta Credit Card that pays you interest on your deposit. On contrary if you havevery good Credit Score and would like a higher limit, you can opt for a Gold orPlatinum Card at the same interest rates but with a little

high annual fee.

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

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

It doesn’t matter what kind of plan you choose but you musthave the following information regarding the Federal Truth in Lending Acts. Following information will help youevaluate 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 ???????????????????????????????????????????????????????????

Mainlythere 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 withAffinity Cards; these Cards do carry Master or Visa logo as usual but theseCards give few benefits like Gas Cards, Frequent Flyer Miles plus reward pointson each time you use these cards. These Cards help companies put their namebefore its Customers and establish a brand name and apart from that thesecompanies do receive some financial incentives too from the Credit CardCompany.

The right Credit Card foryou is the one that’s accepted everywhere you shop and charges you the leastamount of money for the services you utilize. Nearly any U.S. businessor organization that accepts MasterCard also takes Visa, and vice versa. So ifyou only do use your Credit Card in the United StatesFree Web Content, you most likelydon't need both.