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Credit Articles
A Breakdown Of Your Credit Score
Credit Cards Do's And Don'ts
What Is Credit History?
What Is A Credit Report?
Credit History Repair - How It Can Save You
Secret Tips To Help You Repair Your Credit
Some Ugly Truths About Credit
The Credit Score Scale Revealed
The Types Of Credit Cards Explained
What You Need To Know About Credit Score Agencies |
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The Types Of Credit cards Explained
Credit cards play a huge role in our lives. There are
three main types of credit cards that are common in
the United States, and it's helpful to know what they
are and how they work.
The first is travel and entertainment cards, such as
American Express and Diner's Club. These are liberal
on spending limits, but the balance must be paid in
full at the end of every month.
The next major credit card type is bank cards such as
Master Card, Visa and Discover, which are sponsored
by large banks. The bank defines the cardholder's
spending limits, which is known as the credit lines,
and each bank offers different terms and conditions.
Banks offer a choice of payment methods, consumers can
either pay the balance in full with no interest, or pay
a minimum amount due, or some part of the balance with
a finance charge added.
The third major type of card is retail store cards
such as Sears, J.C. Penney, Shell or Mobil. There
is a wide variety in the terms and conditions for
these cards and they typically have high annual
percentage rates.
To know what type of credit card fits your needs,
you should review the various options.
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