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Different types of credit cards

There are many banks who issue different types of credit cards to their customers. People need to choose these cards as per their requirement. The cads come in the range of basic ones to the premium ones and both of them have different benefits. In this article, we will discuss about various kinds of cards, which are inserted in card payment machine for small business for making payments.

Standard Plain vanilla Credit Cards

These are the cards that provide different kinds of rewards to their users. They are easy to use and people who do not want any kind of complications in using credit card can use this type of card. People having this card have to maintain a certain limit in their account balance. Minimum payment must always be made on the due date in order to avoid late payment.

Balance Transfer Credit Cards

There are many types of credit cards that can be used to transfer balance from one account to another. In such a case, introductory rate is very high. This is not the case with the balance transfer credit cards as the introductory rate is very low but it is only for a certain period. The card helps the cardholders to save money on high interest rate. If people want such a card, they need to have a good amount of balance in their account.

Rewards Credit Cards

This s a credit card that provides rewards to the cardholders on making purchases. There are three types of reward cards, which include cashback, points, and travel. People may have either of them and they can use thee points in their later purchases. People who have to travel frequently can have the travel credit cards as they get a chance to earn the reward of free flights, hotel accommodation and many other types of hinges related to travel.

Student Credit Cards

These are the cards, which can be used by the students studying in the colleges. Students do not have any credit history, as they do not take any kind of loan from any bank or financial institution. Students are usually the first timers to apply for a credit card and they get these cards very easily. If students apply for any other type of credit card, it is very difficult for them to get these cards. The interest rates charged on these cards RE very low and students also get different types of rewards when they use these cards. If any student wants this card, he should have an enrollment for a four-year degree course and they need to provide it as a proof for getting the card.

Charge Cards

There are no pre-set spending limits with this type of card. People have to pay the full balance at the end of each month. There is no finance charge or minimum for this card but if there is a late payment, people also have to pay fine for the same. Card may also get cancelled for the late payment and this depends upon e agreement related to the card

Wrapping Up

These are some of the credit cards, which people can avail from their issuing banks. Each card has its own benefits and people can avail them as per their requirement.

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