A credit card is a card issued by a bank to its customer to enable the customer buy products and pay for services on the understanding that the customer is a man of means, and has the ability to repay not just the principal sum, nut any other charges that may be incurred on the card.
Credit cards owe their emergence to the rise of the consumer markets and the need for consumers to always have ready means of meeting their financial obligations without having to carry physical cash around. There are several types of credit cards available, and they all have several purposes to which they serve. In the subsequent paragraphs the various types of credit cards will be examined.
A credit card is a card issued by a financial institution to eligible customers (borrowers) which enables them to make purchases by borrowing funds. As stated earlier credit cards are based on the liquidity of the borrower to not only repay the initial sum borrowed, but also all other additional charges that may have arisen as a result of the card being used.
2. Balance Transfer Credit Cards. This is a special form of credit card that offers very low introductory rate on the balance transfers for a certain time. It is best suited for those who want to save money on a very high interest rate.
1. Standard Credit Card. With this credit card,you get no additional rewards. The major perk of using the standard credit card is that it is relatively easy to understand, so if you are not big on high rewards and love simplicity. It works by providing you with a revolving balance which is up to a certain limit.
3. Student Credit Cards. This type of credit card is offered to students usually upon entrance into the university. It is usually given on the understanding that young adults oftentimes have little or no credit history. To this end they would go through fewer hassles when applying for a credit card.
4. Student Credit Card. College students are not left out when it comes to credit cards as there are special credit cards formulated for university students. Student credit cards are granted on the premise that college students have little or no credit ratings. It would work more for students who are first time applicants of credit cards. Student credit cards come with a whole lot of added benefits such as low interest rates, but to be entitled for a student credit card, a student should have obtained admission to study a four year course at a recognized university.
4. Co-branded Credit Cards. These are special cards issued jointly by a financial institution and a retail merchant. It is used as a means to encourage consumer spending at the partner retailer's outlets. The major benefit of having a co-branded credit card is that it offers rewards to loyal customers at selected intervals.
5. Student Credit Card. This is a special type of credit card that is offered to college students. It is issued bearing in mind that young people may not have credit history, and as such they may have very little difficulty in getting a credit card issued to them. In order to be eligible for a student credit card, an applicant must show that he is enrolled in a University for a four year course.
6. Subprime Credit Cards. This form of credit card is offered to applicants with bad credit history, whose interest rates are also high. The fact that it is approved quickly shouldn't belie the fact that the terms surrounding this type of credit card is often vague.
Credit cards owe their emergence to the rise of the consumer markets and the need for consumers to always have ready means of meeting their financial obligations without having to carry physical cash around. There are several types of credit cards available, and they all have several purposes to which they serve. In the subsequent paragraphs the various types of credit cards will be examined.
A credit card is a card issued by a financial institution to eligible customers (borrowers) which enables them to make purchases by borrowing funds. As stated earlier credit cards are based on the liquidity of the borrower to not only repay the initial sum borrowed, but also all other additional charges that may have arisen as a result of the card being used.
2. Balance Transfer Credit Cards. This is a special form of credit card that offers very low introductory rate on the balance transfers for a certain time. It is best suited for those who want to save money on a very high interest rate.
1. Standard Credit Card. With this credit card,you get no additional rewards. The major perk of using the standard credit card is that it is relatively easy to understand, so if you are not big on high rewards and love simplicity. It works by providing you with a revolving balance which is up to a certain limit.
3. Student Credit Cards. This type of credit card is offered to students usually upon entrance into the university. It is usually given on the understanding that young adults oftentimes have little or no credit history. To this end they would go through fewer hassles when applying for a credit card.
4. Student Credit Card. College students are not left out when it comes to credit cards as there are special credit cards formulated for university students. Student credit cards are granted on the premise that college students have little or no credit ratings. It would work more for students who are first time applicants of credit cards. Student credit cards come with a whole lot of added benefits such as low interest rates, but to be entitled for a student credit card, a student should have obtained admission to study a four year course at a recognized university.
4. Co-branded Credit Cards. These are special cards issued jointly by a financial institution and a retail merchant. It is used as a means to encourage consumer spending at the partner retailer's outlets. The major benefit of having a co-branded credit card is that it offers rewards to loyal customers at selected intervals.
5. Student Credit Card. This is a special type of credit card that is offered to college students. It is issued bearing in mind that young people may not have credit history, and as such they may have very little difficulty in getting a credit card issued to them. In order to be eligible for a student credit card, an applicant must show that he is enrolled in a University for a four year course.
6. Subprime Credit Cards. This form of credit card is offered to applicants with bad credit history, whose interest rates are also high. The fact that it is approved quickly shouldn't belie the fact that the terms surrounding this type of credit card is often vague.
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These are only a few of the co-branded credit cards that are out there, and if you desire to know more you can contact your bank for more information. Debit Card Programs are widely available nowadays.
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