Quite A Few Kinds Of Credit Card Accounts Explained!

Many Americans make the decision each and every year to get a new credit card. The simple reality of the situation is that credit cards have become and are becoming increasingly more and more important to the ability to maintain financial stability of consumers. With that said, if you are one of the many consumers that will make the decision to apply for a new charge card, you will be very happy. These days, due to the overwhelming competition in the credit card industry, people have many choices when shopping for charge cards. Here are a few of the most common types of credit card accounts and what they do special for the consumers that use them! Balance Transfer Credit Cards: Balance transfer charge cards are some of the most highly sought after types of credit card accounts on the market today by Americans and for good reason. General statistics show that the average Americans who have credit cards are upset with how high their interest rates are. With that said, some lending institutions made the decision to offer balance transfer credit cards to make Americans happy with their credit card annual percentage rates again. These specialty charge card accounts allow Americans to transfer balances to them at very low annual percentage rates from other charge cards with much higher APRs. This process essentially saves people hundreds or even thousands of dollars in credit card interest rate charges! Skymiles Credit Cards: The next most highly sought charge card account type by Americans is called the skymiles charge card. Another credit card type that was created by lending institutions in reaction to the highly competitive charge card account market, these credit card accounts are designed to appeal to people who travel often. To do so, these skymiles charge cards allow people to earn points, also known as skymiles with each purchase. These points or skymiles can be accumulated and later redeemed for great perks like free air fare, baggage claim fees and membership to exclusive clubs! Cash Back Credit Cards: Another very popular charge card account amongst consumers these days is called the cash back charge card. Designed in reaction to the competitive nature of the credit card account industry, cash back credit card accounts appeal to just about all people. This is because, the reward given through cash back is something that all people tend to enjoy, CASH! These specialty credit card accounts allow Americans to earn points with each purchase that can be accumulated and later redeemed for cash back! Secured Credit Cards: The most common type of charge card for consumers with little, no or bad FICO ratings is called the secured credit card. These credit cards are designed to help Americans with not so good credit scores improve their credit scores by showing lending institutions how they would react to a revolving credit account. The only difference between standard charge cards and secured credit card accounts is that before people use a new secured credit card account, they must first place a security deposit with the bank. The security deposit placed by consumers will allow lenders to lend to these consumers without risk of loss. If used properly, consumers will receive a refund of the security deposit placed with the lender and notice better FICO ratings generally within a year! I hope that this article has answered any questions consumers may have had about the different types of charge card accounts that are available to them. However, if you are one of the Americans that is still left with questions after reading this article, please feel free to visit the source of the information in this article, JEMCreditCards.com! The information found in this article was researched on JEMCreditCards.com: Skymiles Credit Card Offers | Compare Credit Cards

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