Several Different Types Of Credit Card
June 23rd, 2012 | 
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Due to the incredible amounts of competition in the credit card industry, more and more lenders have been coming up with more and more credit card accounts. These days, we have skymiles credit card accounts, balance transfer credit card accounts, student charge card accounts, secured charge card accounts and more! But, what are these credit card accounts all about? What do they offer to consumers? What is it that really makes them pop? If you have been asking these questions, you're in luck, here are the answers!
Credit Card Type #1: Secured Credit Cards: The first type of charge cards that Americans will come across is called the secured credit card account. These credit card accounts are designed to help Americans who have limited/no or bad credit scores to build their credit scores. They report to all major credit reporting agencies so Americans can use them to build their credit scores fast! The only major difference between these and standard charge cards is that with secured credit cards, consumers must first place a security deposit with the lender before using their new credit card. This alleviates the lender of all risk associated with lending to those with poor credit scores.
Credit Card Type #2: Skymiles Credit Cards: The next type of credit card that Americans will generally come across is called the skymiles charge card. These credit cards are more designed for people with good to excellent credit who like to travel. These charge cards allow Americans to earn special points called sky miles that can be accumulated and later redeemed for great perks like free airfare, baggage claim fees and more!
Credit Card Type #3: Balance Transfer Credit Cards: Another type of credit card that Americans will come across when comparing offers is called balance transfer credit cards. These charge card accounts allow people to transfer balances from high APR credit card accounts to new low APR charge card accounts. Designed as a result of increasing competition in the credit card industry, these credit cards where created to reward people with good and excellent credit scores by reducing the annual percentage rates they are charged!
Credit Card Type #4: Student Credit Cards: Finally, we will talk about student credit cards. The name says a lot about these credit card accounts. These specialty charge cards are designed to attract consumers who are going to college. Generally designed for those with fair credit, these specialty charge card accounts generally offer competitive annual percentage rates and great rewards as a perk to being a college student!
I hope that this article has answered any questions Americans may have had associated with the different type of credit card accounts. However, if you are one of the Americans that still has questions after reading this article, please feel free to visit the source of the information found here, JEMCreditCards.com!
The information found in this article was researched on JEMCreditCards.com:
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