Different Types of Credit Cards in USACredit Card | May 19, 2010 at 7:26 am
As with anything, if you start with proper research, you save a considerable amount every month. There are numerous types of credit cards in USA. However, choosing the one that suits your needs would make the difference. Let’s have a look at few of them prevailing in the market today.
This type of card can be extensively found in USA. If you own this credit card, you can make a purchase, and keep repaying for the item by making monthly minimum payments. If you repay the entire balance, or a part of it, you can use it for further purchase. Some of major providers of standard card in USA are MasterCard, Chase, American Express, and Discover.
Unlike Standard Credit Cards, you have to repay the whole balance on the month preceding purchase, if you have a charge credit card. You cannot pay it in installments or monthly payments. One of the biggest advantages of using this card is you are not charged with any financial charges.
Limited Purpose Credit Card
The name says it all. These cards have limited use. Some kind of cards are used only at gas stations, while there are other cards which cannot be used anywhere except grocery stores.
Apart from providing credit, some cards offer additional benefits to people with big pockets. These are one of the most luxurious types of credit cards in USA. Some of the benefits it offers are cash back facility, airline miles, reward points, discounts, and so on. This card is not available to everyone. Only the ones with high credit score can apply for Premium Cards. They have high credit balances.
This is one of the very uncommon types of credit cards in USA. An affinity card is given to people associated to specific company, organization, or a cause. Some amount of purchases made through these cards goes to the related organization, company, or the cause.
There are several types of credit cards in USA like Prepaid Cards, Secured Cards, Co-Branded Cards, Smart Cards, and so on. They are, however, not as poular as the above ones.