What Is The Best Credit Cards For You?
While experienced cardholders and frequent rewards holders can enjoy the variety and abundance of available credit card types on the market today, a beginner to the modern financial card market can easily become overwhelmed by the mass of choice. How to sort through all of the various types of credit card offers and choose the best one for your needs? What are some of the main differences between the different types of cards? In this article we’ve tackled some of these questions to help get you started in making the right decision about your next credit card choice.
There are currently nine different types of credit cards that are currently available. These include reward cards which give cardholders cash back or other form of reward for every purchase they make. Other types of rewards are points systems and various discounts. Some cards also combine the two, such as a credit card with a gasoline rebate feature. Others still offer cash back on certain purchases made at specific vendors, like gas stations.
The first credit card network to launch in the early 1990s was the National Credit Act Card Association (NCA). It set the standard for the first national credit cards and remains to this day the only regulating body for the industry. This is because the NCA requires all issuers to issue their cards according to its own set of rules and guidelines. This enables issuers and banks to more efficiently serve their customers, both current and potential.
A second credit card network began operation in the late 90s named the Independent Credit Card Association (ICAA). Like the NCA, the ICAA oversees all of the major credit card networks and makes sure that the rules of those networks are followed. Both of these associations also require that each individual credit card number that is issued be uniquely assigned to customers. Unlike the NCA, however, ICAA limits the number of accounts an individual can hold. This is done to protect the individual from having too many credit cards and to prevent abuse by irresponsible users of the system.
Another group of people who benefit from the best credit cards around are business owners. Businesses generally have more needs for rewards than consumers. They may want to buy supplies at a discount or give employees incentive to bring home supplies on their own. Therefore, many business credit cards come with a business cash back rewards credit card. This cash back program pays out money for purchases made at certain vendors. For example, if you pay for your plane ticket using your business card at an airline store, you will receive points toward your future tickets.
Some cards do not offer rewards but rather cash backs. These cards will often charge a higher annual fee and offer higher interest rates than other types of cards. However, these types of cards often have lower fees and interest rates than traditional credit cards. For example, some card issuers will allow a customer to pay a small annual fee in return for a rewards program. Other companies offer cash back on gas purchases and even pay interest on purchases made at grocery stores. Many of these cards offer the best credit cards for the traveler.
If you travel extensively, then you may want to consider a travel credit card. A travel card offers a great deal of flexibility because it can help you plan your expenditures as well as pay your bills. The best credit cards for the travel industry to offer air miles, points and cash back on purchases and cash advances on ATM transactions. In addition, the best cards also offer discounts on airline tickets, hotel stays, tickets to attractions and rental cars. As you can see, all the benefits that a travel credit card offers is wrapped in a convenient card that can help you save money and enjoy all the perks that a credit card has to offer.
Last but certainly not least, you should consider balance transfer credit cards when you are looking for a way to consolidate your debt and lower your interest rates. Many balance transfer credit cards offer low interest rates and long terms. These types of cards will help you save money, which helps you get out of debt faster. You can also choose between fixed interest rates and no interest rates for your balance transfer credit cards.