Today, credit cards come in many different types. Some credit card companies ease the terms and conditions that they set for consumers who have excellent credit. These companies also offer a lot of benefits to individuals who exceed their standards, including travel insurance, free entertainment, and concierge services. There are some other credit cards that help consumers re-establish their credit. While these cards offer numerous benefits, it is important for you to understand that these products are not meant for everyone.

Standard Cards

These cards come with revolving credit lines. These are often marketed to consumers who are eighteen years old or above. There no deposits needed. The credit limit will be established by the company who has issued the card.

Reward Cards

There are a lot of rewards programs for those who purchase a certain product or use a particular service frequently. Reward cards often take the form of points, discounts, or cash. These cards are most ideal for consumers who pay off their balances on a regular basis. Some of the types of rewards cards are the airline or frequent flier miles cards, the cash back cards, the points cards, and the premium cards.

Secured Cards

These cards are also known as ‘pay-as-you-go’ cards. When such an account is opened, the holder would have to deposit money into the account. This will determine the holder’s credit line. In addition to having an annual fee, these cards also typically come with higher annual rates. These are often used by consumers in order to re-establish their credits.

Specialty Cards

These credit cards are often offered by affiliations, major brand retailers, service providers, and partnerships. Many of these cards are partnered with professional organizations, alumni associations, or organizations supporting social causes. When these cards are used, a small portion will go towards the organization.