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Credit Cards and Charge Cards

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credit-cards-and-charge-cardsCredit cards and charge cards are actually two different types of cards. Credit cards allow you to make purchases and carry a running balance on the account month to month.

You pay a steep prices for this privilege in the form of interest rates that are in the double digits for the most part.

Some credit card companies charge an interest rate of over 20 percent, these cards are usually called bad credit credit cards and are for people who have a bad credit history. 

There are low interest credit cards for people that have good credit or excellent credit. These credit cards usually come with 0% balance transfer offers and most cards carry interest rates in the low double digits or single digits.

There are many types of credit cards available today and all major credit card issuers have a variety of cards. There are rewards credit cards and cash back credit cards that allow you to earn points or cash back on each dollar amount you charge on the credit card. Some banks allow you to accumulate cash that they credit to your account either monthly or annually.

While other banks credit cards accumulate points you can use for making purchases. Banks usually have relationships with retail stores that allow you to purchase items for a certain amount of points.  Each credit card issuer and retailer have different conversion rates for points to dollars.

Other major credit cards include instant approval credit cards which allow you to sign up for a credit card online and find out immediately if you're approved and how much your credit line will be. There are business credit cards that are issued to business of all sizes, small business credit cards are an especially popular category. Business credit cards are also available in the same credit card categories as personal credit cards are.

A charge card is a credit card but it is a specific type of credit card. The monthly balance on a charge card account is payable in full when the statement is received and cannot be rolled over from one billing to the next. the biggest benefit of charge cards is you don't incur interest charges because you have to pay off your balance every month. Charge cards can also keep your spending habits in check.

In recent years debit cards and prepaid credit cards have become increasingly popular. A debit card is usually linked to a checking account and when a charge is made funds are withdrawn from your checking account. This form of payment also limits the possibility of getting in over your head since you can't spend what you don't have. 

Prepaid credit cards allow one to make a deposit before hand on an account and than use the card just as they would with a regular credit card. A prepaid credit card is usually used by one who has bad credit and wants to repair their credit. Although some people use prepaid credit cards to limit their spending.

You can start your search for credit cards, charge cards, debit cards and prepaid cards using our credit card search engine.

Credit Card Serach Engine
Author: Brian McKay
June 18th, 2009