To focus a little bit on the approximate volume of credit cards, it is mandatory to take into account all the banks, credit card companies and credit unions which can issue them. The chain effect triggers various other variables which altogether blur our vision. Luckily it is not a life or death kind of a situation, it is enough to know how to differentiate between credit cards. One could easily create personalized criteria according to which, to classify his own credit card needs.
Latest researches underlined that the economic crisis had a tremendous impact on credit card special offers, among which 0% interest free periods became reduced almost to a half of what they were before. The qualifying criterion as well has become more and more demanding when applying for a credit. The customers, who make it through in this period, can in the best case beneficiate of derogation when not complying with bank policy related term s and conditions.
If we had to specify the criteria for a certain credit card application, we would be without clear frontiers. Not all of the lenders will give a precise idea about what basis they take decisions. Our task here is totally different, namely to compare credit cards based on criteria like: type, safety, APR etc. Regardless the name of the card we can distinguish between the following types of cards:
- Low interest credit cards
They are placed in the most remarkable spotlight due to their wide promotion. In most of the cases a card with a low interest would be called as perfect. For the average credit card seeker it represents a rich financial tool for unexpected and urgent purchases.
The primary role of low interest cards is saving money when transferring the balance from one card to the other on the following condition: the transfer should be from a high interest card to a low interest card.
- Instant approval credit cards
“Instant” would probably tell you freeze dried ground coffee served in the early morning. Well the “instant” reference is not as fast and as pleasant as it is in the food industry. Almost all of the issuers promise fast credit administration, yet it means nothing more than receiving a temporary credit card number that enables applicants to make immediate purchase. The other end would just give a waiting time of five or seven waiting days till you physically enter into the possession of the card.
- Balance transfer credit cards
Such a card is available to every person with the least requirements: a mailbox and a social security number would suffice. The most appropriate moment to get friendly with such a card is when willing to transfer to another card in order to escape a threatening credit card debt. For a wise man, this would be the ideal opportunity to reduce debt.
- Reward credit cards
Generally they are taken as loyalty cards, which is totally incorrect. Honestly they are on the market to serve one goal, reward passengers by cash back, through points and airmiles. These cards were specially thought to pay back credit card holders at the end of each month, supposing they have paid back their debt before the interest period is over.
- Airline credit cards
They are as essential as banc accounts in the financial market. Storing past airline experience of a person plays a great role in each Airline’s rewarding program. Thousands of e-tickets are issued yearly and the number of people who use airline affiliated credit card combined with FFP points has a growing tendency.
- Student credit cards
The cost of the loan for your studies during the years of college influences greatly the evolution of your future professional background. Support for youngsters at the very beginning is mandatory; the government pays great attention to repayment after graduation. The Student CC program offers a complete package with free annual fee, trial period and various other benefits.
- Pre paid credit cards
No doubt, this category represents the most flexible CC option, as they are good for everyone. It is just like a sandwich box, which shelters no more food than you put into. You may never encounter a debt problem caused by a pre paid CC. You will definitely stop purchasing after spending everything.
Frankly the credit card market is so immense that it is an impossible task to correctly charter this territory. This only adds to the hard task of comparison results. Finally an independent decision would only help in picking the card that meets your needs.