When buying items, most individuals pay cash. However, there are some individuals who make use of credit cards. Of course, using a credit card can provide some benefits. However, to ensure that you obtain the right features and benefits, you need to choose the right type of card. To know more, below are some of the types of credit cards.
Rewards Credit Cards
Rewards credit cards give rewards on your purchases. Some of these cards will pay out at a flat rate of 1%-2%, while others will give an extra bonus in predetermined spending categories. Plus, some rewards are given in a variety of forms such as checks, gift certificates, airline miles and free hotel stays.
Low Interest Credit Cards
Low interest credit cards are the most common type of credit card individuals make use of since you carry some credit card debt month-to-month. But, credit card debt may vary depending on your financial situation.
Balance Transfer Credit Cards
Balance transfer cards are commonly used by individuals who have a lot of credit card debt. With this type of credit card, individuals can move their debt from their current card to a new one, and give you a period of 6-21 months to pay it off interest-free.
Secured Credit Cards
Secured credit cards are for individuals who have bad credits. Because of this, when getting such card, individuals are required to post collateral when they open an account, which is usually equal to or greater than your credit limit.
Trivia Info Source From: www.business.hsbc.com.qa