Kinds of credit cards: which one's for you?
While everyone thinks that a credit card is just a credit card, there are really three kinds available today.
In general, the kinds of credit cards are the card that is offered by a particular bank, an entertainment and travel card, and the so-called house card.
You notice some credit card agents and banks offering credit cards and all of them contain the MasterCard or Visa logo, together with the name of the bank. MasterCard and Visa do not provide credit cards straight to consumers.
Visa is privately held by an association with 21, 000 financial member institutions all over the globe and practically all those financial members provide Visa cards. Similarly, MasterCard has around 25, 000 Maestro, Cirrus and MasterCard members all over the world.
These credit card types revolve credit accounts. You may choose to pay a part of the balance monthly, charge the card, and run up its balance again. However, the credit card account has a certain credit limit ranging from $100 to $40, 000 or higher
The entertainment and travel credit card is among the three kinds of credit cards available. The bank does not offer this card. Instead, the Diners Club and the American Express directly offer them to the cardholders.
There are same conditions and terms regardless of where you file for an entertainment or travel credit card. Both of them do not also have a preset expenditure limit. Mostly, the entertainment or travel card is paid full every month for the Amex card. The Diners Club is the same yet it proves two months extension for you to pay, with no incurring penalties. This scheme is for travelers who take long travels.
Both the providers of the travel cards offer a lot of charge summaries that can be practical during tax time, when counting travel as well as entertainment expenses.
The third card which complete the three kinds of credit cards is the house card. Not like the entertainment and travel card and the bankcards, which are widely accepted in most stores and establishments, house cards are only accepted in specific store chains.
The major house card issuers include the department stores where Sears gets to be the biggest issuer, the gasoline and oil companies; and the telephone companies.
There are also the kinds of credit cards called the specialty cards, the same one you get at the local tire stores. The same with entertainment and travel cards, most house card has also the same conditions and terms, regardless of the location of your card application.
The same with bank cards too, nearly all house cards are known as revolving accounts so there is no need to fully pay the bill every month.
The design of different kinds of credit cards is to cater the varying needs of people according to their personal preference and lifestyle. Pick the most ideal for you today.
