Types of Credit Cards and Their Unique Features
Business 291

Types of Credit Cards and Their Unique Features

Types of Credit Cards and Their Unique Features

First of all, one should have an idea about banking services and their terms applied to a specific package of an offer. With all basic information if you have enough resources for savings or extra spending then you should take credit card services. This is basically related to simple ATM card but you can use it even you have don’t a single penny in your account. Visa cashback credit cards differ in the terms it offers and also according to a specific category. If we have a closer look we come to know that most credit cards have the same basic features. Understanding these basic credit cards and their specific features makes it easier to choose the right credit card according to the requirement of a customer so that one can use it wisely.

Not all credit cards are created equally because this belongs to different categories. There are several types of credit cards and each performs different functions. Some of the cards are used for business purposes, some for entertainment purposes and some can be used for routine based tasks. Here are just a few of the most well-known types that we have categorized according to their functions:

Standard Credit Card

Like many other credit cards, a standard or plain-vanilla credit card is used for routine based duties and has no extra perks or benefits. One of the most important things about this card is that it may offer a low-interest rate to attract customers.

Balance Transfer Credit Card

This card is designed to overcome the outstanding balance as it offers an introductory balance transfer interest rate. The credit card holder of this card can transfer the balance of one card to another to avoid to cover the outstanding balance. This card is provided a low fee on balance transfers but some of the banks can charge your higher rate so be careful while selection of a specific bank.

Rewards Credit Card

This one is the most special card and provides a baseline to understand the actual function of this system. A rewards credit card pays rewards on the purchases you make and it varies according to the card issuer. Another important thing to understand is the place where you make your purchases because the rewards card provides more rewards on purchases made outside of the UAE region and a bit less inside the country.

Redeem Credit Card

One of the best ways to make your payments is through perks you get on your specific card. This is called credit card redemption and such type of a card is known as redeeming credit card. This type of card has lots of perks and benefits like concierge services, usually for a higher annual fee. But some of the banks can facilitate you with a low annual fee.

Conclusive Point

Things are in your hand while the selection of a specific credit card but one thing is must that you cannot handle your daily routine activities without having a credit card.

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I am a Professional Author and Blogger, He has a love for reading and writing about travel experiences, Medical, Sports, Pets, Fashion.