These Are Also Known As Unsecured Credit Cards

Category: Finance.

There are many different types of Credit Cards. you can apply for nowadays but here is a look at the broad categories that most of them generally fall into.

These are unsecured cards that you can apply for through finance companies and banks. The standard type of credit card is the most typical type of credit card you will apply for. Balance transfer Credit Cards. and low interest credit cards are considered to be this type of card. Low interest or balance transfer credit cards are offered either as a low fixed rate APR or as a low introductory APR that changes to a higher rate after a certain period of time. These are also known as unsecured credit cards. For example, you may get an introductory APR credit card with an interest rate of 1% for the first six months and 10% thereafter.

However after the six months is up the charges may be much higher. This means that for the first six months, any purchases or balances you carry on the card will only be charged at the rate. It is a savings strategy to take advantage introductory APRs to make larger purchases, so that they can take several months to pay them off. The advantages of using these cards is that they can help you avoid debt and avoid finance As you transfer the money into your account yourself there is not much risk of running a big debt as you are limited by how much money you actually put into the card s account. There are also prepaid Credit Cards. , also known as secured cards, which are used just like credit cards wherever they are accepted. On top of these types you can also get specialty credit cards, which provide perks and conveniences to owners of business users, students and other particular groups.

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