Credit Cards

Credit Cards are the most widely used form of credit today. Most people find it easier and safer to carry credit cards than to carry cash. They are convenient to use as most retail stores accept them as well as online retailers.

There are many different types of credit cards to choose from.

Basic Credit Card: This is a bank / financial instituition backed card - such as a Visa or Mastercard. There are many variations on this type of card.

Store Card: These are cards that issue you credit to be used only in the specific store - such as a Macys or Sears card. Please note Macys and Sears have also entered into the financial industry so it is also possible today to get a Sears Visa card.

Gas Cards: These again are cards that are used for a specific gas station. So you can not use a Shell card to buy gas at a Mobil station.

There are variations of the above cards such as Gold or Platinum cards and Student cards. Also low interest rate cards or balance transfer cards. Also popular is rewards, incentive, airline miles or cash back cards where you earn points that you can cash in on, points to use towards airline tickets or a cash back reward.

The type of offers and rates you receive depend on your credit rating and your financial situation. There are so many offers to choose from, especially if you have a good credit rating - the best place to find the right card is to do some research on these on the internet.

All of the above are considered "unsecured" credit - meaning the bank, financial institution is trusting that you will repay your debt.

Each credit card issuer has different offers as well as different terms - make sure you read the fine print carefully. Look especially at how the interest is computed and what the payment terms are.

If you are a first time credit applicant or you have bad credit because of financial hardships. The best way to build your credit is by getting what is known as a Secured Credit Card. Again each institution has different terms but the basic idea of these cards are you deposit a certain amount of cash into an account and you can draw on that amount and repay it. As you do this - you will develop a good credit rating and will soon be able to apply for the unsecured credit cards.

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