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Types of Credit Offered By Commercial Banks

Expense is in increase day after day and most of us need to have a credit card to ensure purchases but there are a plenty of types of credit offered by commercial Banks and to choose the suitable type for your needs is an important decision so we will go deeper in the different types of credit cards to help you in choosing the good type for you.

Types of Credit Cards

Unsecured Credit Card

One of the best-used kinds of credits which you won’t need to put collateral. It is unsecured and a lot of people love to use it. It is a good choice. Unsecured credit cards are not directly connected to property that a lender can seize of the cardholder fails to pay.

Secured Credit Card

Secured Credit Card is a credit card that requires you to place a refundable security deposit, the amount of which becomes your spending limit, preventing you from spending more money so if you are a person who loves to buy a lot of things without thinking in how much you will pay this kind of credit cards is the right type for you.

Balance Transfer Credit Card

A credit card balance transfer is the transfer of the outstanding debt) (the balance) in a credit card account to an account held at another credit card company. This process is encouraged by most credit card issuers as a means to attract customers.

Travel Rewards Credit Card

Travel Rewards Credit Card Offers miles or points that can be redeemed for travel-related purchases, such as airfare and hotels so it is very good for you if you love traveling and want to explore new places around the world.

Gas Rewards Credit Card          

Gas rewards credit cards offer you points that you car pump from it so this is a good choice for you if you pump your car a lot or use your car in traveling or using it daily. It will save the pump money for you.                      

Cashback Rewards Credit Card

Cash back credit cards allow you to earn points when you make a purchase. Some cards offer a flat percentage for cash back, while others may have bonus categories where you can earn even more cash back.

Zero Percent Interest Credit Card

Zero percent introductory credit cards allow you to pay no interest on purchases for a certain period of time, for example, twelve months. Once the introductory period is over you’ll begin paying interest on whatever balance is remaining.

Student credit card

Student credit cards are typically reserved for college students who have little to no credit history and are looking to build their credit from scratch. These cards can be easier to get approved for, but they also usually have a lower credit limit.

Retail card

A retail credit card is one that rewards you for spending at retail establishments. There are a variety of retail credit cards to choose from, depending on your spending pattern and the kind of stores that you usually shop at