Over the last decade, credit cards have significantly risen in popularity among the masses. Although they were once exclusive to affluent and powerful members of society, today credit cards are made accessible to just about everyone who wants one. Several types of credit card offers are delivered through the mail to millions of households across the nation, as well as sent electronically via email on a daily basis. With promises of lower interest rates, better terms, zero percent on balance transfers, and a plethora of other attractive benefits, it can often be difficult to resist the temptation.
In addition to being safe and reliable, credit cards also serve as a convenient means through which individuals can make purchases. They can be used in a variety of different shops and locations, including malls, retail outlets, college books stores, grocery stores, and restaurants. Due to their rising popularity, many fast food chains have also started to implement the usage of credit cards as a payment method. However, as demand continues to grow, the diversity of credit card offers being sent out can often seem overwhelming for individuals who are trying to make a financially-sensible decision. After all, everyone wants to get their hands on the best credit cards out there.
Todays market trends are pointing to several types of new and popular credit cards, all of which can be used to finance a variety of purchases based on consumer needs:1. Low interest & balance transfer credit cardsOne of the most popular types of credit cards today are those that offer individuals the ability to transfer their higher interest-rate balances to cards with lower rates. The specific terms and conditions that apply vary with different credit card offers; however companies usually specify the set limit which can be transferred over. Some of the well known sources that individuals can obtain these types of offers through include the Chase credit card and Capital One credit card.2. Reward cardsJust like the name suggests, these types of credit cards give customers certain rewards or incentives for the amount which is spent. These can include rebates, cash-back, and frequent flyer points, which can be cashed in towards air travel.3. Gas credit cardsMany types of reward incentives offered by companies also feature fuel saving benefits in the form of gas credit cards. Individuals are usually able to redeem points towards purchases on fuel for cars and other types of vehicles. 4. Prepaid/store value credit cardsThese types of cards are often purchased as gift credit cards, and require individuals to pay the entire amount which will be stored in the card up front. Because spending is limited to a specified amount, finance charges are eliminated with gift credit cards. 5. Student credit cardsA student credit card is specifically designed to meet the needs of younger individuals who are just starting to build a credit history. For example, some of the features offered by the Visa student credit card include lower interest rates and flexible repayment options. 6. Business credit cardsBusiness credit cards are geared towards businesses and their need for adequate credit. Many companies, including Chase credit cards offer special business incentives, such as higher credit limits, certain business rewards, and additional cards for employees who travel a great deal as part of their job requirement.7. Cards for bad credit borrowersThese credit cards are especially meant for people with bad credit. Although interest rates are usually higher for bad credit borrowers, individuals can still redeem themselves as long as payments are maintained in a timely manner every month.While individuals may continue to receive an outpour of credit card offers through the mail, its important for them to carefully review the rates, terms, and conditions before getting any type of card.