Types of Cards
No-Fee Credit Cards
A no-fee credit card has no annual fee. They earn the money on the interest they can charge you if you use the card and carry a balance. Some of these issuers offer an attractive interest rate, even if you finance your balances, the card is still attractive. Pay special attention to the interest rate, late fees and over limit fees that the issuer will charge before getting the card.
Cards for Poor / Limited Credit
Cards for poor are strictly designed for those who have damaged or limited credit. These unsecured cards tend to have a variety of fees for new applicants. However, most cardholders overlook such fees as a reasonable cost in establishing credit without the need to secure the account with an advance deposit. Note that such cards do not offer many of the benefits and services usually found with most issued credit cards.
Low Interest Rate Cards
Ideal for those who plan to carry a balance and would like to save on monthly finance charges. Generally, low interest rate cards have limited benefits and services as compared to reward credit cards (i.e. frequent flyer cards). However, for those who carry large revolving balances, the low APR is often the best benefit of all.
Cash Reward Cards
Those who prefer to get cash back for every purchase made with their credit card and don't plan to carry balances will benefit most from this type of cards. Though cash reward cards generally differ on how cash is awarded, most offer between .025% and 2% cash back (the amount depends on the total value of purchases made). In addition, some cards will apply the cash rebate monthly to the cardholders statement, while other card issuers send the cardholder a check once a year.
Business Cards
Those who manage a personal business, frequently use credit cards to make business related purchases, and would prefer to keep business related expenses separate from personal expenses may want to consider this type of credit. These cards usually offer various discounts for business related services and products, as well as help keep expenses organized and easy to manage through quarterly and/or yearly financial reports - ideal for bookkeeping and when it comes to filing income taxes.
Secured Cards
Secured cards are designed to help rebuild or establish credit. Unfortunately, these credit cards do not usually offer additional benefits and/or services to cardholders as compared to other standard unsecured credit cards. However, they help reestablish a positive credit history for the cardholder. Secured cards often come with application fees, annual fees, and require a deposit by the applicant (to the secure the account).
Secured cards are the trickiest cards and you REALLY need to examine the terms and condition carefully, such as :
What are the fees they are charging? You should avoid any program that requires extra application and processing charges.
You should be interest on your deposit. If you are not, then you should look at that as an extra expense and figure it into your analysis of the best card for you.
What interest rate will they charge you on your outstanding balances and what kind of grace period do they offer? Some of these cards offer NO grace period at all and start charging you interest as soon as you make a charge on the card. Look for cards that charge a reasonable rate of interest and provide you with a normal grace period of 25 days.
Do they report to the credit bureaus? The reputable cards report to the bureaus. You should check it if you want to establish your credit.
Will you ever be able to keep the card and get back your deposit? Some of the better programs offer to return your deposit (or increase your credit line without an additional deposit) after a period of good performance by you with their card.
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