Prepaid credit cards allow people to make purchases using credit up to the corresponding amount topped up on the card. Some banks accept other forms of personal items and properties that has monetary value as collateral. In order for the bank to have more “security” in approving your line of credit, this type of card usually require an initial cash deposit as collateral. Meant for people whose credit scores are less than preferred. They lose to airline specific cards though in terms of bonuses since you can’t gain additional points when flying using this type of card. Instead of being linked to one type of airline only, you can use your card to gain reward points and use it on different airlines of your choice (provided its supported). Other perks include exclusive use of VIP lounges, travel insurance, and others on their respective airports.
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You can use these accumulated miles for free flights for that specific airline. The credit card company usually have tie ups with airlines and offer bonuses to card owners in the form of airline miles. Airline miles (along with other bonuses) are gained whenever you use a frequent flier card. The rewards here are exclusively meant for air travel. Airline mile or frequent flier credit cards Same concept with cash back cards but the rewards can range from items, gifts, fuel, hotel accomodation, and others. Example, Get 10 pesos cash back for every 1000 pesos spent using the card. It will reward you with a specific cash value for a specified minimum amount of purchase using the card. The more frequent you use the card, the more cash you earn back. Much like your friendly grocery store’s loyalty point system, the user will be awarded with certain bonuses in exchange for their points. Users earn incentives each time they use this type of credit card. Be sure to check the terms and conditions of the offer so you’ll be aware if/when the regular rates start to kick in Credit cards with rewards programs They appeal to consumers because they offer competitive interest rates usually for the first year of using the card. It allows you to move high-interest rate debt from other cards into a new one, with zero or low matching interest rates (duration depends on the terms of the offer) The main draw of this card is usually the zero percent interest balance transfer option from your other existing credit cards. Your basic credit card, provides a line of credit to its owner. Let’s take a look at the other types of credit cards and their uses. Balance transfer cards on the other hand, allow you to transfer your credit balance from other cards and take advantage of the low-interest rate offer of the new bank. If you don’t pay on time, you pay an additional amount referred to as “interest.”Ĭredit cards are typically categorized according to their main benefit and features.įor example, an airline specific card will offer generous benefits that reward your frequent travel. If you pay back the money you borrowed using a credit card within a month, you don’t have to pay extra fees. To put it simply, a credit card is a way for you to borrow money from a bank to purchase something, regardless of whether it’s something very cheap or expensive, without the need to bring physical cash.
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