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As the world is going global the desires and wishes of the people are increasing day by day. Now everyone wants basic facilities and things to live a luxurious life. We all want to spend a bit extra than may be what we can afford at the moment. Thus, there has been an unprecedented rise in the number of credit card companies. In UK alone there are about 1500 different credit card companies. However, different people have different needs and aspirations and financial capabilities as well. Thus, to cater to the people from these varied back grounds credit card companies offer various types of credit cards.
Each type of credit card offers its own unique features and benefits. In a broader term we can say that there is a credit card for everyone. Credit cards can be categorized on the basis of the annual income of the cardholder, their spending habits or their credit history.
- Standard, Gold and Platinum credit cards are three prominent credit card types, which depend upon the annual income of the cardholder. Many card issuers have also started offering Black credit cards mainly for the people having very high income.
- Another credit card type available for the consumers is known as Affinity credit card. These credit cards are normally associated with various organizations such as sports team, political party, or charity organizations. Whenever you take out your credit card for any purpose, some percentage of that transaction is paid to those organizations.
- There are many credit cards available for those consumers who have bad credit history. They are Bad Credit – credit cards and Unsecured credit cards which are mainly used for removing or cutting down your bad credit history.
- If you undertake frequent purchases through credit card then you must go for the Cash back or Reward point’s credit cards. The more you will spend the more you will earn.
- If you worry about higher rate of interest then there are Low Interest Rate credit card and Interest Free credit cards. These cards basically have very low or no rate of interest added on your purchase.
- There are Student credit cards available, which are designed keeping in mind the requirements of students. These cards generally come with lower rate of interest, low credit limit and low APR. They also offer various benefits such as discount on books, free membership of libraries ad student’s forum.
With such a fast increase in the quantity of credit card types there is wide range of cards for the consumer to choose from.
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