A credit card simply put is a card given by a financial institution to a bank customer (also known as borrower) to make purchases by borrowing funds. The funds borrowed can be employed to a plethora of uses such as the payment of goods and services. The premise upon which a credit card is issued is that the cardholder has the liquidity to pay back to the bank not only the original sum borrowed, but also any other additional charges that may be incurred on the use of the card.
This is usually based on the premise that the consumers would have the means to honor their payment obligations on the credit extended to them in the not distant future. In light of this the credit card was invented to enable bank customers meet their liquidity needs
1. Standard Credit Cards. This is a basic credit card which offers no extra rewards for its usage. Amongst the benefits of selecting this type of credit card is its relative ease of usage. With the standard credit card, you are given a revolving balance up to a certain limit when you use the card, and the revolving balance is made available to you once you have made payments after a certain due date.
1. Standard Credit Card. This is the most basic credit card and has as its major advantage, ease of usage. It is important for those who do not desire to have any rewards. It works by providing you with a revolving balance, and also a certain balance. Once that balance is used up, your credit is withdrawn until payment is made.
3. Rewards Credit Card. Reward cards are cards that offer rewards when they are used to conclude financial transactions. Three forms of reward credit cards exist in the market and they are i. Cashback cards ii. Points Card iii. Travel cards
Once you have concluded a financial transaction up the credit limit given, your credit is used up and is made available to you again only after you have made payments.
4. Student Credit Card. College students are not left out when it comes to credit cards as there are special credit cards formulated for university students. Student credit cards are granted on the premise that college students have little or no credit ratings. It would work more for students who are first time applicants of credit cards. Student credit cards come with a whole lot of added benefits such as low interest rates, but to be entitled for a student credit card, a student should have obtained admission to study a four year course at a recognized university.
4. Co-branded Credit Card. This is a special form of credit card jointly issued by a credit card company and a retail merchant. The aim of this credit card is to offer customers rewards and incentives for shopping at the retailer's outlets.
6. Secured Credit Cards. If you do not have a credit history, the most suitable card you can get is the secured credit card. It can also work if you have damaged credit. In order to get a secured credit card, one must show a security deposit already placed on the card. The credit limit given is usually equivalent to the deposit made on the card.
The types of credit card being offered are endless however, for the sake of brevity we have highlighted a few. Should you need more information your bank or a financial expert would be your best bet.
This is usually based on the premise that the consumers would have the means to honor their payment obligations on the credit extended to them in the not distant future. In light of this the credit card was invented to enable bank customers meet their liquidity needs
1. Standard Credit Cards. This is a basic credit card which offers no extra rewards for its usage. Amongst the benefits of selecting this type of credit card is its relative ease of usage. With the standard credit card, you are given a revolving balance up to a certain limit when you use the card, and the revolving balance is made available to you once you have made payments after a certain due date.
1. Standard Credit Card. This is the most basic credit card and has as its major advantage, ease of usage. It is important for those who do not desire to have any rewards. It works by providing you with a revolving balance, and also a certain balance. Once that balance is used up, your credit is withdrawn until payment is made.
3. Rewards Credit Card. Reward cards are cards that offer rewards when they are used to conclude financial transactions. Three forms of reward credit cards exist in the market and they are i. Cashback cards ii. Points Card iii. Travel cards
Once you have concluded a financial transaction up the credit limit given, your credit is used up and is made available to you again only after you have made payments.
4. Student Credit Card. College students are not left out when it comes to credit cards as there are special credit cards formulated for university students. Student credit cards are granted on the premise that college students have little or no credit ratings. It would work more for students who are first time applicants of credit cards. Student credit cards come with a whole lot of added benefits such as low interest rates, but to be entitled for a student credit card, a student should have obtained admission to study a four year course at a recognized university.
4. Co-branded Credit Card. This is a special form of credit card jointly issued by a credit card company and a retail merchant. The aim of this credit card is to offer customers rewards and incentives for shopping at the retailer's outlets.
6. Secured Credit Cards. If you do not have a credit history, the most suitable card you can get is the secured credit card. It can also work if you have damaged credit. In order to get a secured credit card, one must show a security deposit already placed on the card. The credit limit given is usually equivalent to the deposit made on the card.
The types of credit card being offered are endless however, for the sake of brevity we have highlighted a few. Should you need more information your bank or a financial expert would be your best bet.
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The above are only a few of the co-branded credit cards that are available there, and if you desire to find out more you can get in touch your bank for more information. Debit Card Programs are widely available nowadays.
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