Typically, what bad credit consumers are finding online when they search for an instant approval or guaranteed platinum credit card, are “Shopping” cards. Unknowingly, many of these consumers apply thinking they are getting a true-to-life platinum credit card, because they are being marketed as a “Platinum Unsecured Credit Card”. In actuality, these cards offer an “Unsecured line of credit”.What’s the difference?An unsecured line of credit is the ability to make purchases on credit, and to re-pay over time. Sounds just like a typical credit card, right? Wrong. The difference is that the issuer allows purchases only from a select vendor(s), either from an online resource or through an offline catalog.While this type of credit card offers the ability to make purchases on credit like a typical credit card, it can’t be used for making purchases at local retail stores, restaurants, nor to book airline or motel reservations. And it certainly doesn’t offer any type of balance transfer from existing credit cards, nor cash back or rewards as offered by major platinum credit card issuers.So why are shopping cards being marketed as platinum credit cards? Mainly because they offer a high unsecured line of credit, like those major platinum credit card issuers offer to new members with a fair credit rating. For example, the USA Platinum Plus shopping card offers a $7,500 unsecured line of credit, whereas typical unsecured credit cards (the type that allows purchases anywhere the card is accepted), offer a limited credit line. When compared to the Rewards660 Card; an unsecured credit card for people with troubled credit, it offers only an initial $250 unsecured credit line.The benefits of a platinum shopping credit card?If you have bad credit, such as late payments, bankruptcy, or no credit score, it’s not likely you’ll get approved for a platinum credit card from major issuers such as Discover, American Express and Chase. But a shopping card accepts most anyone with no credit check. And although it doesn’t offer the perks such as frequent flyer miles or cash back, some guaranteed platinum credit card issuers offer other rewards, such as free merchandise when you accept the card. You can’t use the card for purchases beyond those allowed, nonetheless you do receive an unsecured line of credit to make purchases from the issuer’s vendor(s). This can be helpful, particularly during times when you need credit but can’t get it, like during Christmas or to buy birthday gifts. Also, many of these cards will report your timely payments to a major credit bureau to help you improve your credit score so one day you may qualify for a true-to-life platinum credit card.As with any online application, applicants should read the full Terms and Disclosure before applying, so they will know exactly what is being offered, plus any fees that may be charged.
Of course, The best way to get out of debt is not to get into it in the first place – in other words, pay off your credit cards fully every month. This is really the only way to be debt-free, enabling you to avoid interest and finance charges. None of the major credit card companies (Visa, MasterCard, American Express, or Discover) penalize you for doing this.The ideal is to live within your means, spending less money than you make. It is a sure way to stay out of credit card debt.The SolutionBut if you are reading this, chances are you’ve already accumulated too much credit card debt. Here are your options:Option #1: One thing you can do if you have outstanding balances on high interest credit cards, is to do a balance transfer onto a lower interest credit card.Of course you first need to have a balance transfer offer from a credit card company, with a card that has a lower interest rate than the one you are trying to pay off. Visa, MasterCard, American Express, and Discover all have a variety of different cards, with different interest rates. By transferring your balance to a card with a lower interest rate, you can save hundreds if not thousands of dollars in interest charges. You can compare these cards online (see resource box at bottom).If you get lots of offers (as you will if your Equifax Score is higher than 690 – rated “good” – and you may even get a few while rated “fair”) you will be able to pick and choose among balance transfer offers. Look for ones that keep the low rate until you have paid off the balance transfer completely. In some cases, you may want to accept one that raises the rate after some months, as long as that new rate is lower than the one you have on the card you are trying to pay off.Sometimes the best balance transfer offers come with a new credit card. You will find reviews of some of the best at [http://www.creditoffersreview.com] Do remember, however, not to apply for too many at once – sure to lower your credit card score.A Few Things to RememberFor ease in understanding, we will call the high interest card you are paying off Card A, and the one you are transferring balances to, Card B.1. Be careful to continue making payments on Card A. until your payment shows up (you can check most credit card balances on the credit card website, by logging into your own account.)2. Try to time it so your transfer pays that month’s payment. Do this by making the balance payment right away when you have just received your statement for Card A. That gives several weeks for the payment to post. Then you will not need to make a regular payment that month and can apply more to some other card.3. Experts vary on their advice about what card to pay off first. I prefer to pay off the highest interest card first, but others say the satisfaction of paying off a card with a smaller balance (because you can pay if off quicker) is important to your motivation to keep paying down that debt. I get my satisfaction in seeing the interest and minimum balances drop drastically as I pay down the very high interest rate card.4. Be careful to leave a few hundred on Card B so its next interest charge will not make you overdrawn. Apply as much as you can to Card A, but not all of it.5. Be aware that almost all cards doing balance transfers with a very low interest rate offer are going to apply any payments you make to those lower transfer balances first. So it is best if you only do a balance transfer to a card that is totally empty. If you have charges on it at its normal interest rate, they will continue to accrue finance charges at the higher rate all the time the lower rates transfers you did later are being paid down.Option #2: You can also transfer your balance from a high interest card to one with a low introductory interest rate – If you are like most of us, you probably get these in the mail all the time. “Limited time offer!” “Pay no interest for 6 months!” “0% till next May!” All of these cards offer an introductory low APR (sometimes 0%) when you get their credit card. But you have to be careful if you use this option. Use it only if you plan to pay off the balance BEFORE the grace period ends. If not, you might end up paying more than you would have originally.Option #3: Another option is to get a credit card debt consolidation loan – it can take a lot of the stress out of trying to juggle credit card accounts. It allows you to consolidate all your credit card debt into one easy payment at a fixed interest rate. This rate is almost always lower than the one the credit card companies will give you. The draw back is that you have to be very careful who you get such a loan from, especially is they promise they will negotiate lower credit card payments, so that you are not paying all you owe. If it is from a credit counseling agency like that, it may harm your credit rating.Before applying for any credit card, you may want to discuss with your financial advisor which credit card’s best for your unique financial situation.
Do you know the credit card debt figures in July 2005? £55.87billion. That is enormous. UK is standing witness to the growing incidence of multiple card holding. 6 out of 10 people have more than one credit card. According to APACS (Association of Payment Clearing Services) two third of adult population in UK is a credit card holder. Guess what, you are part of it. The average interest rate on credit card is 15.75%. No wonder you are in credit card debt. Credit card consolidation is an intelligent step towards finally getting that debt off you.You probably started off with one or two credit cards and before you knew you were in several hundred of pounds of debt. Credit card consolidation can aid manage this out of control debt situation. Credit card consolidation is the best means of getting a low interest deal in place of high interest credit cards. Basically you are selling your credit cards debt for low interest consolidation loan.How does credit card holder benefit form credit card consolidation? Let us take a hypothetical situation. Suppose your outstanding credit card debt is £10,000. And the APR or the annual percentage rate is 20% then you are paying £2000 as interest rate every year. By credit card consolidation you transfer all your debts into a single consolidated loan with lower interest rate. Suppose the interest rate is 10%. This way you are paying £1000 as interest rate for the same amount saving 1000 pounds. By researching you can get good rates for
Credit card consolidation.The monthly payment with credit card consolidation is lower and of course manageable. Credit card consolidation tries to pay off your credit card debts. A credit card consolidation will pay off your debts in shorter time span and without causing any extra stress on your financial situation. This is fundamental with credit card consolidation.A wrong credit card consolidation can have disastrous consequences financially. Beware of predatory lending. It is oft quoted in credit card consolidation ads that your debt is reduced up to 50%. This is not possible. Lowering of monthly payment is of course possible but that should not be the only criteria for deciding on credit card consolidation. Lower monthly payment over a long period of time can extract more money in the form of interest rates. Concentrate on lower interest rate and not primarily on low monthly payments while credit card consolidation.Credit card consolidation can be with or without collateral. A homeowner consolidation would enable you to get approved for higher amounts. Homeowner consolidation would work competently if you have credit card debts exceeding £5000. And you can even borrow up to £25,000. For lower loan amount unsecured credit card consolidation is ideal.
Discipline is fundamental with credit card consolidation. After credit card consolidation, the outstanding debts are paid. You don’t owe as much money; the financial position is in control. So it is easy to make new financial commitments. And there you are again in debt. Well, what does it show? There was no use getting credit card consolidation. Credit card consolidation provides you with a new opening to start anew with money issues. Not finding new credit problems.If you have more than one credit card and you have used one credit card to pay for another – you might have realized that it can’t be done without putting an added burden on your debt condition. It is time to rethink the credit card debt and prevent them from becoming an emotional liability. If your debt rather than you start to dominate your everyday expenses then you it is a warning sign. If your personal happiness becomes dependent of your credit card debts then consolidation is the miracle pill for you.
Most of us get a credit card on our name when we go to college or when we are in our senior years of high school and all of us stumble into the same types of difficulties when it comes to finding an issuer and managing the credit card. Most banks ask for a prior type of credit history that most of the time lacks and for some type of warranty that we will be good payers. It is true, finding the right issuer and building a credit card history is not easy, but it can be done.When you apply for a credit card the bank will usually ask you questions regarding your previous credit lines. Most young people do not have any type of credit history and this makes the banks unable to positively respond to their application.There are two things that you can do to go around this problem. One is looking for an issuer with a special offer, as there are many banks that offer credit cards for people who are just starting their first credit line. It is true that you will not have an extended credit line at first, but if you prove to be a good-payer and a loyal customer to the bank, you are likely to receive more credit line in time.If, however you cannot find an issuer that will give you a first chance with credit lines, you will need to build a credit history yourself. You can do this by getting credit cards from gas stations or from stores. There are gas stations, as there are supermarkets and department stores, which offer fidelity credit cards to their customers. Once you become the owner of such a card, make sure to balance it wisely and after a couple of months you can re-apply for a bank-issued credit card.Actually, the most useful tips for those who get their first credit cards now are not those about how to actually obtain the card but about how to use it. Some happy card holders hit the shops as soon as they have the little plastic card and spend much more than they can pay back. The banks will never like that and there are no exceptions or grace periods only because you are new.All late payments count as bad credit and if you make such reckless spending, you are in danger of having your credit ceased as soon as it was approved. You will also be considered a “bad” client if you lose your credit card or if you forget credit card information often. Avoid carelessness when you deal with money and note down all the information regarding your card and the transactions you have made with it.Another good advice that all new card holders should follow is about owning only one credit card in the beginning. This is a good idea because it helps you get familiarized with the banking world, the card system and it is also a test to see if you can balance money. After one year or so, of good credit history you may apply for a second credit card; however, if you’ve had payment problems it is wise to stick to that one single card until you can correctly manage card-money.It is always difficult for new-comers to break through in the baking world, yet with patience and a bit of wits you can become the owner of a new credit card. The difficult and tricky part begins when you start balancing it. Keeping records of card information, of the transactions made with it, remembering never to overspend or delay payments and generally having a careful and wise banking-attitude will make you a good client and a satisfied customer at the same time.
Many consumers search specifically for a bad credit credit card, merely for the sake of easy approval and getting their hands onto unsecured credit, without first trying to resolve their bad credit issues and preventing further damage to their credit score.While there are plenty of bad credit credit card choices available, they can do more harm than good if not used wisely, or if the card issuer does not report timely payments to a credit bureau. Here are important factors consumers should consider:1) Do you really need a credit card? Credit cards do make life more convenient by not having to carry cash, and they can make tracking expenses simpler. If the applicant’s primary concern; however, is just to get unsecured credit (to make purchases when short of cash) versus the convenience factor, this should be a danger sign of the potential for accruing more debt than can be re-paid, or be re-paid timely.2) How you used a credit card in the past? Consumers who were consistently late making payments or who did not frequently pay the balance in full every month, likely suffer bad credit for that very reason alone. Living above one’s means often ends in financial disaster, and it’s possible to dig a hole too large to get out of as late fees and interest charges accrue.3) Can the credit card rebuild bad credit? If used wisely, consumers who are diligently attempting to rebuild credit can benefit from a credit card. How you re-pay credit card charges are one of the largest credit report scoring factors. But not every credit card issuer reports to a major credit bureau. Applicants should acquire a credit card that reports to at least one major credit bureau, i.e. Trans Union, Equifax or Experian. Here’s how to maximize the credit reporting benefit:- Use your credit card. A strange peculiarity amongst creditors, is that they view open lines of credit as potential debt. If; for example, you have a credit card with a $5,000 limit and it has no charges on it, it is viewed as a potential debt in that amount. Hence, if you have any other credit cards which have no balance and the issuers do not report timely payments to credit bureaus, it may be best to close those accounts. Simply not using the card does not close the account. You must contact the issuer and close the card account.- Don’t use your credit card simply for the sake of being able to make purchases during cash shortages. Use your card instead of the cash you budget for expenses such as your weekly grocery shopping, and use those funds to re-pay the charges.4) Finally, when seeking a bad credit credit card, apply for one that may limit your potential for accruing debt. Instead of a $5,000 credit line, consider a credit card with only a $2,000 credit line. Because of your bad credit, you may discover that a higher credit limit bad credit credit card may also charge a higher interest rate because of the increased risk to the issuer. If you just need temporary credit; such as during Christmas, consider a retail or shopping card that reports timely payments to a credit bureau. Since retail and shopping cards limit purchases to a particular store or catalog, this can help curb desires to go on vacation spending sprees.
Have you been burned by too much credit card debt lately? Too scared of credit? Had enough of credit card bills? If plastic was a way of life for you and you’re thinking of looking for a good alternative that is as convenient and easy to use, then a prepaid credit card is the perfect choice.What are prepaid credit cards?If you’ve used a prepaid phone card or sim card before, then you already have a basic idea of how a prepaid credit card works. You just need to ‘load’ it with money and then use it as you would any regular credit card. It can be used to pay your purchases at any store and is also accepted for many online transactions. You may also withdraw cash from any ATM.Essentially, a prepaid credit card functions as a debit card, except that a prepaid credit card is a separate account. A debit card is linked to either a savings or a checking account. You just need to open a prepaid credit card account and deposit money, just like you would with a regular bank account. After you pay the fees, which could amount from $5 to $50, the bank then issues you a prepaid credit card.Many banks offer prepaid credit cards under Visa or Mastercard. Other providers include Western Union, Greendotonline and Rush Card. Prepaid credit cards can also be purchased at selected stores, malls and even gas stations.Where’s the credit?The term ‘prepaid credit card’ is probably a misnomer because there’s no credit involved when you use it in any transaction. With a credit card, you pay with the money you don’t yet have, but which your banker or credit card company guarantees for you.With a prepaid credit card, you only spend the money you loaded the card with. For example, if you have $300 on your prepaid credit card, you can’t purchase a $325 item. It’s that simple.Who can use a prepaid credit card?A prepaid credit card is a good tool to help you curb your shopping expenses. It is also a good alternative to a regular credit card that you didn’t get due to bad credit or for any other reason. A prepaid credit card lets you enjoy the usage benefits a regular credit card can offer.AdvantagesSpending limit – a prepaid credit card will only allow you to spend the amount that is left on your account, nothing more. You don’t have to go beyond a credit limit because the only limit you have is self-imposed. If you load just $500 on your prepaid credit card account monthly, that’s the amount you’ll get to spend, until the next time you load it again.Absence of debt – regular credit cards let you ‘charge’ purchases and then pay them back at a later date in full or make a minimum payment with interest. Every time you use a credit card, you incur a debt. With a prepaid credit card, you don’t charge purchases, but pay for them outright, on cash basis. You also do not have to worry about monthly billing statements.Fast processing – you’re not required to undergo a credit check and there is no waiting to get your prepaid credit card approved. There is also no age limit.DisadvantagesSpending limit – the advantage of a prepaid credit card is also a disadvantage. While regular credit cards allow you to buy large purchases (such as appliances and furnitures), a prepaid credit card limits your buying power to the amount currently deposited in your prepaid account. Once it’s gone, you can’t buy more until you deposit money into that account.Fees – each time you make a deposit to your account, you pay an additional but nominal fee. Some prepaid cards also charge you a minimum fee for every transaction.Limit of use – you can’t use a prepaid credit card to pay regular automatic payments and some smaller retailers don’t accept transactions made with prepaid credit cards. A prepaid card will also not help you establish your credit, much less rebuild it.
With the advent of the Internet, almost everything has been rendered deliverable with digital speed.You could order items online, for example, and the same would be shipped to your doorsteps the next day. You could pay your bills through online channels as well.And most definitely, you could apply for a credit card online, a process that gave birth to a tag for the cards acquired as such: online credit cards.Clarifying The Term “Online Credit Cards”The term “online credit cards” would be a little confusing for most. It shouldn’t be taken to mean that one would be able to procure online credit.Only the application and the usage are referred to by the term “online credit cards” because the same can be applied for on the Internet, and correspondingly, can be used for transactions in the World Wide Web.Applying For Online Credit CardsEverything that is needed for conventional application for a credit card can also be done online. The requirements can be submitted digitally, and the online credit cards, once they are approved for distribution, can be delivered to the successful applicants.These online credit cards are made accessible to the general masses because of such a convenient process. People can now avail of online credit cards without leaving the comforts of their own homes.There are a lot of establishments on the Internet who offer online credit cards for anyone who is interested and who is qualified to be extended such a credit. A quick search on any of the search engines on the web would reveal a great number of these online credit card companies. It’s just a matter of doing your own due diligence and choosing the right online credit card which is perfect for your needs.Using Online Credit CardsThe rule is simple: you cannot do business over the Internet without online credit cards.Digital transactions would need a manner by which money can be conveyed digitally as well. Online credit cards have specified numbers and particular details. You would only have to type these in to be able to pay for goods or services procured in the World Wide Web.The problem with online credit cards and their usage has always been about security. In the earlier years of the Internet, the details in many online credit cards have been hacked. As a result, the thieves would be able to use the accounts of the said online credit cards for their own purposes.Thankfully, modern advances in the World Wide Web have effectively curtailed this problem.Secured Socket Layers (SSL) with 128 bit and 256 bit encryptions have been introduced to guarantee the safety of the use of online credit cards over the Internet.To determine whether a website is fit and safe to accommodate online credit cards, simply check if it makes use of SSL.This can be determined by the appearance of a padlock icon on the lower right screen of your browser window. If the website has such an icon, you could rest assured that online credit cards would be protected.
Unfortunately, this is the case for many graduating students.
You may have seen recent reports and news stories about enormous student credit card debt. Or worse, you may be experiencing it firsthand! You are not alone.According to Nellie Mae, a leading provider of higher education loans, a study of last year’s student loan applicants showed:Graduate Student Credit Card Debt- Students with no Credit History 1%- Students with a Credit History having no Credit Cards 4%- Student with a Credit History and had Credit Cards 95%Of the 95% who have credit cards:- Average number of credit cards = 4- Average credit card debt = $4,776 (median=$3,068)- 20% have credit card debt between $6,000 – $15,000- 6% have credit card debt greater than $15,000Undergraduate Student Credit Card Debt- Students with no Credit History 12%- Students with a Credit History having no Credit Cards 10%- Student with a Credit History and had Credit Cards 78%Of the 78% who have credit cards:- 32% have four or more cards- Average number of credit cards = 3- Average credit card debt = $2,748 (median=$1,236)- 13% have credit card debt between $3,000 – $7,000- 9% have credit card debt greater than $7,000So what’s the lesson? It´s doen´t necessary mean that you spend too much money, that´s your own private issue. It´s about beeing aware and spend sensibly, with a wise use of your credit card. Debt can sneak up on you quickly. Below are a few tips to keep your debt in check.Use cash instead of plastic whenever possible. A lunch at the student union here, a night on the town there…it all adds up. Keeping your credit cards in your wallet will prevent a nasty surprise at the end of the month and when you graduate.Debit cards and “secured” credit cards are good alternatives for college students. Debit cards allow retailers to deduct the amount of a purchase immediately from a bank account; they also work at automated teller machines if a student needs cash. Secured credit cards require that the student set up a savings account of several hundred dollars as a backup against a default.Make sure you understand how fast the penalties for late payments and interest charges can add up on credit cards. For example, if you were making just the minimum 2.5 percent monthly payment on a $1,000 outstanding balance with 19 % interest, it would take seven years to repay and cost $730 in interest.Don’t forget your huge student loan. You may have a hard time paying off your loan if you’re too busy paying off your Visa or MasterCard accounts.Establish a sound credit history by clever usage and investigate thoroughly the credit cards that are especially intended for students, or maybe even choose a debit card!!!Be smart – use credit card wisely.
For many people searching for a new credit card online, the annual interest rate, or APR seems to be the only important factor, and many will only check out low interest rate credit cards before making an online credit card application. Credit card issuers also tend to advertise the low interest rate credit card more that any other kind of card. But should low interest credit cards be the only ones on your list when searching for the best credit card deal to suit your personal requirements? Probably not. APR is not the only thing to look for when choosing your ideal credit card.It may help if we start by understanding exactly what an APR (annual percentage rate) is and where its relevance lies. APR is quite simply the interest rate used by the issuer to calculate interest on the balance of your credit card account. This interest is then added to your monthly statement to form your new balance. Therefore a low interest credit card account would have less interest charges applied to it at the end of each monthly period, hence its popularity.However, there are those who donýt really require low interest rate credit cards. This group are those who, for the most part will use their credit card in much the same way as a charge card, paying the full balance on the account on the due date each month. Remember that there are no interest charges added to your credit card account if you make the full balance on your statement by the due date. So it would make no difference what interest rate was applied if you were to use it in this manner. Therefore a low interest rate credit card would not be such an good deal to this group of card holders. These individuals are much more likely to be attracted by other card offers such as cash rewards or air miles rewards credit cards.A low interest rate credit card will definitely help to slow down the rate at which your credit card debt builds up. Thus low interest credit cards are more appealing to a particular group of people, who are confident only in making part payments on their card account balance each month.Another group of credit card applicants in search of low interest rate credit cards would be those people who are wanting to consolidate their total debt from one or more other cards onto a new credit card. In this instance a low interest rate credit card may be much more desirable, as they would typically be looking to reduce their monthly commitment, and it would make little sense to transfer the debt to a credit card with a higher interest rate attached to it.So the need for low interest rate credit cards is felt more by a particular group of credit card holders. However, it is worth remembering that a low interest rate credit card is generally offered only to applicants who have maintained a good credit rating. Obviously the card issuers will make less profit from card holders with a low interest credit card, which means that the risks involved will be increased. This is the main reason why credit card issuers will usually only offer a low interest credit card to card holders with a proven track record in credit repayment.Once you have made the decision that a low interest rate credit card would be more likely to suit your personal requirements, you will then need to take time to compare the other benefits offered along with these cards. Low interest rate credit cards are mainly split into two categories. There are the low interest credit cards which will often offer APRs of less than 8% on purchases. And, for cash advances the low interest credit card will often offer APRs of 10% or less. Then there are certain rewards programs attached to some cards which offer cash back rewards on all purchases, gas or even office supplies. Cash rebates are usually automatically credited to the cardholder’s statement each month, and there is no limit to the amount of cash rebate that can be earned.There is one thing you must always do regardless of which low interest credit card you choose to apply for. Read and make sure you understand the small print with regard to the contract you will be asked to sign once your application has been accepted. Be aware not only of the interest rate (APR) attached to the low interest credit cards you may be considering, but for how long will this lower interest rate continue. Is it likely to rise to a higher rate after a given period of time? A variable rate card is often offered with a low introductory rate, but this rate can increase at any point in time. You must keep in mind that the APR is actually where the credit card company earns their profit. If they were to continue offering card holders an extremely low APR indefinitely, the chances are they would not stay in business for too long.Remember, it is definitely worthwhile your effort in researching the various credit card options available, taking advantage of website comparison charts etc. Should you choose a low interest credit card, do the math and choose well. After all, it’s not every day you go searching for a credit card.Trevor Taylor
Credit Cards are a fixture in today’s life. People from all walks of life use them for almost any and every financial transaction, from paying monthly bills to purchasing items off the shelf at groceries and convenience stores. No matter where a person goes these days, excepting perhaps for the absolute remotest corners of the earth, credit cards have become as acceptable as money, more so in some circumstances, because in foreign countries a credit card takes care of the usual bother of having a lot of travel funds converted into local currency.But with so many different credit card providers out there, and each with their own sets of package deals that offer different credit card rates and advantages, how do you go about choosing one that suits your personal needs? Here are a few simple things to keep in mind when selecting a credit card that will give you the best rates for your lifestyle.Look at the TYPE of card you’ll need. While it may seem like a credit card is a credit card, in reality there are many different types of cards available, just as in a bank there are many different types of accounts, each offering different features. Some of the more common types to choose from are as follows:Student Credit Cards – As the name implies, these credit cards are designed to cater to the needs of students. Since students generally operate with limited personal funding, the credit ceilings offered by these cards is set to keep purchases made by students within a reasonable level. Also, the interest rates are set to lower levels, again because of the assumption that the people who use these cards wont have as much financial capability. They will generally be working part-time at best, so the rates these cards offer tend towards the reasonable. The biggest drawback to a student credit card is the credit ceiling; this, however, isn’t such a drawback when you consider that the lower ceiling also allows the users to preserve their credit standing and not jeopardize themselves with overspending. If applying for a student credit card, look for ones with reasonable interest rates balanced with a credit limit that will keep expenses within the budget.Business Credit Cards – These cards are tailored to be used by people running a business. The main purpose of these cards is to be utilized in place of a business owner using his/her own personal credit card to help pay for the overhead costs of his/her business. Business credit cards generally have larger credit ceilings than regular credit cards due to the expected expenditures involved in operating a business. The rates for these cards, and the corresponding credit ceilings, are usually based on the financial status of the business entity for which the card is meant. When looking at these cards, keep in mind the projected fiscal ability of your business. Get a business credit card that can cover your overhead costs, and make sure that the interest rates are also at a level that your projected income can cover.Zero-interest Credit Cards – these are credit cards that have 0% interest initially. The name does not mean that the card permanently does not incur interest; rather, these cards have an introductory period, usually stretching between 6 months to a year, where no interest is incurred. Regular rates are applied after the period is over, however, so it’s a good idea to look at the interest rates and available credit ceiling after the initial introductory period expires.Low Interest Credit Cards – these credit cards generally have a lower interest rate than others; unlike zero-interest cards, which offer no interest rates for an introductory period then switch to regular rates afterwards, low interest credit cards maintain a lower interest rate on credits incurred throughout the lifetime of the card. In the case of these cards, look at other factors when choosing one; there may be annual fees involved in maintaining the card, or lower credit limits, for example. Look into these when deciding on a low interest card to apply for.Reward System Cards – these are credit cards which possess additional perks for usage. There are many types, including credit cards that offer airline mileage points, hotel credit rewards, gasoline points, and even cash reward credit cards. When looking at one of these credit cards, the interest rates of the card should of course be taken into consideration, but the main point is to see if the interest rates are offset by the rewards offered. AS long as the rewards suit your lifestyle, these cards make for a good option.These are just a few simple tips covering the different types of credit cards available on the market. When choosing a credit card, finding the best credit rate isn’t just a matter of looking for low interest cards; find one that suits your lifestyle and needs, and the rest follows.