By Sahil Luthra
There are several types of credit cards, each with their own unique features and benefits. Some of the most common types of credit cards include:
Rewards credit cards
These credit cards offer rewards such as cash back, points, miles, or other incentives for making purchases.
Cash back credit cards
These credit cards offer cash back on purchases, usually as a percentage of the purchase amount.
Travel credit cards
These credit cards offer rewards or benefits specifically for travel, such as miles or discounts on airfare, hotels, and rental cars.
Balance transfer credit cards
These credit cards allow consumers to transfer high-interest credit card debt to a card with a lower interest rate, often for a limited time period.
Secured credit cards
These credit cards require a security deposit, which is used as collateral for the credit limit. They are designed for consumers with limited or poor credit history.
Student credit cards
These credit cards are specifically designed for college students and offer benefits such as lower interest rates, no annual fee, and rewards programs.
Premium credit cards
These credit cards offer exclusive benefits, such as concierge services, airport lounge access, and premium rewards programs. They often have higher fees and credit limits.
Business credit cards
These credit cards are designed for small business owners and offer benefits such as rewards for business expenses, employee cards, and expense tracking tools.