What Are the Different Types of Credit Cards?

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There are many different credit cards available today, and choosing the right one can be difficult. This post will describe some of the most common types of credit cards.

Common types of credit cards

The following credit cards are some of the most popular options.

Rewards credit cards

Rewards credit cards give you points, miles, or cash back for every dollar you spend. These credit cards are ideal for consumers who pay off their balance in full each month.

Unsecured credit cards

Unsecured credit cards let you make purchases within your credit limit. Consumers who want to build their credit history may like this option.

Secured credit cards

Secured credit cards are backed by a security deposit. Available to consumers with low or limited credit, the idea is to build (or rebuild) your credit history.

Cobranded credit cards

Cobranded credit cards can be unsecured or secured. They are offered in partnership between a card issuer and another company—for example, American Express and Delta Air Lines.

Balance transfer credit cards

Balance transfer credit cards let you transfer high-interest debt to a new card with a lower introductory rate. They’re meant to help consumers consolidate debt and save on interest.

Corporate credit cards

Corporate credit cards help consumers separate their business and personal expenses. They can also be unsecured, secured, or rewards credit cards.

To get this type of credit card, you must own a business of some sort. You may even qualify for a corporate credit card with gig work.

Student credit cards

Student credit cards are available to students ages 18 and older, including those with limited credit. The idea here is to start building your credit history.

To qualify for a student credit card, you may need to share proof of your school enrollment.

What type of credit card is right for you?

To choose the right credit card, consider your:

• Credit score
• Credit history
• Financial goals
• Current credit cards
• Reward preferences

A financial expert can help you choose the best credit card for your unique needs.

Learn more about your credit card options

Please contact us with questions or for more information on the different types of credit cards.