Which Credit Card Is Best For You?
The growing trend to go with credit cards instead of conventional cash has seen a rapid rise over the course of the past decade. Along with the boom of the information age, more and more people are seeing the vast advantages of going plastic. From shopping to e-banking, online bills payment and virtual cash for online games, credit cards are indeed the way to go, buying us more time for socializing, family bonding and perhaps that odd business venture or second job. With that, let’s explore the more popular credit card choices you can avail of from your nearest bank or Credit Card Company.
For those just starting out, I would recommend applying for a secured credit card. Secured credit cards or “no credit credit cards” work best for people with no prior credit history and those with defaulted accounts or mediocre credit ratings. These cards are secured with a deposit that’s held in an account and used when you default on your payments. Many of these secured credit cards have minimum and maximum deposit limits.
Another good option for first timers or those looking to start anew would be prepaid credit cards. A prepaid credit card account (such as a prepaid visa master card) is created by depositing some money into that account, much like you would be required to make a deposit to open a savings account with a bank. Once the money has been deposited in your account, you will be issued a prepaid credit card that can be used pretty much anywhere one would use a regular credit card. If you have a solid credit rating, you may try using that to your advantage when you decide to get a new card.
Instant approval credit cards can be easily applied for online. In a matter of minutes, an automated system reviews your application and sends out a confirmation email containing account details and the recommendations based on your credit rating. Instant approval credit cards are available on a large number of popular credit cards, with many of them offering low interest rate credit cards, 0% introductory APR (some for as long as 12 months, depending on the company) and 0% introductory rate on balance transfers, also good for 12 months. For those of us who find it unthinkable to leave their credit card at home, cash back credit cards may be the way to go. A cash back reward scheme essentially promises monthly or annual percentage rebates either refunded to a bank account or sent separately to the user in the form of cheques or gift certificates.