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Credit Cards Canada

Different Kinds of Credit Cards and Its Uses

Credit cards are a convenient tool for making business transactions. You can make use of them to secure your purchases and pay off your bills completely each month. Aside from that, you can buy great ticket item and utilize your credit card to widen your payments capacity. There are a lot of types of credit cards, and most of them are created to cater certain types of customers. Whether you desire to gain rewards, stretching out your payments at the minimal cost possible or rebuild your credit rating would be the best card for you.

Low Interest Credit Cards

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Low interest credit cards are best used if you maintain a balance on your credit card rather than paying off the total amount every month. When you have a lower interest rate, most of your payment will be for the settlement of your balance and not for the interest charges incurred. If you presently have high-interest cards, you should inquire if they will allow lowering your interest rate. If they will decline your request, try to search for a low interest card that offers a special deal for balance transfers and move your current balance over to the new card you applied for.

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Cash Back Credits Cards

Cash back credit cards allow you to receive money out of the purchase you have made. Some of your purchases will cost higher amount than others, depending on the card plan you are having. For instance, several of the cards may provide you higher percentage for charging groceries, gasoline or restaurant bills. The percentage usually plays between 1 and 10 percent.

Most of these cards will charge an annual fee. However, this annual fee may be waived on first year you per your request. A lot of cash back card issuers will return monetary bonus after you reach a certain level of charges. These kinds of cards work best if you use your card for all your transaction and settle everything at the end of the month. This will allow you to get the maximum amount of cash back the card issuer can offer.

Airline Credit Cards

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Airline credit cards may be tied up to a particular airline company. This will entitle the card holder to earn miles points that can be redeemed with variety of rewards. These cards would be best if you are a frequent flyer in which you will utilize you credit card for all the charges you need in every trip you make. With that, you will earn the maximum amount of mileage equivalent on your card usage. Earning points would be easy by just making purchases out of you card throughout the month and then paying off the bill completely at the end of each billing cycle. However, be cautious of the blackout dates as well as other restrictions on redeeming the miles points in exchange for airline tickets.

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Reward Credit Cards

Even though cash back and airline cards belong in the reward cards category, there are also credit cards that grant rewards for other purposes. For some cards, the card companies allow their card holders to earn points which in turn can be redeemed for gift cards to be used in getting numerous merchandises and other products. Aside from that, hotel related reward cards will also provide you hotel room upgrades in exchange of the collected you have accumulated. Other reward cards may allocate you to trade in your rewards points for gift certificates or merchandise from special products catalogs that each card company offers. This type of card is essential when you exhaust the credits and pay them off when the billing statements arrive.

Cards for Bad Credit

If you are carrying a bad credit, you can apply for a secured credit card that allows you to initiate in rebuilding a positive credit history. This type of card requires you to put together a deposit a certain amount of money or make a savings bank account. This is utilized as a security deposit, and would be your credit limit. Your allowable credits are equivalent to the amount of your deposit. These cards should be used dutifully for the reasons that a good payment history will facilitate your build up your credit score. When you are charge in small amounts, you can easily pay off the balance in a few months.

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You can also acquire prepaid credit cards, which needs to be loaded with cash depending on your desired amount. You can utilize these cards to whichever merchant who accepts Visa or MasterCard. However, what you can spend will be limited based on the amount of money you have placed on the card. This kind of cards doesn’t help you in rebuilding your credit rating for the reason that you are not really making any payments. They are normally used for convenience where you don't have to bring along a lot of cash in your pocket.

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See Also

Best Credit Cards Canada

Best Balance Transfer Credit Cards Canada

Best Cash Back Credit Cards Canada

Best Capital One Credit Cards Canada

Best MasterCard Credit Cards Canada

Best MBNA Credit Cards Canada

Best Visa Credit Cards Canada

Best Secured Credit Cards Canada

Travel Credit Cards Canada

CREDIT CARDS CANADA