Credit cards are a means of payment that allows us to finance our purchases. If you are thinking about acquiring one, here you can know the different types of credit cards offered by the market . Choose the plastic that best suits your profile and your needs.
What types of credit cards can we contract?
The current card market has a wide range and they are all marketed by banks. Within the possibilities that we have at our disposal, there are types of credit cards that are divided by their advantages. Therefore, if we want to hire a plastic, we must know all types of credit cards and their characteristics.
The credit cards that we can see if we click on the “Compare” button have different characteristics and can be a good option to finance our purchases. With these plastics, we can reimburse the money at the beginning of the following month or in monthly installments. Thanks to these credit cards we can make use of the money for our purchases immediately and return it by means of two payment methods. One of the main characteristics of these plastics is precisely the flexibility they offer when it comes to reimbursing the capital employed.
On the one hand, it is possible to finance our purchases without paying interest with the modality of payment due month. In this way, the money that we have used we can return it at the beginning of the following month for free. With this option, no interest will be generated, which may be useful to make our purchases more affordable.
The other possibility is that we divide our expenses into monthly installments that cover the total payment of the employee’s money plus accrued interest. In this case, we can use the credit of this type of card assuming an interest rate that is usually around 20% TIN. Therefore, it is advisable not to extend the amortization in too many installments, because it would generate more interest and this could eventually lead us to pay a higher amount.
Types of credit cards with advantages
There is great competition in the current financial sector and, therefore, companies put many means to innovate their offers with the aim of attracting as many customers as possible. This phenomenon has only positively impacted us and, above all, we will notice it when we need a card since we will have a wide range of offers to choose from.
The cards without changing bank
One of the types of credit cards that we can find in the market are the cards without changing banks with which it is not necessary for us to disassociate ourselves from the entity in which we have already contracted any type of product. This type of card is characterized by no connection with the bank that sells the plastic. This allows us to enjoy the advantages offered by both the entity in which we contract the credit card and that in which we already have a certain degree of connection. The rest of the characteristics of this type of credit card are similar to those of other plastics, depending on the product and the conditions of the creditor bank of the same.
These credit cards are associated with a checking account that can be in another entity and work exactly like any other. Traditionally, banks used to force us to link through an account if we wanted to be a beneficiary of one of their plastics, but currently, there are many entities that sell credit cards without changing banks.
Credit cards with discounts
To continue knowing the types of credit cards that exist in the current market it is necessary to highlight the credit cards with discounts. These plastics work like any other, only one of its main advantages is that they allow us to obtain returns on purchases we make with them. In this way, it is possible to get the most out of our use of the credit card. However, these promotions are usually aimed at people who make purchases postponed in monthly payments.
Each bank offers its own discounts with these cards since they can be associated with different shops or establishments. So, in order to choose the best card for us, we must compare what offers we can get and which one suits us best. The discounts can be of different types, for example, it is possible to reduce the cost of our purchases in the shops that the entity establishes or that they give us a percentage refund or a bonus on our purchases. One of the most common advantages is the discounts on service stations and can be useful for us if we make large expenses in refueling frequently.
Free credit cards to avoid paying commissions
Free credit cards are plastic that allows us to immediately pay for our purchases with the same modalities as current cards. However, they offer an additional advantage and that is that with these plastics we will not have to pay commissions for emission fee or maintenance. In this way, it is possible to obtain this type of credit card for free, which represents a big plus point.
However, we must bear in mind that these offers may have a time limit and when this is over we would have to pay the cost of the maintenance commission once this time has run out. Hiring free credit cards sometimes depends on the conditions we are willing to accept. For example, an entity can condition us to adhere to special plans in exchange for getting the plastic for free. They can also establish a minimum consumption or any type of link, but this will always depend on the financial institution that commercializes the card.
Online credit cards for easy and convenient hiring
The other types of credit cards that we can find in the market are the online cards, which are the same as the rest but offer the advantage of being able to contact them through the Internet. In this way, we can request them in minutes and from any electronic device. Thanks to online credit cards we do not have to make any trips to the office to get this banking product, so we can do the process at any time and from our own home.
For the rest, online credit cards are like others, have the same financing possibilities and can also have bonuses and discounts. It is also possible that a card that is contracted online does not have any type of link with the entity. Therefore, if we want to choose a credit card it is possible to enjoy the amenities offered by a plastic that can be purchased online plus other advantages.
‘Revolving’, of the most peculiar types of credit cards
Revolving cards are possibly the least known type of card in the current financial landscape. However, its operation is even simpler than that of credit cards. But with the payday loan consolidation in missouri, we will have the option to consolidate loans.
Even so, depending on the company with which we contract the plastic, we can choose the way in which we are paying the debt over several months, among the following three options:
- Monthly fee. We will choose a fixed amount that we will be paying each month, although the entity will mark a minimum so as not to lengthen the excess refund.
- Monthly percent. We will select a fixed percentage that will be applied each month to the remaining debt and will result in the result that we will have to pay. Therefore, the amount to be amortized will be lower each month, until reaching a minimum established by the company.
- For months We will mark the number of monthly payments in which we want to end the debt and we will pay a fixed amount equal each month until it is settled.
In addition, one of the great aspects that differentiate revolving cards is that they are usually accompanied by advantages, which can range from lower interest in fractioned purchases to a substantial saving in commissions.
Is it possible to find a perfect type of card?
If we are thinking about hiring a credit card, the most appropriate thing is that we establish the characteristics that we want the plastic to meet in order to find the one that best fits our needs and our profile. Therefore, to find the best card we will see what advantages it can have to be the most appropriate:
- No commission: there are currently credit cards in the market that do not include fees for issuance or maintenance. In this way, we can enjoy our plastic without having to pay an extra euro.
- With discounts: if we find a type of credit card that has discounts or discounts, we can take advantage of these promotions and thus make the most of the use of our plastic.
- With special financing: some cards offer different financing methods to which we can take advantage of so that we can make purchases at the lowest possible cost.
- With online and office contracting: if in addition to other advantages, the entity of the card allows us to also hire it through the Internet, we can save bothersome face-to-face procedures.
- Without links: obtaining a plastic that does not require us to change banks is a great opportunity to maintain the current advantages offered by the entity in which we already have contracted banking products.
- With a competitive interest rate: this is another of the fundamental aspects so that one card is more attractive than another since if we split our purchases in monthly installments, the TIN will determine the amount of interest to be paid during the reimbursement. Therefore, the lower the interest rate, the more affordable the return of the money will be.
Currently, there are types of credit cards that give us access to plastics with all these qualities, but to find them it is necessary that we compare between the different products offered by the market and thus we make sure that our choice is correct.
What other types of cards are there in the market?
If we are doubting if a credit card is the best option for our profile and needs, there are other types of cards that can better fit what we are looking for, such as the following:
- Debit cards: cards that are associated with a current account and that allow us to pay for our purchases making use of the money that we have deposited in this account. If we are hesitating between a credit or debit card, one of the factors that can make us opt for one or the other is that with debit cards it is easier to control spending. This is so because the money we use is ours and with the credit, we are spending capital with which we do not physically count.
- Prepaid cards: to use these cards we must first have recharged them with the amount we want to consume. These plastics do not have to be linked to an account and once we have exhausted the balance, the owner must re-enter the money he considers in order to continue using them.
- Virtual cards: these cards are perfect to make purchases online since they are anonymous and it is not necessary that we insert our personal data. These plastics are virtual media with which to make payments by the amount we have recharged.
The choice of card that we will hire depends on what and how we are going to use it and the conditions we want to accept. Once we have this clear, we can look for the best offers to see what means of payment will be the one that best fits our expectations.