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Since consumers have various needs and wants or demands, it makes sense that different types of credit cards exist. Before choosing the right credit card make sure you properly analyze different types of credit cards.

Common Types of Credit Cards are:

• Standard Credit Cards: these types of cards allow you to purchase goods up to a certain credit limit. Generally talking, credit is used up when you make a purchase and becomes available once again when you make a payment.

• Premium Credit Cards: offers extensive benefits, which standard credit cards do not offer. These are Gold and Premium cards with prime rate, reward miles, travel benefits and etc. Moreover these cards have higher fees and require a good credit score.

• Charge Cards: have no credit limit. However, the balance on the card must be paid in full at the end of a month. These cards don’t have various financial charges or minimum payments since the credit card balance must be paid each month.

• Limited Purpose Cards: can only be used at certain locations. For example at a store or at a gas station.

• Secured Credit Cards: these cards are ideal for individuals with no credit card history. However, the cards require secure deposits to be made. Moreover, the credit card balance equals to the amount of secure deposit.

• Business Credit Cards: helpful to keep business and personal transactions separately.