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Knowledge hub

Credit Card Types

Reward Credit Cards
Travel Rewards Credit Card

Travel Rewards credit cards are the most common kind (airline, hotel, flexible). You may want to start out with one that has the highest earning potential for how much you currently spend.

Airline and Hotel Credit Card

Most airlines and hotels offer their own reward programs. Branded cards that usually have an annual fee attached to them offer additional loyalty benefits. Airline mile cards usually offer free checked bags and priority boarding. It is not uncommon for hotels to offer a free night for their rewards or free upgrades.

Cashback Rewards Credit Card

Some cashback reward credit cards may let you redeem points on gift cards, amazon credits, or even travel. Offer the ability to earn flat cashback where you can earn the same amount on each purchase. On the other hand, you can earn tiered rewards where you earn a certain percentage on the first purchase and a lower percentage after; or you can earn different percentages on various categories of purchase.

Balance Transfer Credit Card

Balance Transfer credit cards allow you to pay of a credit card balance interest free. Some travel and cash reward cards offer )% introductory offers; good if you have excellent credit score (740 or higher). Citi Simplicity Card and Chase Slate are the cards to look at as they have high interest rates and can help you get back on your feet.

Business Credit Card

Business Credit Cards help you maximizes the purchases you would make in your business. Some cards offer bonus points and online-related purchases, other cards prioritize physical purchases. No annual fee cards are available in order to build your credit score. It is possible to redeem your points on travel, cash, or both.

Student Credit Card

A student credit card spending limits are kept small. Some credit cards offer a statement of credit by maintaining a 3.0 grade point average.

Secured Credit Card

With a secured card, your credit limit is equal to your deposit amount (your deposit may be as high as $500). Once your credit score increases, you will be able to apply for unsecured credit cards. Most credit cards are insecure which means they do not need a security deposit and are more likely to offer purchase rewards. If your credit score is 620 or below, a secured card would be a better option.

Low-Interest Credit Card

With a low-interest credit card, if you cannot pay your balance in full each month, it will reduce the amount of interest you have to pay. Consider the low interest rate on purchases, cash advances and balance transfers and low annual fees before putting a low-interest rate credit card in your wallet.

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Terminology

Annual Percentage Rate (APR)

Annual Percentage Rate (APR) is the interest rate charged on credit card balances expressed in a standardized, annualized way. This rate is applied each month that an outstanding balance is present. The Annual Percentage Rate is a measure of the cost of credit, expressed as a yearly rate. The higher the APR, the more that you will pay.

Bottom Line:

The bottom line is your monthly income less your monthly expenses.

Balance Transfer:

Balance Transfers allow you to be able to transfer a balance from one credit card to another, usually to take advantage of a lower interest rate. Transfers are limited to the available credit on the receiving card.

Dispute:

A dispute if you think your bill is wrong, write to your credit card issuer at the address listed on your statement, within 60 days of receiving the first statement where the error appeared. The credit card issuer must acknowledge your letter within 30 days, and correct the error or explain why they think the statement was correct within two Billing Cycles, but no later than 90 days after the receipt of your letter.

Grace Period On Purchases:

Grace Period On Purchases means that if you pay your balance on your statement by the due date each month. If you don't, you may not get a Grace Period on Purchases until you pay the balance by the due date for two months in a row.

Secured Card:

A Secured Card is a credit card that is collateralized, or partially collateralized, by a cash deposit held in a special savings account or certificate of deposit. The credit line on the card may sometimes equal to the amount of the deposit.

Variable Interest Rate:

Variable Interest Rate is an interest rate that changes based on an economic index.

Prime Rate:

A prime rate is the interest rate that some major banks charge to many of their best corporate borrowers. Each bank sets its own Prime Rate, though because the rate is so competitive, sometimes the rate is the same at all banks.

Revolving Credit:

Revolving Credit is a credit agreement that allows consumers to pay all or part of the outstanding balance on a line of credit or credit card. As the balance is paid off, it becomes available again to use for another purchase or Cash Advance.

Annual Fee:

Annual Fees are charged by a credit card company each year for use of a credit card. This is a separate fee from interest rate on purchases.

Charge Back:

Charge Back is the number of days, from the transaction’s processing date or endorsement date, during which the issuer may initiate a charge-back.

Credit Line:

A credit line is the amount of money that can be charged to a credit card account. The size of a credit line, and how much of it has been borrowed, have a large influence on consumer credit scores.

Credit Score:

A credit score is a three digit number that summarizes how well a person or business has handled debt. The higher the number, the better. Those with high scores can qualify for larger loans at better rates. Those with low scores will get poor terms, or be turned down.

Credit Report:

A credit report is a compilation of the credit history of an individual or business. It is compiled by one or more of the credit bureaus and contains the detailed history of borrowing, payment behavior and credit inquiries. Credit reports are viewed by lenders in deciding whether to extend credit and on what terms. Credit reports are distilled using complex formulas, into three-digit numbers called credit scores.

Finance Charge:

A finance charge is the total cost of borrowing, including interest and fees, expressed in a dollar amount.

Over-The-Limit Fee:

An over-the-limit fee is a fee charged when your balance goes over your credit limit (also known as over the limit fee). When cardholders attempt to make purchases that will put them over limit, card issuers used to routinely decline the transactions. Without the consumer’s consent, they cannot charge over-limit fees. The act also forbids issuers from charging a fee higher than the amount a consumer is over the limit.

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