In our previous post we discussed about the different Types of Credit Cards-Contd. Now we can see about Cash back credit cards, Balance transfer credit cards and Cards for bad credit in detail.
- Cash back credit card : Cash back credit card helps you to get tax-free cash for the purchase you make every time. It offers the card holder a small amount of reward on using this card. These types of credit cards attracts customer because most of the customers like rewards and cash prizes. In a nut shell, you get more offer for more money you spend using this card.For example : If you need to make a payment of Rs 1000 on any of your bill using cash back credit card, the card provider will offer you 5% cash back. So that you have to pay Rs 950 only.
- Balance transfer credit card : The balance transfer credit card helps the card holders to open a new credit card to pay off the debt of other credit cards. In simple terms, it includes the transfer of debit balance from one credit card to another card for the purpose of reducing financial costs with lower interest rates, less penalties, reward points and other benefits.
- Credit cards for bad credit : These cards are meant for people who have bad credit, lesser credit scores, limited credit history or no credit history at all. These cards have lesser interest rates and lower credit limits in the initial stage. When it is managed with good concern, a bad credit card will provide you a chance to overhaul your credit in order to qualify for better rates in future.
Stay tuned to our blog to know more about other types of credit cards.
