Types of credit cards � Contd 3.

Previously we discussed about Types of credit cards. Now we can discuss about some other types of credit cards such as Prepaid credit cards, Reward credit cards, Low interest credit cards, Instant approval credit cards, Secured credit cards and Free credit cards in detail.

Prepaid credit card :

Prepaid credit cards are used while making purchase, however this cannot be used as credit card because you cannot obtain credit in these cards. There should be adequate cash in the account that is associated to these cards, If there is no sufficient fund, the purchase cannot be sanctioned. Prepaid credit cards are perfect fit for young generation.

Reward credit card :

Reward credit card offers you reduction, cash back or reward points at the time of purchase for using credit cards. Nowadays reward credit cards have become trendy because people understand the use of credit card and the rewards they get through it.

Low interest credit card :

Low interest credit cards are the cards that have low interest for the purchase you make, so that it will not end up with high interest and debt as that of other credit cards.

Instant approval credit card :

Instant approval credit card gives a quick online response to the applicant's online credit card application within a minute. Few banks will offer an instant credit decision, were as others will evaluate and approve on the same day; still others may authorize the issue of a card soon but will not permit instant access to the resulting credit line.

Secured credit card :

Secured credit cards are always associated to savings account, this is used as a surety on the credit available with the card. Secured credit cards are always used by people with no past history of bad credit. A secured card is a better solution if you are just starting out with credit or you need to repair a damaged credit history and when you can't get approved for a regular credit card.

Free credit card :

Free credit cards are called as fee free credit cards, so that you need not pay any annual credit card fees. Nowadays it is simple to get business credit cards, student credit cards and reward credit cards, by without paying any annual fees.

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