Types of Credit Cards
Today, there are several types of plastic money available to consumers and small businesses, including:
- Bank-issued charge accounts (Mastercard, Visa and Discover)
- Travel and entertainment charge accounts (Diners Club, American Express)
- House charge accounts (good at one outlet, like Sears or Nordstrom)
- Affinity charge accounts (MasterCard or Visa co-branded with a company like United Airlines or Amazon.com)
Bank-issued accounts are widely accepted while house-charge accounts are limited to the issuing retailers.Affinity cards are considered bank issue, but reward the owner with airline miles or retail vouchers when they accrue purchase points. Formerly only accepted by travel-and-entertainment venues, American Express and Diners Club are now more widely used for business and consumer products. American Express requires users to pay off monthly balances.
Reminders for Credit Users
Remember that, in addition to monthly finance charges, nearly all merchant accounts charge late fees for missed payments and balance-transfer charges to move debt from another account. Some also require account holders to pay an annual fee for the privilege of using the card. Opt for no annual fee cards whenever possible, and use no-interest introductory offers to help whittle away high balances.
Online Applications for Top No Annual Fee Credit Cards
CreditCardApplications.com allows users to apply online for a no fee charge account for personal or business ufor an inclusive, comparative list of top bank, travel/entertainment, business and affinity accounts. You can compare offers and complete applications online.