CREDIT CARD BASIC INFORMATION

There are many different options when it comes to Credit Cards and it can be very confusing. Here is all the information you need on the types of credit cards and information on the requirements for these cards. The type of card you get will depend on your individual situation.

A standard or traditional card is a basic credit card which has few features and includes some of the common options.

A premium credit card has high limit and often includes features like travel insurance, emergency services and product warranties. You may also earn rewards like cash back, frequent-flier miles and more. Make sure you read the terms of service carefully to find out about any additional fees associated with these premium features and see how much you actually have to spend to earn a reward.

Affinity cards offer rewards which benefit a group or organization. A specific charity may offer a card and that charity earns a portion of revenues from the credit card. Make sure you read the small print on these cards to ensure this is the best option as opposed to getting a different credit card and donating directly to the charity.

Retail cards are credit cards that are associated with a specific retail store. Typically the salesperson will ask you if you would like to apply for the credit card, typically with a specific discount like 10 or 20% off your initial purchase with the card. Some of these retail cards allow you to use the card at other locations then where you received the card while others only work in the specific retail store you received it from.

Secured credit cards are credit cards that require a cash security deposit. The large the deposit the higher the credit card limit. These cards are often used by people who are looking to build credit because they do not have a credit history or by people that have had credit problems in the past.

The Federal Reserve offers consumer credit card agreements online via a search so you can compare credit card terms and conditions and find the card that is right for you. If you already have a credit card but have lost the agreement contact the credit card issuer, they are required to provide you with a cope upon request.