The credit card market in the United States is the most sophisticated and advanced the world over. The widest range of credit cards across the globe can be found in the United States. Companies that deal in US credit cards work with a cross section of consumers with credit histories that range from excellent to good to bad to those who have yet to establish credit histories. Learning how to properly use and manage your credit cards is significant because it will help you to stay out of debt. Credit card debt is one of the leading causes of bankruptcy in the country.
In a broad manner there are three categories of US credit cards. These include business credit cards, secured credit cards and unsecured credit cards. Let us take a brief look at each one of these credit card types.
As the name implies, business credit cards are geared towards those who run businesses (large or small) as well as entrepreneurs. They can be used for everything from buying office supplies to paying for business excursions. Some of the companies that that make business cards available to customers include Advanta Platinum Business Card, the Citi Professional (SM) Cash Card from MasterCard and Simply Cash Business Card from American Express.
A secured credit card is a type of credit card whereby the card holder must deposit a particular amount of money as collateral or escrow with the company. If the card holder does not make the required payments then the credit card provider has the right to keep the money. This kind of credit card is geared towards those with poor credit or no credit and/or those who are working themselves back from bankruptcy. Examples of the most popular US credit cards that are secured include the New Millennium Bank Secured Visa or MasterCard and the Orchard Bank Secured MasterCard.
Unsecured credit cards are the most common type of credit cards you see people with. These are traditional credit cards that are such that a credit limit is established based on a variety of factors including the individual’s credit history and income. You generally need to have an unblemished credit history in order to be accepted for one of these cards. Some examples of US credit cards that would be considered unsecured include Citi Diamond Preferred Rewards Card, Discover Motiva Card and the First PREMIER Bank MasterCard.
Choosing a credit card the United States is a bit more difficult than in other regions of the world. The reason is simple. The choices are plentiful and can be overwhelming. There are many different types of US credit cards. There is a credit card for every individual and every type of lifestyle. Some examples of these include balance transfer credit cards, low interest cards, reward cards, student credit cards, business credit cards, prepaid and debit cards and cash back cards. In the United States there are a variety of reward credit cards. These include points cards, travel cards, gas cards, as well as hotels, retail and home improvement credit cards. essentially, there is a credit card for everyone, and for everyone a credit card. Make sure you conduct an exhaustive research before you sign on with any credit card company or bank. listed below we have provided a sampling of credit cards available in the US.
