There are many types of credit cards. Depending upon your requirement about how you use credit card and then compare with the type of credit card available. Then you can go for the credit card the one which suits you most.
Charge cards
Charge cards are different from credit cards. In charge cards there is no limit of how much you spend. You may charge your card as much as you want. The full amount can be paid in installments every month until you pay off whole amount. If you do not pay whole amount then you get grace period of one month. After that your account is closed and your bill is sent to collection department.
Cash advances:
These are expensive than credit cards. These are used when you require cash and your payday is 1-2 weeks far. The amount is deducted when your payday comes. These also include rate of interest which is quite higher than other cards. For cash advance generally people use their credit cards.
Standard Credit Cards:
These cards are the one which is the most typical card. These are unsecured credit cards that are available from most banks and financial groups. These types of cards vary in how the annual percentage rate (APR) is offered or calculated.
General-purpose credit cards:
These are credit cards that can be used for any purpose, any where from clothes to meals. Also, it can be used to get cash advances. This is most widely used because it can be used for many different purposes. Another advantage of using this type of card is that it combines many different types of expenses in a single bill and thus making payment easier.
Single or limited-purpose credit cards:
These are credit cards that can be used only for a specific purpose or group of purposes. Some people want to have separate card for a specific store in order to keep track of expenditure.
Premium cards:
These cards are charge or credit cards that offer additional benefits such as travel upgrades, special insurance etc. Premium cards are used by those having high income and an excellent credit history. Here credit limit is higher and may charge higher fees. You can also use the benefits and services you believe to be worthwhile provided with the card.
Affinity credit cards:
These cards are those which are related to specific organizations and offered to people associated with those organizations. An affinity credit card is co-sponsored by the organization it is associated with, and the organization receives a percentage of the sales or profits generated by the card. Rates, fees and benefits of affinity cards vary widely, and may make these cards more expensive to use than similar, non-affiliated cards. People who use them generally do so to help support an organization or cause they care about.
Co-branded credit cards:
These are co-sponsored by two companies and have benefits and rewards designed specifically for their joint customers. For example, the American Express Delta SkyMiles Card is a co-branded credit card for people who travel frequently on Delta Airlines that offers Cardmembers exclusive travel discounts and other benefits. Other popular co-branded cards are available to owners or prospective owners of automobiles, investors in mutual funds and credit union members.
These are credit cards guaranteed by a bank account or deposit made by the applicant. The credit limit is based on the amount of deposit and may be the same amount or larger. Secured credit cards are useful to establish or improve a credit record. Secured cards may be slightly higher than the unsecured cards. Interest may or may not be paid on your deposit.
Stored-value or “smart” cards
These look like credit cards but are actually prepaid cards. It contains some amount which decreases as the card is used. When the amount in card vanishes, another card is purchased.
Smart cards are more flexible because they contain an integrated microchip that can be programmed to provide information codes as well as financial information. The prepaid value of a smart card decreases as you use the card but can be increased by paying for additional value.
Airline Credit Cards
A travel reward credit card helps a card holder to gain the benefit of free travel-based on the frequency of credit card usage. These reward points can be in the form of free gifts, electronic gadgets or appliances, cash rewards or travel miles.