Types of credit card Flashcards
The most traditional type of credit card; they allow you to spend up to a
pre-set credit limit.
C-I-M-G-F
No Special Rewards or Features
Standard credit card
earn financial rewards as
you spend.
high interest (apr)
Rewards credit card
TRC
You earn points based on eligible
purchases that you make. You can typically redeem these points in a variety of ways.
General Reward points
TRC
These cards typically allow you to earn points when you make select travel purchases, or in some cases, when you make other purchases as well.
Travel rewards credit cards
unlike a standard credit card, requires you to pay off your entire balance each month. do not have a pre-set spending limit. still influenced by factors such as your payment history, income, and credit score.
Full Balance Payment Requirement:
Charge credit cards
TRC
receive a percentage of your spending back, often in the form of statement credit.
Cash back credit cards
allows you to transfer high-interest debt from one or more existing credit cards to a new card with a lower interest rate, often 0% for an introductory period.
transfer fees = 3-5%
Balance transfer credit cards
type of credit card designed specifically for college or university students who may have
little or no credit history.
Easier Approval, No annual fee, Cash back
Security and Fraud Protection
Student credit card
specifically designed for business owners and companies to manage their expenses, separate personal and business finances, and take advantage of various business-related perks and rewards.
Tax Benefits Fraud and Security Protections
Business credit card
designed for individuals who are looking to build or rebuild their credit history. requires a
cash deposit as collateral, which reduces the risk for the card issuer.
Flexible Deposit Terms
Secured credit card
issued by specific retailers or store chains, designed to be used primarily at that retailer’s locations.
Exclusive Discounts and Offers
Store credit card
pre-loaded with a certain amount of money, which can be used to make purchases or withdraw cash. not linked to a bank account
may contain security features can make them safer than carrying cash.
Prepaid cards
TPC
Designed for travelers, these cards can
hold multiple currencies and are used to make
purchases or withdraw cash while abroad.
Travel cards
TPC
Employers can load wages directly onto
these cards for employees who may not have bank accounts.
Payroll cards
TPC
Used to distribute benefits like unemployment payments, Social Security, or food assistance.
Government benefit cards
