There are many types of credit cards available; here is a list of the most popular being used:

Standard Credit Card
Most people have a standard credit card which is an unsecured loan from a bank.  You must pay a minimum payment each month your card has a balance on it or you run the risk of the bank adding a late fee charge. Some cards may also have an annual maintenance fee, but most do not. Paying above the minimum fee each month assures you of paying off the balance in a
timely manner.













Rewards Credit Cards
If you would like to earn a reward for using your credit card, there are plenty of credit cards that offer certain product or services in relation to the amount that use your card for.  If you want to earn a free flight, you can sign up for a credit card that will earn you free miles with each dollar you spend.  After a few months, you might find that you have earned a free trip to your favorite destinations.

Low Introductory Interest Rate Credit Cards
Many credit cards offer low or zero percent introductory interest rates when you apply for your credit card.  These rates don’t last forever, usually either for six months or a year.  They are a great way to make big purchases that you would have done with cash or are great for transferring your existing credit cards over to the new card, enjoying a lower or no interest rate.
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Using Credit Cards Wisely

If you are thinking about applying for a credit card, here are some tips.  Credit cards are very important tools in our society to establish credit and to have a good credit standing.

One of the most important things to remember when using your credit card is that you are taking out a loan to buy an item. If you can purchase it with cash or your debit card, do so.  You will save money in the long run on interest and possibly fees.

If you have no credit history or a poor credit history, don’t jump at the first offer you find, be patient and pick products that are best for you.  Many creditors may try to take advantage of your situation by offering you higher priced services or have cards with much higher interest rates.
Credit Card Debt and Personal Finance

Many people have a love-hate relationship with credit cards, while they make it extremely easy and convenient to purchase items at the spur of the moment, they can come back to haunt you later on with high interest rates and late fees for your credit card debt.  Here are some tips on how to manage your credit cards.

Choose Your Credit Cards Wisely
Many people think that it is a game on how many credit cards they can have in their wallet, unfortunately, the more credit cards in your wallet usually means two things: the more debt they have and the lower their credit score.  Don’t be fooled, having more credit cards is not beneficial for you, in fact it can be harmful to your personal finances.  Usually only have two or three credit cards max.  In addition, you will always have your debit or ATM cards, so you are safe in case of most emergencies.

Pay Off Your Credit Cards ASAP
Even if you have a credit card with a low interest rate, the more time you wait to pay off your balance, the more money you will owe.  You would never pay $20 for a hamburger at a local restaurant, but that is in essence what you are doing when you do not pay off your credit card balance for months and months at a time.

Buy Only Durable Goods with Your Credit Cards
Two things you shouldn’t buy with your credit card are food and gas.  The reason being is that you use up these products immediately.  You do not want to be paying off debt for months and months for items that are no longer around.  However, if you buy a TV with a credit card, it lasts longer and it is a little less to stomach that you are paying it off for a long period of time.

If you fall into credit card debt, before it is too late, dig yourself out with a credit card consolidation loan.  A credit card consolidation loan is a loan that pays off all your credit cards leaving you only with one payment per month.  Now that you only have to focus on paying off one loan instead of several cards, your interest rate fees should be lower and your monthly payment should be lower as well.  In most cases, you can save anywhere from $50 per month to several hundred dollars per month just by consolidating your credit card debt.
Secured Credit Cards
For people that have no credit history or a poor credit history, secured credit cards are a great tool to build good credit.  You open up a bank account and deposit money into the account. For instance, deposit $500 and you will have a $500 credit limit. This way, if you default on your credit card,  they have your money as collateral, which means no risk to the bank as you build a credit history.  However you will usually have to pay an application fee and annual fee for the card.
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Credit Cards