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By Joseph Kenny
Recent years have seen a real increase in the type of credit cards available. So much so, that now you really have to look and see what is available, and it can actually be a little hard to choose between them. Here is a little guide to help you know what your options are and what to look for to help you get a good credit card.
Cash Back Credit Cards
These credit cards give you a percentage of your purchases back to you in the form of cash or discounts. Generally, there are two levels of points given depending on the type of purchase. For things related to the type of credit card, you may get anywhere between 3 to 6% back. More common purchases, however, such as gas, groceries, and prescriptions, will usually only get you 1 to 3% back. Be careful to read the fine print as to where you can use your points, though, and your interest rates on the card.
Balance Transfer Credit Cards
These great credit cards allow you to put your existing balances on other credit cards on this new card, and often be able to get a 0% interest rate for a short time – up to 15 months. This means some real savings, if you do not fill up your other credit cards again. Watch out for fees, though, since some cards will not charge you at all for transfers. Also, look to see the length of time that you can enjoy the 0% interest on your balance transfers. Some of them will allow you that rate of interest for the life of the amount transferred.
Air Miles Credit Cards
These credit cards give you air miles for your purchases and they can be used to get discounts toward flights, or even free flights – if you have enough miles (or points) earned. Usually these points can also be used toward purchases in certain stores to give you some good discounts. If you are looking at one of these, be sure to get one for an airline that is at the nearest airport, and at the other end, too, so you can fly on that airline both ways. Bank air miles cards will give you a greater flexibility.
Student Credit Cards
These credit cards for students generally come in two varieties – depending on whether or not the student has a credit rating. If he or she does not, then you will probably need to try to get a secured credit card, which means that the amount of the credit limit (or at least 50% – up to 150%) will need to be deposited in a special savings account. A student credit card can be used to build a good credit rating if the monthly bills are paid on time. Some of these credit cards give points toward things like CD’s, DVD’s movie rental or theater tickets, designer clothes, and much more. These credit cards typically have a higher than normal rate of interest.
In order to get the best deals on a credit card, you will want to do some comparison shopping. Look over the various fees that it may have, as well as the interest rates. Also be sure to get one that has as long of an introductory offer as possible – try to get one for 12 or 15 months.
About the Author: Joe Kenny writes for the Credit Card Guide, offering the latest
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