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Different Types of Credit Cards and Beneficial Features
There are many types of credit cards to choose from, depending on one’s requirements, preferences, creditworthiness, income level, and other factors
Credit cards often carry higher interest rates than personal loans, but there are many benefits to compensate for this. Cashback credit cards, for example, allow borrowers to earn cash back which can be spent on anything. No annual fee credit cards charge no annual fee and are often offered with retail protection insurance, fraud protection services, auto rental insurance, and other beneficial features. Borrowers with poor credit or limited exposure to credit may consider applying for a prepaid card. These cards are designed for persons who find it difficult to obtain a standard credit card. Cardholders make payments in advance and use the money to make purchases. Some prepaid cards go with fees, such as a monthly participation fee and an account setup fee. On the good side, some prepaid cards give cardholders the opportunity to participate in reward programs and earn reward points.
In fact, prepaid credit cards and secured credit cards are bad credit credit cards that allow borrowers to build or rebuild credit. Similar to loans for people with bad credit, these credit cards are offered with higher interest rates than standard credit cards.