US Credit Cards

By: EconomyWatch   Date: 6 October 2010

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As the most advanced credit card market, it is unsurprising that USA boasts the widest range of credit cards in the world.

In the US credit card companies deal separately with consumers with various types of credit history. The major categories in this context are excellent credit, bad credit, good credit, no credit history and fair credit. The prevailence of American credit cards assists consumers to manage their expenses, and if used properly can be a time saver. Unfortunately a lot of people end up with debts on their cards that they are paying high interest rates on without realising it. If you default on credit card payments, or have done so in the past, you may need to clean up your .

There are various types of credit cards that are available in the United States - low interest credit cards, airline credit cards, balance transfer cards, business credit cards, instant approval cards, student credit cards, reward credit cards, prepaid and debit cards, cash back credit cards and credit card specials. There are several types of rewards credit cards available in the US - points, hotel or travel, retail, home improvement and gas cards.

Business Credit Cards

Business credit cards are best suited for businesses, entrepreneurs and professionals to manage their business accounts. They are used for several reasons, such as purchasing official supplies and paying for official trips. Some of the leading business credit cards available today are Citi Professional (SM) Cash Card from MasterCard, Advanta Platinum Business Card and Simply Cash Business Card from American Express.

Secured Credit Cards

A secured credit card is one in which the cardholder is required to deposit a certain amount as an escrow (asset). In case a cardholder stops making payments, the bank has the authority to withdraw money from the escrow. This type of credit cards is suited for those with no credit or poor credit. Among the more popular secured credit cards are Orchard Bank Secured MasterCard and New Millennium Bank Secured Gold Visa or MasterCard.

Unsecured Credit Cards

Unsecured credit cards are traditional credit cards or charge cards. In this case, the card issuer allows the cardholder to enjoy a credit limit sans keeping any assets. Typically, this type of credit cards is difficult to get, since it requires the cardholder’s credit history to be excellent and unblemished. This means that the cardholder should not have any debts outstanding. Some of the popular unsecured credit cards are First PREMIER Bank MasterCard, Citi Diamond Preferred Rewards Card and Discover Motiva Card.

There may be several types of unsecured credit cards. These include:

  • Rewards Credit Cards - Apart from purchasing power, these cards offer several reward schemes. Examples are American Express Preferred Rewards Green Card, Maximum Rewards Platinum Edition Visa Card and Citi Diamond Preferred Reward Card.
  • Travel Credit Cards - Cardholder earn multiple points when making travel related expenses using these cards. Expenses may include buying flight or train tickets, paying for gas, making a hotel reservation or paying for car rentals. Examples are Miles by Discover Card, Blue Sky from American Express and Disney’s Rewards Visa Card from Chase.
  • Gas Credit Cards - These specialty credit cards are suitable for people who purchase gas regularly. Examples are Discover Open Road Card, Capital One No Hassel Miles Rewards for Travel and Gas and Shell Card Credit Card.
  • Bad Credit Credit Cards - Suitable for those who have bad credit and find it difficult to have a credit card approved. People with bad credit may need a new credit line to overcome their poor credit status. Examples are First PREMIER Bank Gold MasterCard, Total Visa Card and Orchard Bank Platinum MasterCard.
  • No Credit Credit Cards - Suitable for those with no credit history. Examples are Bank of America Secured Visa Platinum, Capital One Standard Platinum and Citi Platinum Select MasterCard.
  • Balance Transfer Credit Cards - Offer cardholders the option to consolidate debt payments. Examples are Blue from American Express, Clear from American Express and Citi Platinum Select Card.

American Express is a global financial services provider that was incorporated in 1850 and is headquartered at New York City. The company deals in a number of financial products and services. Apart from the credit cards the other well known business areas of American Express are travelers' cheques and change cards.

Bank of America is known as the biggest commercial banks in the United States of America. Among the major commercial banks of USA it has the highest market capitalization and maximum amount of deposits. The bank is headquartered at Charlotte in North Carolina. HSBC Bank is among the major clearing banks of the United Kingdom. The company was established in 1836 and is headquartered at London, England.

Find out more about US Credit Cards.

 

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