With so many different types of consumer credit cards available today it can sometimes be slightly overbearing determining which type of card you want or need. The following is a brief guide on the different types of consumer credit cards available today:
Credit Cards
A credit card is essentially a loan agreement between you and the card provider for a specific sum of money, known as the card limit. You then use the card to purchase goods, services or draw money, which you can then elect to repay by minimum repayments, lump-sum repayments or in whole on the specified date in your credit card statement – which is usually monthly.
With your credit limit remaining the same each month, the amount you have available to borrow each consecutive month is determined on how much you repaid in the previous month. If you do not repay the statement amount you owe each month in full, the card provider will then charge you interest on the card as a service charge. Because of the structure of credit cards, it is not uncommon for you to hear people referring to users of them as living on the never, never.
Debit Cards
A debit card works very much like a...
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