Banks, credit unions, online banks, and other financial institutions offer different types of credit cards to business owners and individual customers. Clients can choose from rewards, airmiles, no annual fee, student, and other types of cards.

Options for Customers with Good Credit

cr-caAs a rule, customers with excellent and very good credit have plenty of choice because they are considered low risk by financial institutions. They are offered rewards, cashback, and specialty cards with higher credit limits, preferential interest rates, and many incentives and perks. Rewards cards, for example, are usually reserved for creditworthy customers with a high income level and offer greater flexibility and perks such as rewards schemes, introductory bonuses, discounts, and many others. Cashback HBC credit cards offer cash back for purchases made at department stores, gas stations, supermarkets, and participating merchants. There are industry and bonus categories and bonus points are usually posted as a statement credit. Customers pay for their cruise or vacation bookings, hotel stays, and airplane tickets with no seat restrictions or black out dates. Holders are offered access to airport lounge programs and priority access to international and domestic lounges all over the world. In addition to these perks, airmiles cards offer added benefits such as statement credits to be used for snacks, flight-change fees, checked bags fees, and other expenses. Credit card companies also look at spending patterns to determine which schemes and programs will be most effective and lucrative.

In general, customers with steady income and solid payment history have many options, from auto and gas credit cards to low interest, balance transfer, and other cards.

Cards for Borrowers with Compromised Credit

Borrowers with compromised credit usually have a history of bankruptcies, delinquencies, foreclosure, late and missed payments, and maxed out credit cards. Borrowers with poor credit are considered risky customers, and their pool of options is more limited. They are usually offered secured loans and prepaid and secured cards with lower credit limits and higher interest rates. Department store credit cards are one option for borrowers with little or no credit exposure who are looking for ways to build credit. While department store cards offer higher interest rates compared to other products, there are benefits for holders, including free shipping, coupon codes, discounts, sales, and promos, and many others. This option is a good choice if you are a frequent shopper and have a favorite department store where you make frequent purchases. Regardless of the card of choice, making regular payments helps holders to build credit, and their chances of getting approved for a standard credit card increase. Then there is the option to apply for a student card that comes with discounts on school-related purchases and other perks and allows students to build their credit history. Student cards offer plenty of beneficial features such as no annual fee and cash back or rewards points that can be redeemed toward airfare, school supplies, books and textbooks, and more.

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Products Offered by Department Stores

by John Stevenson on April 16, 2014

Brick-and-mortar banks, finance companies, and online banks offer specialty, secured, and other credit cards. There are different products to choose from, including balance transfer and airmiles credit cards.

Walmart Credit Card Instant Approval

This is a good choice for customers with poor or fair credit who have more limited options and seek to rebuild credit. In addition to discounts, some department stores also feature interest-free financing . In most cases, these cards can be used in one chain or store only. Customers often apply for department store cards because the requirements and criteria are more lenient.

Airmiles, Rewards, and Other Cardsshopping-

Banks and credit unions offer rewards, airmiles, and cashback credit cards to businesses and individual customers. Customers can choose from different rewards and cashback credit cards, depending on their income, credit rating, and other factors. Banks and other issuers feature rewards cards with bonus categories. Specialty cards come with frequent traveler programs, statement credit, and discounts at participating stores. There are different bonus categories such as online retailers, restaurants, grocery stores, gas stations, and others. Some card issuers also offer a fee waiver during the first year so that customers save on annual fees. Whether customers benefit from bonus points and rewards programs depends on their spending level. Holders earn points while dining at restaurants and traveling. Whether a rewards or cashback credit card is the best choice for you depends on your lifestyle and spending habits. Consumers who spend a lot of time travelling and driving often opt for gas cards. Borrowers with average income often choose low interest cards to save money on interest charges. Customers are offered plenty of benefits such as cell phone replacement insurance, concierge services, and others. Other perks include guaranteed returns, preferred seating and car-buying and rewards programs.

Prepaid and Secured Credit Cards

Prepaid and secured cards are usually offered to customers with tarnished credit. While the interest rate is higher compared to personal loans, this is one way to build credit. This is one option for borrowers who are turned down by issuers offering unsecured credit cards. Customers are required to make a security deposit that serves as a guarantee against default. Look at different options, including cards offered by big and small banks, before making a decision. Check for fees, penalties, and hidden fees.

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