Today we use credit cards more and more in our lives.
We use them to pay for just about everything in this modern world we live in.
Society uses them to purchase gasoline for their cars, buy groceries, and for goods and services wherever cards are taken as a payment method.
Basically there are 4 types of cards that are used in the United States for the most part.
They include entertainment and travel cards such as Diners Card or American Express which require their balances be paid in full by the end of each month.
These cards typically have pretty liberal spending limits.
The next type of cards are bank cards such as Visa and MasterCard.
These cards are supported mainly by major banking institutions in the United States.
The bank of course sets up each card holders spending limits.
It may also be called credit line or line of credit.
Each of the cards offer various terms and conditions for use of the card.
Examples include the interest rate, minimum monthly payment and the cards billing cycle, meaning the amount of time you have make a payment on your balance.
Banks usually offer a choice of payment types.
You may pay your balance off in full each month or you can make a minimum payment that will include a finance charge.
Other types of cards are the retail store cards such as J.
C.
Penny, Sears and WalMart.
Then there are fuel cards such as Mobil and Shell.
Each of these cards have their own terms and conditions too.
So it is wise to read the fine print of the terms and conditions before signing up for any card.
Always take great care when applying for any type of credit.
Unwise use of credit can hurt your credit rating and prevent you from getting the essential credit you may one day need or want.