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Credit cards are ubiquitous in our lives. There are
three main types of credit cards that are common in
America.They are travel and entertainment cards such as
American Express or Diners Card. These have to be paid
in full at the end of the month and are liberal on
spending limits.The second major cards are the bank cards such as
Master Cards, Visa, GM, and Ford cards sponsored
mainly by the banks. The bank defines spending limits,
which in the bank parlance, is known as the credit
lines, and each offers different terms and conditions.Banks offer a choice of payment methods, either pay
the balance in full with no interest or pay a minimum
part or some part of the balance with a finance
charge.The other major type of card is the retail store cards
such as Sears, J.C. Penney, Shell or Mobil. These
cards, known in some countries (the ones from gas
companies) as fuel cards are only accepted in specific
countries and usually do not have annual fees. There
is a wide disparity in the terms and conditions for
the cards.Different types of credit cards offer several
different options, depending on what your needs are.
Some are geared toward individual consumers, while
others are set up in ways that work best for small
business needs. To know what type of credit card fits
your needs, you should review a few of your options.