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You may be aware that there different types of credit card programs; however, did you know that there are actually different types of credit cards? Not all credit cards can or should actually be used for charging as they have specific purposes.
* Standard credit cards: These are your average, run-of-the-mill credit cards that you would normally use for department store purchases, restaurant tabs, and other reasons. These can have different programs—such as rewards points for usage, cash back incentives, and other things.
* Balance-transfer credit cards: These credit cards are meant for you to use to transfer the balance of an account that may have a high interest to a credit card that has a lower interest. This can be a good thing, if you remember to read the fine print. That low interest may only be for a short time; after that it can rise, either slightly or considerably.
* Secured credit cards: Before you are approved for these types of credit cards, you must provide collateral in the form of cash, stocks and bonds, or even personal property such as a boat or car. The amount of money you are allowed on this card as a result of providing collateral is also your credit limit; you can’t spend any more than what is already there.