We have considered obvious benefits such as low APRs, balance transfer promotional rates, cash-back and airline reward credit cards, but we have also analyzed the method of interest calculation and the grace periods – small but important factors in saving the consumer money. CreditEmporium.com is dedicated to only offering Smart Credit Choices for Smart Consumers.

What type of Credit Card is Right for You?

Low Interest Rate credit card offers usually provide a competitive low APR relative to the current market conditions and/or offer a low introductory rate.  A low interest rate should be of high importance to the consumer that expects to carry a balance month-to-month, so they can minimize their interest and finance charges.

Balance Transfer credit cards are an excellent way for consumers to pay off existing balances by transferring them over to a credit card with a 0% promotional rate. This rate can last for 12 months or longer in some cases. This gives the consumer ample time to pay down debt without incurring any interest charges. There is one important caveat:  almost all credit card companies state in their terms that “[They] may apply payments and credits first to your balances with lower APRs (including balances with promotional APRs, such as balances transferred pursuant to this offer) before balances with higher APRs. This will result in the lower APR balances being paid before the higher APR balances.” 

Frequent Flyer / Airline Miles credit cards and Cash Back Rewards or Shopping Rewards credit cards offer the benefit of a reward program that allows the consumer to earn cash or points for their purchases.  There are great offers and benefits available, but the most important way you can profit from these cards is if you pay down your balances each month.

Business credit cards and Student credit cards are designed specifically for this segment of our society. Businesses have different needs and accounting goals than the general consumer, and students are just starting to establish and build a credit history. Banks and financial institutions offer cards that meet these needs.

Rebuilding credit cards are designed for the consumer with a fair to poor credit score. Unfortunately, this segment is in the highest risk category, so banks are careful when and how they extend unsecured credit to this group. In most cases, you’ll pay very high interest rates until you can get back on your feet.

Instant Approval credit cards offer an instant response (or instant decision), otherwise known as instant approval, to people applying for the card. With these credit card offers, you should be able to find out if you have been approved for that particular credit card or not in a matter of minutes; however, it is not guaranteed that you will receive an instant decision with these credit cards in the event that the bank needs more time to evaluate your credit standing.