A simple look at the different types of credit card – Infographic

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As much as we all like to avoid taking on credit when possible, there is no denying that credit cards can be useful things to have, as they offer extra protection when shopping online, can be good for financial emergencies and they can also provide very cheap access to credit when used in the right way. And I guess that’s the key really, using them in the right way to make your credit card work hard for you, rather than the other way around.

With so many different credit cards around, though, how do you know which type of credit card is right for you? In order to decide, the first thing you’ll need to have is a basic overview of exactly what different types of credit cards are available, how they work, and then you’ll be in a better position to decide which one might offer you the best deals or perks.

With the above in mind, we’re sharing an infographic today from HSBC which very simply outlines the different types of credit cards available on the market and their various benefits. The infographic looks at low rate cards, reward cards, 0% purchase cards, 0% balance transfer cards, credit builder cards, secured cards and prepaid cards and explains the various features of each type of card. If you’re new to the world of credit cards then I’m sure you’ll find it useful in helping you to get a better understanding of this area of credit, and to help you in your decision making process when it comes to taking out the best credit card for your needs.

As we can see, then, there are various options available where credit cards are concerned, so it’s important to take some time to consider what you really need from a card before you go ahead and apply for one. Making a wise decision from the off could save you hundreds – perhaps even thousands – of pounds in interest payments and you could also find that you can get a few extra perks that you didn’t expect by choosing a card that fits with your lifestyle of financial history.

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