These credit cards are suited for any business from corporate to small business. Build up a separate business
credit history just like your personal credit history. Carrying a large balance on your business credit card
does not hurt your utilization and score in your credit report. Most business cards also provide detailed
expense reports and give you financial consulting services.
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Credit cards in this category will help you build a credit history, as they should always report to the credit bureaus and you
don't have to make a deposit first, as you do with the secured card and prepaid cards. Since these cards work like a regular
credit card, the initial credit limit is often low, but will be increased as you build your credit history. They do carry an
annual fee and the interest rate may be higher than the average credit card.
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Prepaid credit cards can help you to learn how to budget and control spending. They require payment in advance to the
card company. The cards are reloadable and you can only spend up to the amount you deposited. Prepaid cards are accepted
everywhere Visa or Mastercard is accepted and at ATMs worldwide.
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These credit cards have no special features such as rewards or business advantages, but if you do carry a balance, the
APR is often lower than other cards. They do have the benefits such as Zero fraud liability and often also have Auto
rental insurance and travel insurance.
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This category is for people that either have no credit history or poor credit. Some cards report to all 3 major bureaus
every month, but they usually carry a fee. The secured cards require a cash collateral deposit that becomes your credit
line for that account. Only recommended for building credit history.
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Start building your credit as early as possible. A long and solid credit history can save you thousands of dollars,
when you need to finance a new car or need a mortgage. Student cards are also beneficial during college, as they
provide excellent fraud protection compared to debit cards and it is a lot safer than having cash lying around.
Most student cards also offer rewards for every purchase.
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