What are the types of credit cards?

The images of the types of credit cards are displayed in many parts of the world. But in fact you know for sure, what are they? What are they for? And other questions that may arise every day. Therefore, if you have one of many, it is very essential that you know how to handle it.

With a credit card you get approval immediately to make purchases or payments and have money in your pocket . Without having money in bank accounts you can perform these transactions instantly. And you can defer or extend the payments or purchases you made in installments, up to a certain limit.

The conditions for handling credit cards are related to the policies of each issuer of the same. You can mention the most common types.

 

Some types of credit cards in Colombia

Some types of credit cards in Colombia

Some credit cards are issued according to the form of payment of fees. As the money lent by this means is returned according to the type of card, among them we have:

Traditional credit card , purchases or advances made by the cardholder must be returned within the first days of the following month. Otherwise, if done after the deadline, interest will be charged according to the time applied.

Fractional payment credit card, when purchases and advances are made, but the customer records the payment method for their fees. Of course, interest is added month by month, depending on the amount of the fee. Many banks condition the handling of this kind of credit card to a term defined by themselves.

There are also types of credit cards that, although linked to a bank, are issued by other entities. They can be the following:

Universal credit cards, are those that are marketed with recognized brands such as Visa and Master Card. They are issued by financial institutions and are used in most commercial establishments, attached to the brand.

Private credit cards are only used in a limited network of establishments.

 

According to the brand the most recognized credit cards

According to the brand the most recognized credit cards

The commercialization of credit cards can be measured according to the franchise to which they belong. Among these are Visa, Master Card, Diners Club and American Express.

According to the above, we have types of credit cards classified as: Classic, Gold or Gold, Platinum, and Black. They are approved according to the income shown by the cardholder at the time of the request.

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