What are the Different Types of Credit Cards ?

Bunty Sharma Credit Card Advisor

Credit card offers are designed for specific types of users. And there’s a very good reason for that. By creating cards that appeal to a particular group’s interests and financial needs, credit card companies can strike a profitable balance between popularity and risk management.

It all starts with figuring out whether the card is for a student, small business owner, or ordinary consumer. Student and business cards play by somewhat different rules, due to differing consumer protections and their users’ unique financial needs. Next comes the intended user’s financial profile, including credit history, income, and debt. And, finally, the rates, fees, rewards, and other features fall into place.

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Types of Credit Cards by User Category

In the most general sense, there are three main types of credit cards: those intended for use by students, small business owners, and the broader consumer population.

There are six types of credit cards:

• Standard unsecured credit cards
• Secured credit cards
• Credit cards for students
• Small business credit cards
• Store credit cards
• Charge cards

These six types of credit cards differ based on the type of user they’re intended for, where they can be used, and what’s required of applicants.