About Different Types of Credit Cards

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The most notable type of credit card is the card that is designed for retail purchases, and these cards come directly from a merchant. Learn about different types of credit cards, including Visa, American Express and Master Card, with help from a registered financial consultant in this free video on money management and personal finance.

Part of the Video Series: Money Management
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Video Transcript

Credit cards are a topic that is very hot nowadays and there are different types of credit cards available out there. The most notable type of credit cards is a card that is designed for retail purchases. Those are direct from the merchant. Merchants will issue their own types of credit cards right at the store level. However, they carry a very high rate of interest and next you have a general Visa, Master Card, American Express Card. Those are available. You have to qualify on a credit basis to get those cards as well. Then finally we have business credit cards. They are normally quasi debit cards and also credit card situations, they have higher lines of credit because businesses need a higher line of credit to do the types of services that they require. Those are the three types of general credit cards that are available out there but always be mindful that you have to keep your credit in line. Try to pay off the bill every month when it comes in or at least pay more than your minimum so that you can keep those balances down because that will effect your credit going forward. This is Patrick Munro talking about the different types of credit cards.

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