Department Store, Prepaid, and Rewards Credit Cards for Better Purchasing Power

by admin on April 5, 2014

Credit card companies, banks, unions, and other financial institutions offer different types of credit cards to business and individual customers. Clients can choose from different specialty and standard solutions, including rewards, secured, prepaid, cashback, and department store credit cards offered by Walmart, Home Depot, and others.

Products Offered by Department Stores

Many department stores offer discounts, coupons, and other perks to customers. Store credit cards usually offer a higher interest rate but there are some benefits to using them. Walmart, for example, features a cashback credit card with no annual fees, generous gas savings, and cash advance facility. This is a good choice for customers with poor or fair credit who have more limited options and seek to rebuild credit.

shopping-cartCards That Offer Bonus Points and Rewards

Issuers offer different types of cards with low interest rates, balance transfer options, no annual fees, and other features. Customers can choose from different rewards and cashback credit cards,  like Walmart Master card, depending on their income, credit rating, and other factors. Borrowers with an excellent credit score are offered cards with added perks and higher credit limits. Clients can choose from cards with different bonus categories, free hotel nights and airfare, generous signup bonuses, and bonus miles that can be redeemed for lodging and accommodation, free flights, gas, and more. There are different bonus categories such as online retailers, restaurants, grocery stores, gas stations, and others. Some card issuers also offer a fee waiver during the first year so that customers save on annual fees. Other beneficial features include no foreign transaction fees, zero percent on balance transfers, low introductory interest rates, and more.

Some cards are intended for frequent travelers while others save money on annual fees and interest charges. The type of card to choose depends on your spending level and habits, whether you pay the balance in full every month or pay the minimum only, and other factors. If you have a favorite store or department store and make frequent purchases, a specialty card is a good option. Customers who travel a lot for business or leisure often choose an airmiles credit card. There are many benefits and hidden perks that customers are not aware of, including trip cancellation insurance, lost luggage insurance, and others. Other perks include guaranteed returns, preferred seating, and car-buying and rewards programs.

Options for Customers with Little Credit Exposure

Prepaid and secured cards are usually offered to customers with tarnished credit. There are benefits to using a secured card, and one is that the borrower’s payments are reported to the credit bureaus. Making timely payments over a certain period helps holders to improve their credit scores. Customers are required to make a security deposit that serves as a guarantee against default. The credit limit is usually equal to the deposit made. There are some downsides as well, and one is that some issuers charge annual, processing, and application fees that increase the cost of borrowing.

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