Different Types of Credit Cards


As you have read the pros and cons of credit cards in a previous post, there also are specific credit cards to which you can apply if you desire to.  As stated before, credit cards are useful because you don’t need to bring cash when you plan on purchasing something and it is much safer because when it gets lost, stolen, or broken, you can easily have the account frozen and get a replacement card for that.  In this article, we will be focusing on the different types of credit cards that people can have here in the Philippines.

Within the last decade, the use of credit cards here in our country started to increase and that was the time when banks thought that expanding it is a good business move.  They were successful in doing that because without them making this move, we won’t have these different credit cards available in our country.  Issuing banks provide different cards for various uses and below are the list and a brief cut on what they are for:

Standard Credit Cards – Pretty much the normal credit card with no specification at all.  It offers all benefits such as purchases, cash advances, etc.

Shopping Credit Cards – A type of card that specializes in giving you discounts, rewards, or promotions when shopping at a specific store/merchant.

Business Cards – A specific type of card that is used for answering needs that are regarding business or transactions that involve business.

Student Cards – Student Cards are the type of cards that are made to help the student build their credit rights from college.  Cards like these have limited features and benefits and it comes with a very restricted limit as well.

Dining and Entertainment Cards – Cards that you can use to get discounts or promotions at your favorite restaurants.  These types of cards can also aid you in getting priority in the lifestyle section.

Travel Credit Cards – Travel Cards are types of cards that can give you lovely treats when you travel such as accommodation, hotel reservation, etc.

Grocery Credit Cards – A type of card that offers treats when you purchase groceries in grocery outlets which they are in partnership of.

Gas Cards – Cards that can get you rewards when you fill your tank up at gas stations.  Some rewards even offer a free gas-up depending on the value of points that you currently have.

Debit Card vs. Credit Card?

Many people misunderstand the two and to clarify this, a debit card is a type of card wherein you have access to your own account while a credit card does not.  When you swipe using a debit card, it goes from your savings account or it goes out from your own pocket while if you use a credit card, the limit depends on the type of card/membership/credit score you have; it will be taken out from the money of the bank, not from your pocket.

Read Also: How to apply for a credit card

Now that you know the difference between the two, go and apply for a credit card now.  If you have read our previous article that talk about the pros and cons of having a credit card, you would surely be eager to apply for one along with the knowledge of all these types of cards you can have.

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