How to pick the right card type for you:

It can be tough to decide which credit card is really best for your financial situation. When choosing a credit card, you want to make sure you are getting a card that suits your lifestyle. You want to take full advantage of the offer you are choosing. Below we will outline the different types of offers available for you online:

Low-rate cards: The best low interest rate cards are also competitive when it comes to annual fees. Make sure your low rate card has a grace period (typically a twenty five day window between the time when the billing cycle ends and the payment is due). Though most cards have grace periods, some issuers have been getting rid of them.

Frequent flyer cards: One of the most popular perks, just about every airline now has its own frequent flyer card. The best frequent flyer credit cards are not just devoted to one
airline, but allow you to earn reward miles and travel on the airline of your choice. Frequent flyer credit cards generally work like this: You build up one mile per dollar spent, and once you earn say 20,000 to 30,000 miles, you qualify for a free flight. Once
you have built up a substantial amount of reward miles, you can call your programs travel desk and book your ticket. One thing to be aware of is that some airline reward mile cards have higher annual fees.

Specialty rewards cards: You can receive anything from rebates on gasoline, money back on the purchase of a car, rebates on books or toys, or money spent on online shopping. There are many great rewards credit cards available online, and probably one that appeals to you. One thing to remember is that rebate points lapse at a rate of billions of point a year. Even if you're not getting the best dollar for dollar value, you win if you choose a rewards card with a perk you will actually use.

Cash-back cards: This is the best way to go if you are unsure if you will ever benefit from the other rewards cards available. Discover is the pioneer in this field with their platinum card, but big spenders will definitely benefit from the Cash Back Card from
American Express, which pays 1.5% cash back on all purchases over $5000.

Bad Credit and/or Credit Repair: Credit can easily go from good to bad with poor judgment, mismanagement of credit cards or simply a change in job or financial situation. This does not mean you cannot get a credit card. There are several options available for people who have had bad credit in the past and for those who are currently trying to repair their credit.

Depending on your specific situation, debt consolidation, use of introductory APRs on balance transfers or other options may be the best choice. However, if you still need credit or want to start repairing your credit by proof of action, there are several credit cards designed to help "rebuild" poor credit histories.

Platinum cards: Platinum cards are generally for individuals in good financial standing, (as they can be extremely expensive) and if you are spending large amount on your card you can really benefit. Be aware that some platinum cards offer very little more than their gold card offers except a higher credit limit and annual fee. Our recommended platinum card issuers are Discover, Chase, Bank of America, and American Express.

Secured cards: Secured cards require collateral for approval. With secured cards, a security deposit of a predetermined amount is needed in order to secure the credit card. Generally, the security deposit needs to be of equal or greater value to the credit amount. Collateral can come in the form of a car, a boat, jewelry, stocks or anything else of monetary value. Secured credit cards are for people with either no credit or poor credit who are trying to build or rebuild their credit history.

Often, cards that help to rebuild credit come with low credit lines ($250 or so) and additional fees may apply (application fees, etc.). Be sure to read over any terms and conditions for these add-on services before applying. Be certain of any fees you may incur before proceeding with the application process. If you use the card responsibly and pay all of your bills on time, however, you can ask for a credit increase down the road. The extra fees and low credit lines will be worth it if a secured card helps you get your overall credit back on track.

Student Credit Cards : Students generally have little or no credit history. Because of this quandary, students may often find it difficult to get approved for a traditional credit card. Luckily, student credit cards do exist. This type of credit card is set up to help students build up the credit history that most of them don't already have.

Student credit cards are often scaled back in terms of rewards, features and other benefits, but they can still be a valuable commodity. If used wisely, a student can take the first step towards building a solid credit history with a student credit card.