There are various types of credit cards, which can be overwhelming - let's show you the ropes.
Incentive based credit cards
It's always nice to be rewarded. That's why some credit cards offer incentives in return for spending money. This might be a good option if you like to repay your balance in full every month. However, you should always consider the interest rate and any additional fees, alongside any incentive.
See our guide on cashback credit cards.
0% credit cards
Some credit cards offer an introductory 0% interest rate on purchases or balance transfers, and sometimes both.
0% balance transfer credit cards let you transfer your outstanding credit card balance from your current card to a new one, and you won’t be charged interest on that amount for a set period (as long as you keep up with your monthly repayments).
0% purchase credit cards let you spend without paying interest on purchases for a certain period of time. After that, you’ll be charged interest on any outstanding balance.
Travel benefit credit cards
Some credit cards also offer additional travel benefits, like no foreign transaction fees or additional insurances. This may be advantageous if you like a jaunt overseas now and then. Learn more about travel credit cards.
Low rate credit cards
Low rate credit cards could save you money in interest when making purchases. That's always a good thing, but remember to consider the APR associated with each card to understand the overall cost for comparison.
Annual fee credit cards
Some cards may charge an annual fee for access to additional benefits. A no annual fee credit card does not require you to pay a yearly fee, but you may still be charged other fees such as a balance transfer fee or late payment fee.