A Comprehensive Guide to Rewards, Airline, Hotel, Cash Back, Business, and Student Cards
Table of Contents
If you’re wondering “What type of credit card should I get?“, this guide will explain the features, benefits, and drawbacks of each type.
When it comes to choosing a credit card, the options can be overwhelming. With rewards cards, airline-branded cards, hotel-branded cards, cash-back cards, business cards, and student cards available, it’s essential to understand the differences to choose the one that best fits your financial situation and lifestyle.
Number 1- Rewards Cards
What Are Rewards Cards?
Rewards cards are one of the most popular types of credit cards available, designed to offer points, miles, or cash value based on how much you spend and on what types of purchases you spend on.
Benefits of Rewards Cards:
- Versatility: You can earn rewards on everyday purchases, including groceries, gas, dining, and shopping. Many rewards cards offer bonus points for specific categories like travel or dining.
- Flexibility: Rewards can often be redeemed in various ways, such as travel, merchandise, gift cards, or statement credits. But be careful what you choose as some redemptions are less valuable than others. You can usually redeem for the most value for travel, especially if you take advantage of the issuing bank’s transfer partners.
- Introductory Bonuses: Many rewards cards come with lucrative sign-up bonuses when you spend a specific amount within the first few months of opening the card.
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Drawbacks of Rewards Cards:
- Annual Fees: Some of the best rewards cards come with annual fees ranging from $95 to over $500.
- Interest Rates: Rewards cards often have higher interest rates, which can negate the benefits if you carry a balance.
- Complex Redemption: Some rewards programs have confusing rules about redeeming points, and you might get less value for certain redemptions.
Who Should Get a Rewards Card?
Rewards cards are ideal for people who pay off their balance in full monthly and want to earn points on everyday spending. If you travel frequently, dine out often, or shop regularly, a rewards card can offer excellent value.
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Number 2 – Airline-Branded Cards
What Are Airline-Branded Cards?
Airline-branded credit cards are co-branded with major airlines and offer perks specifically for frequent flyers. These cards typically reward you with miles for every purchase, which can be redeemed for flights, seat upgrades, or other travel-related benefits.
Benefits of Airline-Branded Cards:
- Airline-Specific Perks: These cards often include perks like free checked bags, priority boarding, access to airport lounges, and discounts on in-flight purchases.
- Bonus Miles: Many airline cards offer large sign-up bonuses, sometimes enough for a free flight after meeting spending requirements.
- Loyalty Rewards: If you’re loyal to one airline, these cards can help you accumulate miles faster than with general travel rewards cards.
- Status: Certain airline-branded cards can help you achieve or maintain status with the airline. However, this usually requires some heavy spending.
Drawbacks of Airline-Branded Cards:
- Limited Redemption Options: The miles earned are generally limited to flights on that airline or its partners.
- Blackout Dates and Seat Availability: Redeeming miles can sometimes be difficult due to blackout dates or limited availability of reward seats.
- Annual Fees: Most airline-branded cards come with an annual fee, often starting at $95, but some premium versions charge even more.
Who Should Get an Airline-Branded Card?
If you’re loyal to a specific airline and travel frequently, an airline-branded card can save you money on flights and offer travel-related perks. However, if you fly different airlines or aren’t a frequent traveler, a general rewards or travel card may be more beneficial.
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Number 3 – Hotel-Branded Cards
What Are Hotel-Branded Cards?
Hotel-branded credit cards are co-branded with specific hotel chains and offer rewards, perks, and discounts when you stay at hotels within the brand’s network. Like airline cards, these cards allow you to earn points with every purchase, which can be redeemed for hotel stays, room upgrades, and other amenities.
Benefits of Hotel-Branded Cards:
- Free Night Stays: Many hotel cards offer an annual free night stay at participating properties, which can often offset the cost of the annual fee.
- Elite Status Perks: Hotel credit cards sometimes come with automatic elite status, granting you benefits like room upgrades, late checkout, and complimentary breakfasts, or they can help you achieve or maintain some of the higher elite status levels. However, this usually requires some heavy spending.
- Point Multipliers: You’ll typically earn more points on hotel purchases and can take advantage of accelerated earning opportunities within the hotel chain.
Drawbacks of Hotel-Branded Cards:
- Limited Redemption: Points earned are usually only redeemable at that specific hotel chain or its affiliates.
- Annual Fees: Many hotel-branded cards come with an annual fee, although it’s often justified by the benefits like free stays.
- Overlapping Loyalty Programs: Some hotel chains have complex loyalty programs, and maximizing your benefits might require navigating a maze of terms and conditions.
Who Should Get a Hotel-Branded Card?
Hotel-branded cards are ideal for people who frequently stay at the same hotel chain. If you travel often for business or leisure and prefer a particular brand, these cards can offer significant rewards and perks that enhance your stays.
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Number 4- Cash Back Cards
What Are Cash Back Cards?
Cash back credit cards are straightforward cards that reward you with a percentage of your spending back in cash. These cards offer a flat rate of cash back on all purchases or higher rates on specific categories such as groceries, gas, or dining.
Benefits of Cash Back Cards:
- Simple Rewards: Unlike points or miles, cash back is easy to understand and redeem. You can usually apply your rewards as a statement credit or deposit them into your bank account.
- No Complex Programs: Cash back cards don’t come with complicated rewards programs. You simply earn money back on purchases, making them great for users who don’t want to worry about points or travel perks.
- Low Fees: Many cash back cards have no annual fees, making them accessible for those who don’t want to pay for a card.
Drawbacks of Cash Back Cards:
- Lower Earning Potential: Cash back cards often have lower overall rewards rates compared to travel or rewards cards.
- Caps on Earnings: Some cash back cards cap the amount you can earn in higher-reward categories, limiting their potential value for high spenders.
- Foreign Transaction Fees: Although many cash back cards often have no annual fee, often they incur foreign transaction fees.
Who Should Get a Cash Back Card?
If you want a simple, no-hassle way to earn rewards on everyday purchases and aren’t interested in travel or hotel perks, a cash back card is a solid choice. They’re also great for people who don’t want to deal with annual fees or complicated points systems.
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Number 5- Business Cards
What Are Business Credit Cards?
Business credit cards are designed for small business owners, entrepreneurs, and freelancers who want to keep their business and personal expenses separate. These cards often offer rewards and benefits tailored to business spending, such as office supplies, advertising, and travel.
Benefits of Business Cards:
- Higher Credit Limits: Business cards typically offer higher credit limits than personal cards, allowing you to manage larger business expenses.
- Business-Specific Perks: Many business cards come with perks like expense tracking, employee cards, and rewards on categories like office supplies, shipping, and travel.
- Tax Benefits: Business credit cards can help you track expenses for tax purposes, making it easier to manage deductions.
- Combining Rewards: Even though you are keeping your business expenses separate from your personal ones, the REWARDS earned with business cards can often be combined with your personal Rewards buckets, ensuring that your balances grow even faster.
Drawbacks of Business Cards:
- Personal Liability: In many cases, you’ll be personally liable for the debt on your business credit card, meaning it could affect your personal credit if not managed responsibly.
- Annual Fees: Many business credit cards come with annual fees, though they often offer benefits that justify the cost.
Who Should Get a Business Card?
If you run a small business or are self-employed, a business card can help you keep your finances organized and earn rewards on your business expenses. However, it’s important to manage your spending responsibly to avoid personal liability.
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Number 6 – Student Cards
What Are Student Credit Cards?
Student credit cards are specifically designed for high school and college students who are over 18 and who are new to credit. These cards often have lower credit limits and simpler rewards programs, allowing students to build their credit history responsibly.
Benefits of Student Cards:
- No Credit History Required: Student cards are designed for people with little to no credit history, making it easier for students to qualify.
- Credit Building: These cards help students establish a credit history, which is crucial for future financial endeavors such as applying for loans or mortgages.
- Low Fees: Most student cards have no annual fees, making them affordable for students on a budget.
Drawbacks of Student Cards:
- Lower Credit Limits: These cards typically have lower credit limits, which may not be suitable for large purchases.
- Limited Rewards: The rewards programs on student cards are usually less lucrative than other types of cards, though they still offer some value.
Who Should Get a Student Card?
If you’re a college student looking to build credit, a student card is an excellent starting point. These cards offer a safe and manageable way to establish a credit history without high fees or complex rewards programs.
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So….What Type of Credit Card Should I Get?
The best credit card for you depends on your spending habits, financial goals, and lifestyle. If you’re asking yourself, “What type of credit card should I get?”, consider these key factors:
- Rewards seekers: A rewards card or cash back card might be the best fit if you want to earn points or cash on everyday purchases.
- Frequent travelers: Airline-branded or hotel-branded cards can provide significant perks and savings for those who often travel.
- Small business owners: A business card can help manage expenses while earning rewards on business-related spending.
- Students: Student cards are perfect for those just starting out and looking to build a solid credit history.
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