Plastic Card Services – The advantages and disadvantages of Credit Cards

Intercard: The Plastic Card Manufacturers
November 1, 2017
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Intercards Plastic Card Services – The Credit Card 

At intercard, our plastic card services are tailored to your companies needs, one of the most popular cards circulating the world of plastic cards are the ultimate credit cards. With each company wanting a specific design to make their brand stand out, intercards plastic card services create and manufacture your vision.

 

So what is a Credit Card and How can I get one?

A credit card works just like your everyday Debit card. However, these plastic card services are issued by a bank, building society, etc., allowing the holder to purchase goods or services on credit.

Credit Cards have many perks to them that have thousands of customers applying daily, it’s very easy to get a credit card if you’re over the age of 21 and have a secure job, some banks even send letters through the post advertising this small piece of plastic before you’ve even considered it yourself!.

However getting approved for the first credit card can be tough, especially if you’re of a young age and more so if you don’t have a job, As a first-time Cardholder it can be difficult to withhold an exceptional credit history. Which is impossible if you’ve never been on credit right? But the way around this minor issue is with a secured card. With a secured credit card, you make a deposit against the credit limit of the account, the bank holds this deposit in case you are unable to make your payments as agreed. The demand for credit cards is higher than ever and with intercards plastic card services each credit card is manufactured to fit your requirements.

 

Here’s what you need to know about Credit Cards.

 

What types of Credit Cards can I get?

With our many plastic card services, it is important to know what type of credit card you want for your company. whether its silver, platinum or gold, how would it function, what is its limitations, is it contactless?  as each plastic card service offer many different needs for many different consumers.

 

Balance Transfer Credit Cards

A balance transfer credit card is one that offers a low introductory rate on balance transfers for a period of time. If you want to save money on a high-interest rate balance, a balance transfer is for you.

Rewards Credit Cards

There are three basic types of rewards cards: cashback, points, and travel. A cash back card gives you the flexibility of cash back rewards, while a points card can be redeemed for cash or other merchandise. Whereas a Travel rewards cards can be the creme dala creme for those who like to cross oceans frequently. This is because of the ability to earn free flights, hotel stays, and other travel perks.

Student Credit Cards

Student credit cards are designed for young adults who are still studying and also have a low credit history. A first-time credit card applicant would be better off getting approved for a student credit card than another type of credit card.

These plastic cards services may come with additional bonus’s like rewards or low-interest rate on balance transfers, however, students generally have to be enrolled at an accredited four-year university to be approved for a student credit card. Therefore this card may be manufactured to fit a first-time creditor, for example keeping the plastic card services traditional by avoiding a contactless payment function to avoid digital fraud or adding in extra pins for those vulnerable users.

Business Credit Cards

Business credit cards are produced specifically for company use. They provide business owners with an accessible way of keeping business and personal plastic card transactions separate. There are standard business credit and charge cards available when making payment methods. But here’s the catch, your personal credit history is used even for a business credit card.

Subprime Credit Cards

Beware of the Subprime Credit Cards! These little plastic cards are purposely made for those with a bad credit history commonly known as the “Worst card of them all” they normally have a high-interest rate and fees rate. Despite the disadvantages and confusion when applying for a subprime credit card, some consumers continue to apply for these cards because they cannot get credit from another source.

 

 

What are the Advantages of credit cards 

 

Speed

If you need to buy something expensive and can’t afford to pay for it all in one go, then a credit card is ideal, as long as you use it sensibly.

Protection

You get more protection from fraud if you pay with a credit card than if you were to pay with a debit card, cash or cheque under something known as Section 75 of the Consumer Credit Act.

If you buy something that costs between £100 and £30,000, you will get your money back if it all goes wrong. In other words, if the company goes bust, or your purchase is faulty or doesn’t turn up, you won’t lose out because you can claim the money back from your credit card provider.

Borrow for free

If you’re lucky enough to get a credit card that offers 0% periods,  meaning you can effectively benefit from an interest-free loan. However, you must pay your bill off in the full amount by its due date.

 

 

 

Disadvantages of using a credit card

So what are the downsides of the using the mighty plastic card, known as the CREDIT CARDS?

 

Debt

The main downside of using a credit card is getting yourself into debt. To put it simply, if you don’t pay off your agreed balance in full, the interest will go up.

Hidden costs

In order to avoid this major credit card pitfall, you should try to pay more than the monthly minimum and ALWAYS before of hidden costs.

It’s not the only the interest that can rack up. There are also hidden costs such as late payments or if you miss your payment schedule. Make sure you keep a record of what you spend and make notes on when your credit card payments are due.

Fraud

In addition, you could be exposed to credit card fraud. If you experience credit fraud, make sure you contact your credit company immediately. Therefore it is important to know what plastic card services you need, for example, if you want your card to be contactless or not as this can actually decrease your chances of digital pickpocketing.

 

 

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