Low Interest Credit Cards

Low rate cards offer you low-interest rates on any balance transfers and purchases. However, if you miss a payment for any reason, the APR will skyrocket to as high as 30%. These types of credit cards are often used by those who may have had defaulted in the past and need time to pay off existing debts before making larger purchases. The annual fees associated with these types of cards tend to be between $15 and $40.

Rewards Credit Cards

Reward credit cards offer various types of cashback or frequent flier miles for purchases made on the card. You can choose from different types of rewards such as travel, merchandise and general cash. The downside however is that you pay a higher interest rate on any balance transfers and purchases than regular low rates cards. Also note, some reward credit cards only allow you to redeem your points in certain locations at designated times which may include holidays or peak seasons. 

For example, an airline might only allow you to use your points during the spring break season over a weekend when they know demand will be high. The annual fees associated with these credit cards are often around $50 per year.

Balance Transfer Credit Cards

With a balance transfer credit card, you can transfer your existing debts from another bank or company at a low rate of interest. When signing up for the card, you will have to visit the new provider's main office either in person or over the phone. Before applying for a balance transfer credit card, make sure to read all terms and conditions on any new agreement as there may be hidden clauses that could cost you money. The annual fees associated with these types of cards are often around $40 per year.

Business Credit Cards

With business credit cards, normally only major corporations can apply for them as they need to deal with large volumes of purchases and transactions each month. These companies include businesses such as hotels, department stores and even gas stations. The annual fees of these credit cards are often around $40 per year. v) Secured Credit Cards: A secured credit card is a great way to rebuild your credit history after a bankruptcy, foreclosure or debt settlement has occurred. In order to get one of these cards, you need to deposit a certain amount of money in an account with the bank which will be used as collateral if you miss any payments. Once you have shown that you can pay off all your debts on time for 6 months, the bank will release your money back into your account and extend your line of credit on the credit card limit that was originally deposited.

Student Credit Cards

These types of cards are usually offered to college students who have a part-time job and can prove they make enough money to pay for the monthly credit card bill. The annual fee of these cards is often around $20 per year with a low or no interest rate associated with it.

Platinum Credit Cards

These types of cards are the most sought after as you will receive special privileges such as upgrades on flights, rooms at hotels and special offers from retailers that others do not get. In addition, you also enjoy less scrutiny from financial institutions when trying to obtain loans or mortgages which is why many business owners use this type of credit card instead of just cash or cheques. The downside, however, especially if you are new at managing your finances is that you can easily spend more money than you can afford. The annual fees associated with these credit cards are often around $50 per year.

Store Credit Cards

These types of cards are only offered by a specific retailer which you must shop at often to use the card. For example, if you want to buy a computer from Best Buy using their store credit card, you need to make monthly payments on the item before you will be able to apply for financing on a home or car. The annual fees associated with these types of cards is often around $20 per year and offer special discounts and upgrades that apply exclusively to people who have this type of credit card.

Travel Credit Cards

These types of cards usually offer exclusive promotions that give consumers special rates when travelling to specific countries or regions in the world. Since most people who own one of these types of credit cards do so because they enjoy travelling, many will take advantage of this feature by using their card whenever they go on vacation abroad. The annual fees associated with these types of credit cards are often around $90 per year.

Premium Travel Credit Cards

These types of cards are only given to consumers who have excellent credit which is usually reflected by a FICO score that is about 720 or higher. Since the annual fees associated with these types of cards are often very high, many owners prefer to use these cards whenever they travel abroad so that they can accumulate reward points and cash in on the expensive annual fee later when not travelling.

Corporate Credit Cards

These types of cards are usually offered to employees for business purposes such as entertaining clients and paying project expenses. The most common types of rewards earned through using this type of credit card are free flights and hotel stays while travelling on company business. In addition, you might also be able to add special travel insurance coverage on the card if you want which reduces your overall expenditures when going abroad. The annual fees of these credit cards are often around $75 per year with a zero-interest charge during the first 6 months.

Classic Credit Cards

These types of cards have a fee associated with them but do not provide consumers with any additional benefits or rewards unless they use their card to make purchases at certain retailers or restaurants that have an agreement with the credit card provider. The annual fees associated with this type of credit card is usually around $25 per year and many people own one because it offers great flexibility when making purchases in foreign countries.

Prepaid Credit Cards

These types of cards can be used for making online purchases, cash withdrawals at ATMs or wherever Visa is accepted. Since these cards are not linked to a specific bank account, you can only spend the money that has been loaded onto this card by purchasing other types of credit cards. The annual fee associated with these types of cards are usually around $15 per year and it also comes with an activation fee which must be paid before using the card.

Foreign Exchange Credit Cards

These types of cards come with features that allow consumers to make purchases in multiple currencies without having to pay any exchange fees when converting between dollars and euros. In addition, many foreign exchange credit cards also have special apps on their mobile devices so that you can use them for your daily expenses while travelling abroad. The annual fee of this type of credit card is $75 per year with no interest charges during the first 6 months and unlimited access to ATMs worldwide.

Secured Credit Cards

These types of cards are great for individuals who have bad credit records and want to rebuild their FICO score over time by making regular payments towards their outstanding balances each month. Since this type of card requires you to place some money in a secure account before using it, most people prefer secured credit cards because they know how much money they can spend while travelling abroad without getting into serious debts due to additional fees or interests on their accounts every month. Most secured credit cards also come with low fees so that consumers can enjoy purchasing power without incurring any additional charges on their accounts when they are abroad.

Nonprofit Credit Cards

Similar to business visa cards, nonprofit credit cards are also given to individuals who work for non-profits, regardless of whether the individual works full-time or part-time. Most nonprofit credit cards also come with low annual fees and low-interest rates on new purchases each month, making them ideal for employees who want to travel abroad during the weekends or before holidays without worrying about how much money they are spending overall at the end of each day.

Conclusion

There are many types of credit cards available for consumers who want to make purchases in foreign currencies. Some, like secured and low-interest rate visa cards, offer better rates than others but there is no one-size-fits-all strategy here. The best type of card will depend on your individual needs as a consumer and the way you prefer to pay off debts over time. If you're looking into which type of credit card may be right for you while travelling abroad, we invite you to compare our top providers.