There are two basic credit card types: secured and unsecured. This article explores some of the issues associated with unsecured credit cards.
First, what is an unsecured credit card? An unsecured credit card is a card (and credit line) that does not require any security deposit from you. These unsecured credit cards are generally intended for those people with a fairly good credit history.
Nearly all unsecured credit cards will come with a credit limit. This is the total amount of credit that you can charge to the card. If you go over that limit, you may be penalized. The actual amount of the credit limit is determined by the card issuer and it does not have to be same for every person. In other words, one person may have a limit of $500 while another may have a limit of $5000.
There are some important issues associated with an unsecured credit card that consumers should understand. A few of those issues include:
The Grace Period: You should read and understand the grace period that applies to each of your credit cards. The grace period is the amount of time that you have to pay your balance before the card issuer begins charging you interest on...
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