Gold Credit Cards - for those with low to limited credit
The Gold Credit Card, has been introduced for those with poor to limited credit and for those who are looking to establish or re-establish credit. Although the gold credit cards do have a near 150 dollars account starting fee, it is considered affordable as compared to similar credit cards like platinum cards designed to establish credit, which can impose a fee from anywhere between dollar 200 - dollar 400 for the first year of membership. In addition, there is no interest rate on purchases.
Gold credit cards along with platinum credit cards are considered as the most superior of credit cards, presenting an attractive combine of high credit limits and benefits not available elsewhere. These issuing banks usually call for holders of gold credit cards and platinum credit cards to meet up higher principles of earnings and credit worthiness. The cards sometimes have higher interest rates, and if the value-added enhancements of gold credit cards or platinum credit cards are favorable to you, you may want to pay the balance each and every month to reduce your cost of credit.
The higher credit limit and other perks presented to users of gold credit cards are especially most attractive to frequent travelling businessmen and leisure travelers around the globe. Usually value-added services include rental car spoil coverage, travel disaster insurance and an extended guarantee on items purchased with the card. Platinum credit cards are next choice from the credit card menu. Platinum credit cards may supply an even more affluent package of incentives than gold cards, and the qualifying principles may be set upper. Few charge an round the year fee. It's essential to take in to account a card's conditions and ask yourself which incentives you'll truly use before buying gold credit cards or platinum credit cards.
What is the attraction of Gold Credit cards? The major disadvantage of the credit card is that it can only be used for retail purchases through the credit sponsored website and catalogues. In essence, the credit card is a retail charge card that can only be used for selected purchases and/or services. However, this could be a drawback only for some.
Hence, financial dealers searching for a low rate option to build credit and do not require a credit card for general day today purchases, will find the Gold Credit Cards to be more handy and more than enough for their purposes.