Generally there are 5 types of credit cards in the market. Find the best card for your lifestyle from secured to low-interest to reward to student and to business.

Secured Credit Cards

Best for: Someone with no credit history or have ruined their credit profiles.

Pros: A secured card is report to the three credit bureaus, so using one/two responsibly can be a smart way to establish or repair your credit profile. (Tip: put in large amount of deposit and use as little as 50% of that credit line.)

Cons: The secured part means you put down a deposit, usually between $300 and $2500, with your application. Many secured cards have all kinds of fees (including annual fees). Read the fine print very carefully.

Zero or Low Interest Rate Cards

Best for: Someone is short of cash and planned to pay down credit debit quickly.

Pros: The lower rate can save you a bundle on your current interest costs. Usually you can find the low rates from balance transfer cards. If you are planning to carry balance all the time, you’d better check out some credit unions.

Cons: Introductory balance transfer rate usually lasts for only 6 to 12 months, and then reverts to something higher, typically around 13 percent to 20 percent. Only one mistake will make your rate up to normal immediately. You’d better manage your balance transfer cards wisely.

Rewards Credit Cards

Best for: People who make the majority of their purchases on a credit card and pay off the balance each month.

Pros: These cards usually offer cash back, miles or rewards points toward purchasing select merchandises. Some rewards cards, for example, currently offer as high as 5 percent cash back on select purchases with no annual fee. (Blue Cash from American Express and Citi CashReturns Card)

Cons: As stated in pros, the rewards are always limited toward purchases on certain merchandises. (Tip: use rewards card in a combinational way is the best approach to maximum your rewards.)

College Student Cards

Best for: Obviously, College students.

Pros: These cards are targeted to college students who want to manage their spending responsively. No strict credit rating is required to get approved for college students. You’re not supposed to report annual income. Some cards are even offering great cash back and rewards. (Citi mtvU Card)

Cons: Some credit cards issuers charge higher interest rate for college student cards. (Typically Citi Bank does so.) If you fail to manage your credit cards, you are in a big trouble.

Business Cards

Best for: Small business owners and anyone willing to take advantage of the “hidden report” (AOR planner’s favorite.).

Pros: Small business cards often offer better rewards programs and have higher cash back rates. Some cards may even have no pre-set credit limit. These cards also offer better introductory rates. You can always find great sign-up bonus from business cards. (see this post)

Cons: no. （It’s said that the famous Financial Review from American Express is caused by business cards. If you have a business card for personal use, you are quite likely to get financial review from American Express.

(This post is for those new to credit cards.)