The task of building a positive reputation to receive a credit card has been one of patient and diligent work and you have received approval for a credit card. Now is the time to sit back and review the available options. Credit cards come in a variety of choice and can be as follows;

• Regular – Provide a specific limit based on your financial history. Charge a annual percentage rate on your outstanding balance.

• Charge – Required to pay in full each month.

• Rewards – Provided with certain rewards dependent upon how much you charge. There are many variations and combinations.

• Business – Designed for the business owner or employee. Keeps business and personal expenses separate.

• Pre-paid – Designed for young adults. Money deposits are required and is your credit limit. New deposits (reloading) your card allows for continued charging. May have assorted fees attached.

• Secured – Designed to build credit. Requires a security deposit from 50 %-100 % of the credit limit. Usually made available prior to approval for a Regular credit card.

• Catalog – Helps to build credit. Catalog credit cards are for purchases from web and catalog stores. Easier approval requirements and don’t always require credit checks or employment verification.

• Student – Available for college students. Works like regular credit cards but with limited credit.

• Cautious selection of a credit card can be as complicated as establishing credit. Generally, credit cards vary in four aspects ;

• Annual Fees – A annual fee from $25 - $75. Recommend avoiding this type.

• Interest Rates – Interest rates will vary anywhere from 8 % - 20 %. It will pay to SHOP around.

• Grace Periods – Interest can be charged from the date of purchase. Others will charge from date of expected payment. Shop for a card that offers a longer grace period. Reject cards that charge immediate interest on all purchases.

• Co-branding – Airlines, gasoline and financial institutions offer incentives in partnership with credit card companies. Weigh the interest rates, annual fees against the benefits before applying.

Learn to use the "Two card System". Select two cards for your needs. Use the one with low interest rates for large purchases. Use the one with the higher interest rate for smaller purchases therefore quicker to pay off the balance.

Credit is a privilege where time is given for payment of goods and services sold on trust. For continued privilege, pay all your bills in a timely manner and your reputation will remain in good standing.

Please feel free to offer and share your comments and suggestions on this topic for others.