If you’re in the market for a new credit card, you may be overwhelmed by the hundreds of options available. There are seemingly endless varieties of cards offering rewards, no-interest periods and the chance to build credit, which can make it hard to settle on the right one for your wallet. There’s no one-size-fits-all credit card, so the best credit card for you may differ from your friend.
There are credit cards specially designed for building credit or for people with fair or average credit that can help you improve your score. Secured cards tend to be a popular choice for credit newbies and people with bad credit. Simply provide a security deposit, usually $200, and receive a credit limit equal to the deposit. Then you can use a secured card just like a traditional unsecured card.
The reason is that the U.S. debit card system works differently than anywhere else in the world, she said, and it took longer than expected to come up with specifications.
“The industry had to come up with a solution for the unique requirements of the U.S. debit card system,” she said. “And to comply with some recent regulations that were part of the Dodd Frank financial reform act, which requires debit cards to have a choice of routing to different debit networks.”