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Know Thy Credit Cards

Do you know what the different types of credit cards are? Unless you were born yesterday, you're probably familiar with all manner of Visa and MasterCards. However, we're going to take a quick look at the more common types of cards, so you can see what your best option is if you want a credit card.
Debit Card
A debit card is the card that is hooked up to your bank account, and it allows you to electronically access the money you have in your savings or checking account. Both Visa and MasterCards will issue debit cards, depending on the bank that you use. You will only be able to use the money that is in the specific account, so you'll have a limit on how much you can spend per day. For those that tend to buy more than they should when hitting the shopping mall, this is a good card to use.
Credit Card
The credit card is different than store cards and a prepaid MasterCard. The credit card allows you to access a certain amount of "credit" each month. This credit is what the bank believes that you'll be able to pay back, so they give you access to the money even if you don't have the same amount in your bank. Visa and MasterCards are the most common, but there are also Discover and American Express credit cards. You'll only be able to spend up to the credit limit your bank gives you, and you will need to pay it back before you can get more credit. However, for those that need to buy now and pay later, this is your best option.
Store Card
A store card is a credit or debit card that you can request at just about any store you shop at. Many gas stations offer these cards, as do a number of supermarkets and department stores. They will usually make these credit cards easier to get, but you'll find that the interest rate can be quite high. Visa and MasterCards from stores will often offer you rewards with all of your purchases, but the exorbitant interest rate may make it a bit too costly.
Prepaid Card
The prepaid MasterCard is one of the best cards around, particularly for those that want to limit their spending. The prepaid MasterCard or Visa card allows you to set a specific amount of money into an account, and only that amount of money can be accessed via the credit card. You'll be able to transfer as much money as you want into the account via your computer, but only what's in the account can be accessed via the card. If you're worried about credit card theft or overspending, it's wise to use the prepaid MasterCard or Visa card.
Student Card
For students, banks are usually open to giving them a credit card that they can use for their purchases. However, the credit cards are almost always accompanied by incredibly high interest rates, and the amount of credit is usually fairly low. Those that need a credit card without having steady income will be able to benefit from a student credit card, but you may end up deep in debt if you don't use it smartly.
So, now you know about the different types of credit pre paid master cards, debit, and mastercard prepaid debit card options. Which is the right one for you?