The most exclusive credit card is the American Express Centurion Card, also known as the Amex Black Card. It is reportedly reserved for people who spend at least $100,000 per year, and an invitation is needed to apply.
There are four major credit card networks: Visa, Mastercard, American Express and Discover.
Fortunately, most cards can be classified into three major categories based on the features they offer: rewards credit cards, low interest and balance transfer cards, and credit-building cards.
The World Debit MasterCard, the standard debit card and the enhanced debit card are some of the most popular types of MasterCard debit card. These debit cards are particularly popular for their service and excellent customer support. MasterCard also offers a host of excellent benefits and a rewards program.
Choosing the right credit card for you generally depends on a few considerations: your credit score, your spending habits and what you want out of it. Before you choose one, plan to check your credit score, take a look at your budget and consider which features are important to you.
Character, Capacity and Capital.
The four major credit card networks are Mastercard, Visa, American Express and Discover.
One way to do this is by checking what's called the five C's of credit: character, capacity, capital, collateral and conditions.
Unsecured credit cards are the most common type of credit cards. Unlike secured credit cards, unsecured credit cards don't require you to deposit cash as collateral. These cards are good for most consumers and can help build credit when used responsibly.
The American Express Centurion Card is the most exclusive credit card in the world and commonly known as the “Amex Black Card.” Launched in 1999, American Express has kept it in a shroud of uncertainty, giving it a very high level of status in the minds of consumers.
Millionaires use credit cards like the Centurion® Card from American Express, the J.P. Morgan Reserve Credit Card, and The Platinum Card® from American Express. These high-end credit cards are available only to people who receive an invitation to apply, which millionaires have the best chance of getting.
As with almost every question about credit reports and credit scores, the answer depends on your unique credit history and the scoring system your lender is using. "Too many" credit cards for someone else might not be too many for you. There is no specific number of credit cards considered right for all consumers.
This means that total household debt (not including house payments) shouldn't exceed 20% of your net household income. (Your net income is how much you actually “bring home” after taxes in your paycheck.) Ideally, monthly payments shouldn't exceed 10% of the NET amount you bring home.
PITI is an acronym that stands for principal, interest, taxes and insurance. Many mortgage lenders estimate PITI for you before they decide whether you qualify for a mortgage.
“Good” debt is defined as money owed for things that can help build wealth or increase income over time, such as student loans, mortgages or a business loan. “Bad” debt refers to things like credit cards or other consumer debt that do little to improve your financial outcome.
Credit bureaus suggest that five or more accounts — which can be a mix of cards and loans — is a reasonable number to build toward over time. Having very few accounts can make it hard for scoring models to render a score for you.
Household Bills/household Items
Going over your credit card limit or missing payments can put you into financial difficulties and cause extra interest charges or late fees. Paying household items on credit cards such as groceries, personal care items or cleaning supplies is also not the best idea.
An unused card with a high annual fee that you can't afford is also generally safe to close, as is a newly opened account that you don't use. Cancelling it will have less of a negative impact on your credit score than closing an older account.
We believe the best credit cards for bad credit are secured cards. With these cards, you provide a security deposit, which protects the issuer in case you don't pay. (When you close or upgrade the account, you can get your deposit back.)