20/02/2018

Cards

Do you need that extra money when your paycheck is gone or the bank is closed? Are you traveling and don't want to carry cash? Do you want to do online payments without risk?

Cards are your solution!

There are different types of cards available in the market, and within each type, cards have different classes and features with various costs and benefits. bestbankdeal.com makes it easy for you to search, compare, and apply online for the card that best fits your needs.

Choose the type of card you need

Check all types of cards to make sure you are choosing the best card for you.

CREDIT CARDS
 
Used for           Purchases  and  cash advances. 
Used at             Points-of-sale (POS) , Automated Teller Machines  (ATM) , or  the internet.
Limit                 Most credit  cards have a pre-set spending limit  which you cannot exceed.  
Is it Debt?        YES .
Charges            High  interest rate on used balance through purchases or ATM withdrawals.
Fees                  Per each ATM transaction.
Cost                  Issuing fee (sometimes waived) and renewal fee.
Repayment       Pay a % of your balance or a minimum amount  each month,
Bank Account   You should have a bank account at any bank to settle your payments .
    
NEVER use credit cards for big or long term purchases.
 
 
CHARGE CARDS
 
Used for          Purchases  and  cash advances .
Used at           Points-of-sale (POS) , Automated Teller Machines  (ATM), or  the internet.
Limit               Some charge cards have a pre-set limit , others not.  
Is it Debt?       YES .
Charges          No interest is charged .The full balance is paid at the end of the billing period.
Fees                Per each transaction.
Cost                 Issuing fee (sometimes waived) and renewal fee.
Repayment      You should pay  your full balance at the end of the billing period.
Bank Account  You should have an account at the bank issuing  the card.

NEVER use charge cards for big or long term purchases.
 
 
DEBIT CARDS
 
Used for     Purchases  and  cash withdrawals. 
Used at         Points-of-sale (POS) , Automated  Teller Machines  (ATM) .
Limit           You can withdraw up to the balance available in your bank account. 
Is it Debt?     NO,  it is similar to a check drawn on your bank account.
Charges         No interest  is charged since it is not a debt.
Commissions  Per each transaction.  
Cost               Free .
Repayment     Directly from your  account  whenever the card is used. 
Bank Account You should have an account at the bank issuing  the card  to withdraw from it.

NEVER  present debit cards to  hotels or car rental offices.
 
 
PREPAID CARDS
 
Used for           Purchases  , cash withdrawals , and Gifts.
Used at             Points-of-sale (POS) , Automated Teller Machines  (ATM), or  the internet.
Limit                 You can withdraw up to the balance deposited (loaded)  in the card.
Is it Debt?        NO ,  it is similar to carrying cash in a card.
Charges            NO  interest  is charged since it is not a debt.
Commissions    Per each transaction and for each time the card is reloaded. 
Cost                  Low issuing fee  and renewal fee.
Repayment       Directly from the balance available in the card.
Bank Account   You don’t need a bank account .You can reload the card anytime at the bank.

NEVER load prepaid cards with large amounts of money.
 
 

CARDS  FEATURES


Some cards have special features to suit different customers’ needs, some of which are:

                                                            

 

Standard/Classic

No special features

 

Loyalty & Rewards

This type of card allows you to earn incentives for making purchases. Points accumulate for each dollar charged on the card, and cardholders can redeem these points for various gifts or discounts. Cash back cards allow you to earn cash rewards for making purchases.

 

Luxury and lifestyle

These types of cards offer unique privileges through outstanding benefits and services with prestige, recognition, and  quality ,such as access to airport lounges, discounts on cigars , or membership rewards.

 

Airline miles

 

This type of card allows you to earn airline mile credits whenever you make purchases. Some cards are co-branded with a specific airline, while some are generic and can be redeemed for tickets with a variety of airlines.

 

Revolving loan card 

This type of card allows you to have a revolving balance up to a certain credit limit. Credit is used up when you make a purchase, and made available again once you've made a payment.

 

Balance Transfer

 

Balance transfer cards allows you to transfer the balance from a credit card with a high interest rate onto a credit card with a lower interest rate.

 

Profession/community  related

 

These types of cards offer special features and benefits to meet the needs and lifestyles of communities or professionals  such as  engineers, doctors, university alumni, etc.

Corporate

 

These cards are available for business owners and executives and have many of the same features as traditional cards: low introductory rates, cash back or airline rewards. The difference is these cards come with many additional benefits exclusively for those in the business world.

 

Co-branded

 

Co-branded cards are partnered with a major retailer, such as gas station or high end clothes merchant. Points are accumulated by making everyday purchases, though cardholders are awarded with discounts or  with  double or triple points for making purchases from the co-branded retailer. Reward points are redeemed for products or services from that specific retailer.

 

Affinity

Affinity cards support  a CAUSE , and thereby encourage 
cardholders to spend as their cause will benefit from every purchase (ex. supporting the children 
cancer foundation )

 

Personalized

These cards are specially designed to include certain personal feature such as personal photo, quote, or image.

 

Internet                                             

This type of card allows you to do purchases or payments safely on the internet. It usually has a small limit and is insured against fraudulent uses and piracy.

 

Students

 

 

These card programs are designed specifically to meet the needs of students and normally have rewards related to the needs of the youth ( shopping, books, cinemas, entertainment)

Teenagers

 

These cards are usually prepaid cards that may be used by teenagers who are below 18 years. They present a safe way to make purchases without carrying cash, and also teach these youngsters on how to manage their allowance.

Gift

 

These cards are prepaid cards that may be used as gifts for many occasions. They are specially designed for the occasion such as birthdays, weddings, or mother’s day.

 

Money/payroll Transfer

 

These cards are prepaid cards in which the bank issues 2 similar cards. One card is used to load money (for example by the parent)  , while the other is used to withdraw the money (for example by the son)

Hajj or Omra

 

These cards are sharia’a compliant and specially designed to meet the needs of users during their Hajj or Omra trips. They are a convenient and safer way for purchases without carrying cash.

 

CARDS CLASSES

 

There are mainly 3 classes of cards: Regular, Gold, and Platinum ( banks may name them differently). Regular cards have lower limits , lower costs, and offer less benefits, while gold and platinum cards have higher or sometimes no spending limit, cost more, and offer more privileges.

 

 
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