Whether you already own a credit card or are thinking of applying for one, you should know how to use it responsibly. Credit cards can make financial planning easier, but they need to be used the right way!  

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All types of credit cards can be broadly categorized as:

Secured

A secured credit card requires you to pay the lender some deposit money upfront or pledge an asset as collateral. A credit limit is then set on your card according to the collateral value. Card providers can seize this collateral if you default on payments. Because of the low risk to lenders, secured credit cards are relatively easy to get.

Unsecured

An unsecured credit card is not backed by any money or assets that you pledge as collateral. This is the most common type of credit card, but not always easy to get. Since the card issuer entails some risk in providing you with a card, they will conduct a thorough check of your credit history, financial strength, and earning potential first.

Credit card types may also be based on earning and spending patterns: Silver Credit Card Gold Credit Card Platinum Credit Card Titanium Credit Card Premium/Signature Credit Card