Today the world of commerce is completely different to what it was 40 years ago. Back then people shopped with cash or checks and only the most affluent and trusted customers were allowed to use credit or charge cards. Today, things have changes completely. Most of us only use cash for very small purchases and rely on credit and debit cards or our medium to large type purchases. This has created the need for many different credit card types.

If one were to count the number of credit card types surely the total would be in the thousands if not higher. They are as varied as species on the planet. Nearly every store, bank and retail outlet has their own brand of credit cards.

This variety of credit card types has brought about some advantages as well as disadvantages. One advantage is the immense competition that exists out there. There are so many credit card types available that they all are doing anything they can to get your business. This many times results in very low interest rates and other perks. Free gifts and frequent flyer miles are some of the most common.

The variety has also brought some disadvantages. Some people overstretch themselves financially with to many credit cards. Nearly every time you walk into a store you are approached by their latest credit card offer. Many of these offer instant approval for use in the store that day. The temptation of this is too much for many. They sigh up and spend away with their new source of money. Doing this once or twice isn’t so bad; however it isn’t unheard of for people to accumulate 25 to 30 cards in the space of a year. Trouble comes when it is time to pay everything back.

The world of commerce has changed with the many credit card types that are available. Where there were once only a few major card types now there are literally thousands. Credit has also been extended to many who would not have qualified 10-20 years ago. Small stores and retail chains have also jumped on the bandwagon and started their own brand of credit schemes. The many credit card types can be both a blessing and a curse. If used well they can help us, if abused they can ruin our financial futures.