The Three Types Of Cards Everyone Should Carry

By ccflyers on September 26, 2017

People often wonder how many credit cards they should have. Is one great cash back card enough? Should they have a travel rewards card as well? And what about a zero APR balance transfer card? These are the questions people wonder about, when really, there’s a different question they should really be asking.

Carrying more than one credit card is fine; but there are other types of cards to carry besides credit cards. If you are focusing only on the credit cards in your wallet, you could be missing out on some other useful financial tools available to you.

Here are the three different kinds of cards to make sure you’re carrying:

Rewards credit cards. The first type of card everyone should have in their wallets is, of course, a high-value rewards credit card. This could be a travel rewards card, a cash back card, a gas credit card, or a retail store card. There’s no need to restrict yourself to only one or two of these cards; as long as you are using the cards responsibly and not getting into debt that you can’t pay off, there’s no reason not to have all of these varieties of credit cards. But don’t stop there; make sure you are using all of the cards as well, and redeeming the rewards. Many people leave rewards on the table; if you are one of them, find out how to turn your points or miles into rewards you will use.

The Three Types Of Cards Everyone Should Carry

Debit cards. The second type of card it’s important to have is a debit card. If you have a checking account with a bank, you will most likely have this kind of card already, but some people persist in writing paper checks and using cash to pay for things, when they could be using a debit card instead. Do yourself a favor and take advantage of the convenience of using a debit card and doing away with paper checks whenever possible.

Prepaid cards. The third type of card is one that could potentially replace your debit card in its usefulness. A prepaid card is a card that looks like a credit card and operates like a bank account, without actually having a traditional bank account. You load money onto this card before you can use it, and when you spend all the money, you can’t use the card again until you reload it. This is great because it’s impossible to get into debt using this type of card, yet it offers all the convenience of a credit card.

Once you have all of these cards in your wallet, the choice is yours as to which one you’ll use anytime you make a payment. Choices equal power, and the power is yours – as long as you’ve got the right card at your fingertips.

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