Types of Credit Card
In Greece, banks and department stores offer various types of credit cards, and these offer different benefits to cardholders. The differences between the cards are generally the amount of the annual payment, related to the amount of credit available. The higher the credit, the greater the annuity. The most common classification is as follows:
- Basic Cards
- Classic Cards
- Gold Cards
It is important to mention that some banks and financial institutions divide their cards in other ways.
Basic Credit Cards
They have a low credit limit compared to other cards, and usually have few benefits. However they serve to start creating a credit history, and to learn how credit cards work. If you pay them on time for an approximate period of 6 months, it is very likely that the same institution will offer you a new card with greater advantages, or increase your credit line.
Approximate average credit: $ 17,600
Annuity: Between $ 0 and $ 400
Classic Credit Cards
They offer some benefits, such as point programs, in exchange for commissions or an annuity. Generally, banks offer them to those who have paid a basic card on time. When paying on time, it is very likely to access a major credit in a short term, or even a Gold card.
Approximate average credit: $ 33,000
Average annuity: $ 495
Average interest rate: 28.8%
Gold credit cards
These cards are granted to people who have a higher credit history, and with a higher payment capacity. The annuity tends to grow compared to classic cards, however, sometimes banks offer promotions not to pay for the first year. In the same way, it is very likely that, when you buy your card, the bank offers you discounts of 10% or 15% on your first purchases, or paying them to months without interest, regardless of whether the store where you make the purchase has these promotions .
Approximate average credit: $ 137,000
Average annuity: $ 2,380
Average interest rate: 18.6%