The three main types of credit cards are those designed for small business owners, students, and the general consumer population. These cards have similar overall functionality and appearance, but they have a few key differences. These include the approval criteria, consumer protections, and product terms. They’re well-positioned to meet the needs of these groups. The following credit cards are used for different types of card holders. 

General Consumer Credit Cards
Most people consider a general-consumer credit card to be a type of “normal” credit card. Its overall value can vary widely due to various factors such as the card network, issuer, and credit standing requirements. The credit card act, known as the Consumer Protection Act of 1996 (CARD Act), provides users with a variety of consumer protections and rights. This has helped make general consumer credit cards more common, as they can help build your credit. Additionally, there are different levels of credit cards, making it easier for those just starting out to begin building their credit.

Student Credit Cards
Due to their unique needs, credit card companies often consider students to be a distinct group. They have higher earning potential and are more likely to have long-term financial needs, which can benefit financial institutions. This makes them an attractive target audience for card offers. They are also eligible for all of the consumer protections that are available to other consumers. This is due to the fact that students will have the potential to earn a higher income by having their college degree. 

Business Credit Cards
A business credit card is a unique type of credit card due to the unique needs of small business owners. It offers higher credit lines and comes with a variety of features and benefits. These include the ability to set spending limits for employees, as well as rewards for certain company expenses. Business cards also make it easier to track expenses, which is helpful when recording any purchases. Because business credit cards provide different types of incentives, an application process is required to be approved.