Types of credit cards

The 1300 different types of credit card circulating in the UK can be broadly grouped into three categories:
Secured cards
Secured cards are used by those with either no credit history or a poor credit history. Interest rates are higher than on other cards and a security deposit is requisite for holding a card.
Unsecured Standard or Classic cards
Unsecured Classic and Standard cards do not require a security deposit. In return a good credit history is required. Interest rates are lower than on Secured cards. These cards do not usually carry an annual fee.
Unsecured Gold or Platinum cards
Unsecured Platinum and Gold cards are only available to those with an excellent credit history. Interest rates are most favourable on these cards. Credit limits typically range from £1000-£10,000. Platinum cards tend to have higher credit limits as well as perks such as travel discounts or reward programmes.