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Are Entertainment Credit Cards Really Just for the Elite?

Entertainment credit cards are some of the most difficult credit cards to get.  These cards are often referred to as travel and entertainment credit cards or charge cards. They include cards like American Express and Diners Club.  These cards are not as widely accepted as Visa or Mastercard, however, they still hold far more buying power than those credit cards.

Entertainment credit cards are considered the high end credit cards for those with an exceptional credit rating.  Part of the reason for this is these cards are exclusive.  A person must pay a membership fee to be a card holder.  These cards also offer many additional benefits besides credit.  They sometimes offer insurance, catalogues and cash advances.  Another reason these cards are so exclusive is because they do not have a credit limit. 

A person can spend however much they desire.  The downside to this, though, is that the balance is expected to be paid in full within 30 to 60 days.  An unpaid balance is reported negatively to a persons credit report and acquires large fees on the account.  Failure to pay may also result in cancellation of the account.  However, sometimes large purchases may be given an extension to be paid out over the course of a few months. Additionally, charges related to travel are usually allowed a 36 month grace period.  The interest rate is rather high, though, usually between 19% and 21% and the cardholder is still expected to make minimum monthly payments.

These credit cards are not available to just anyone.  A person needs a perfect credit history.  They must have established credit without any flaws.  They have to prove they can afford to pay back charges, so annual income is considered.  They also must be able to be trusted with having no credit limit.  The people most likely to get an entertainment credit card are those with flawless credit and who earn over $100,000 per year because these people can be trusted to pay off their balance per the terms and have enough money to pay if they should default.

Entertainment credit cards are the elite group of credit cards.  They are difficult to get and a cardholder must keep their account in order.  These credit card companies are quick to report badly to the credit agencies and also to send accounts to a collection agency.  The exclusiveness of entertainment cards makes them something that every person desires to getFind Article, but also what makes them available to only a select group of people.

Article Tags: Entertainment Credit Cards, Entertainment Credit, Credit Cards, These Cards

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