The lowest in the hierarchy of precious metal named credit cards, silver credit cards have been around since the conception of credit cards in the mid-1950s. Today silver cards have been surpassed in prestige by gold credit cards and platinum credit cards and so have more commonly come to be known as ‘standard’ or ‘basic’ credit cards.

Advantages of silver credit cards

The advantages that silver credit cards have over other types of cards include:

* lower annual membership fees (if any)

* lower threshold salary which you need to earn if you want to apply

* the same credit limit as other credit cards if you have a good credit history or manage your card sensibly

* 0% interest for between 6 – 9 months when transferring your account balance from one credit provider to another

The simple fact is, if you are not that fussed over the ‘image’ you portray when you are out shopping with your credit card, and are more concerned with how you manage your credit card debit, then silver credit cards are certainly more favourable than any other credit cards on offer.

Disadvantages of silver credit cards

* lower cash withdrawal limits

* less rewards in rewards promotion packages, such as a lower percentage rate cash back return with cash back credit cards or lower airmiles with airmile credit cards

* less travel perks – for example, if you have a gold or platinum card you may be entitled to automatic upgrades when travelling, but as there are far more standard silver credit cardholders, it is unlikely this benefit will be afforded to you as well

* less prestige, which may mean retailers are less willing to give you the same service as they may provide to gold and platinum cardholders.