The fact is, there are many different types of credit cards available on the market. Depending on what you aim to achieve, the type of credit card you should zero in on can be vastly different from those that your peers, family members and co-workers are paying extra attention to. Read on to find out what types of credit cards there are and the way you should use them to fully take advantage of what they have to offer.

For those looking to earn rewards on each dollar they spend

Rewards credit cards let you earn rewards on practically everything you buy, and some cards even let you earn extra rewards when you spend on certain categories or types of purchases. Common types of rewards credit cards include cash back credit cards, travel credit cards, airline credit cards, hotel credit cards and bonus credit cards.

If your aim is to maximize credit card rewards, make sure you choose the type of rewards credit card that best suits your lifestyle needs and use it as much as possible when making payments. Going for one that lets you earn unlimited rewards that do not expire is a wise move, too. Also, avoid carrying any balance as interest fees and charges can easily erode the value of the rewards you have earned.

Check if your credit card company has its own shopping portal that allows its customers to earn additional rewards when they use their card to make purchases through the portal. This is a smart yet effortless way to rack up points quickly!

For those looking to improve/ build their credit score

There are student credit cards available to college students and secured credit cards available to adults who need to improve or build their credit. The important thing here is to shoot for one that reports your credit card payments to the three main credit bureaus in the country.

Although student credit cards and secured credit cards may only offer a rather limited credit line, using them to make purchases and then making full payment at the end of the billing cycle consistently is a great way to build up one's credit. Plus, some even let you earn rewards while you are at it.

Keep in mind these two types of credit-building credit cards are different from prepaid debit cards. Debit cards do not help when it comes to improving or building your credit score.

For those looking to cut down on interest payments

Balance transfer credit cards or credit cards that offer a 0% introductory APR on balance transfers are the types of credit cards you should pay attention to if your aim is to minimize interest payments. Be sure to read the card's balance transfer policy carefully before making the balance transfer.

When you transfer an existing balance to a balance transfer credit card or a credit card that offers a 0% introductory APR on balance transfers, you get to buy time paying off your existing balance with zero interest. Make sure to pay down your debt within the 0% introductory balance transfer APR period. The ongoing APR that applies thereafter is usually quite significant - something you would want to avoid as best as possible.

While balance transfer fees are typically charged when you make a balance transfer, the amount of money you can potentially save on interest payments could easily outweigh the balance transfer fee amount you have to fork out.

For small business owners

Small business owners can look to business credit cards to get a line of credit that could come in handy when it comes to meeting their business expenses. Most business credit cards also let you earn rewards when you spend using your business credit card as well as when your staff spend on their employee cards. Many business credit cards also come packed with tools to help organize your business expenses in a more streamlined manner.

Besides the part on earning rewards on your business expenses, some business credit cards also offer a 0% introductory APR on purchases for a certain number of months. This perk is incredibly useful if you have big purchases planned in the horizon!

In case you are wondering, the top-tier business credit cards on the market typically offer exclusive travel perks, no foreign transaction fees, generous sign-up bonuses and more.

Denise Bay is a staff writer at GET.com. Email: denise.bay@get.com.