A Refractor Card is a trading card that has a reflective chrome plating or similar coating. These often come with a protective layer that, when removed, reduce the value of the piece.
Types
There are three types of refractor cards: Lite Refractor, Standard Refractor, and Atomic Refractor.
An example of the refractor cards differing is a 1996 Kobe Bryant Bowman's Best. The Lite Refractor was worth $150 when it came out, but is now worth only $21. The Standard Refractor was worth $100 when released, and the value increased to $125. The Atomic Refractor was worth $250 when released, and is now worth $450.
The reason the Lite Refractor decreased in value is because the coating they use on it melts away, and makes the card look worse. The NSMA banned all Lite Refractor cards in 1999 from being made.