A base card is a card that is included in and numbered as part of the regular run of cards in a sports card product. Base cards generally make up the majority of any given pack or box of sports cards.
This term is sometimes used interchangeably with the term common, but as some base cards are produced in lower quantities than others, this is not technically correct. All commons are base cards, but not all base cards are commons.
The complete group of all base cards in any product is known as the base set. Any card that is not part of a product's base set is known as an insert card.
Examples: Even when they aren't that valuable, it's always fun to open a pack and find a base card of your favorite player.
(Sources picks from : about.com)
What is insert card?
An insert card (sometimes simply called an insert) is a card that is not a part of the regular numbering system of a set of sports cards. Such cards either have their own numbering system or no number at all. Insert cards are usually found in packs and boxes of cards far less frequently than base cards.
Autographed cards and memorabilia cards are often insert cards when they are included in sports card products. By definition, a rookie card can't be an insert.
Examples: I had to open three packs before I found my first insert card.
(Sources picks from : about.com)
What is Parallel?
A parallel is a sports card that is identical to a base card or insert card in the same product with the exception of one or more (sometimes minor) visual elements. Such cards usually have smaller print runs than the original and occasionally have autographs or memorabilia swatches that the original did not have. These differences can lead to the parallel being worth more than the original card.
A single card can have multiple levels of parallel cards, each with different visual tweaks and print runs. A set that includes parallels for only some of the cards in the original set is called a partial parallel.
Examples: I sometimes get confused when one card has blue, green, red, gold and platinum parallels.
(Sources picks from : about.com)
What is Rookie Card (RC)
A rookie card (often abbreviated RC) is the first card produced of a player or athlete that is a part of a nationally distributed, fully licensed sports card set. The RC designation extends to all cards produced that fit the definition in a single year, so it is possible for one athlete to have many different rookie cards.
Note that a rookie card is not necessarily always produced during a player's rookie season, as there may have been cards that fit the definition printed in previous years. It is generally agreed that to be a true rookie card, the card must be numbered as part of a product's base set. Thus, insert cards of any type are generally not considered to be rookie cards.
Rookie cards aren't necessarily worth more than other cards of the same athlete, as other factors like scarcity and condition can play large roles in their value. However, when other attributes are roughly equal, a rookie card will likely command a premium over another, non-rookie card thanks to its special status among collectors.
Also Known As: rookies
Examples: It didn't surprise me that his rookie card was ten times more valuable than his second year card.
(Sources picks from : about.com)