Types of Credit Cards: In today’s era, the use of credit card is constantly increasing.
In big cities as well as in small cities, the expenses of shopping, traveling, entertainment, etc. are being borne by it.
Today, different types of credit cards are available for different needs of the customers. Bank, NBFC has divided them into some categories.
Customers can choose the credit card category of their needs and apply for the card based on their convenience and expenses.
These categories include basic to super-premium card category. The features and benefits of different categories of credit cards vary.
Let’s know about some major types of credits card in India..
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Must Read: How can you take full advantage of credit card?
15 Types of Credit Cards available In India
#1. Basic Credit Card:
These cards are beneficial for those people who are going to use credit cards for the first time.
Such credit cards come with a renewable credit limit and regular features.
Usually, their annual fees are less. No additional benefits are included in the features of such cards by doing transactions with the card.
#2. Travel Credit Card:
Nowadays many banks are offering travel-centric credit cards.
These credit cards are equipped with travel related features like airport lounge access, air mile earning, air accident insurance, low foreign currency sign charges, etc.
Also, offer all general benefits. With the help of travel credit cards, all can avail of discounts on airline ticket booking, bus and train ticket booking, cab booking, etc. Reward points are available on every purchase.
#3. Fuel Credit Card:
When you get fuel filled in your vehicle through these credit cards, you get additional benefits in the form of fuel surcharge rebate and bonus reward points.
Some banks have partnerships with specific petrol pump companies.
In such cases you get a discount only when you get fuel from those specific petrol pumps, while some banks apply these discounts to all petrol pump companies.
Surcharge exemption depends on what kind of card you have.
#4. Reward Credit Card:
Credit cards that offer additional rewards than normal are known as Rewards Credit Cards.
This type of credit card offers increased reward points on specific purchases and transactions.
Earned bonus points can be redeemed for a discount on future purchases or can be redeemed to reduce your monthly credit card bills.
#5. Shopping Credit Card:
These cards are based on lifestyle benefits such as discounts on items like clothes, shoes etc.
Shopping credit cards can be a good option for frequent shoppers. Especially for those who want to pay their monthly expenses by credit card.
To avail of discount on shopping or transaction with shopping credit card, online or offline shopping has to be done at partner stores. Cashback, discount vouchers, etc. can be availed throughout the year.
#6. Secured Credit Card:
This credit card is given in exchange for your fixed deposit. If you default in credit card bill payment in future, the bank can close your FD.
Generally banks keep the credit limit of the secured credit card equal to 85% of the FD.
The secured credit card works like a normal credit card and at the same time you also get interest on FD.
#7.Grocery Credit Card:
If you use your credit card to buy grocery, then a grocery credit card can be taken.
These cards offer additional reward points or cash back’s at select supermarkets and department stores, which can save money on grocery purchases.
#8. Entertainment Credit Card:
Entertainment credit card is a good option for those who like going to the movies, concerts and events.
These cards provide reward points and cashback when you pay for booking movie tickets.
Some cards are co-branded with platforms like ‘Book My Show’ etc.
#9. Co-branded credit card:
Some credit cards are co-branded with airlines, hotels, stores or other brands.
Banks offer branded credit cards to partnerships with brands.
Additional reward points and cash back are offered when you make purchases with credit cards at partner brands.
#10. Cashback Credit Card:
Some major banks offer cashback credit cards.
Under this, a cashback equal to a certain percentage is offered based on the amount of the purchase from the card. Or say cashback directly instead of rewards.
Also, some conditions of banks also apply.
#11. Student Credit Card:
These cards are only given to students who are at least 18 years of age or older and have enrolled for full time courses in educational institutions.
Student credit card has less conditions than other full-fledged credit cards. Generally, the interest rate is also low.
#12. Business Credit Card:
These cards are specially designed for business use. The motive behind them is that business and personal expenses should be different.
However, it is also important to have a good credit history for a business credit card.
#13. Balance Transfer Credit Card:
This type of card is usually purchased to pay the outstanding balance of one card from another card.
If the interest rate on one of your cards is high, then you can shift the credit paid by it to the balance transfer credit card.
Many cards in this category also offer an interest-free time period or a low interest rate for a fixed period.
#14. Premium Credit Card:
These cards are designed keeping in mind the selected people.
Premium credit cards provide free access to golf clubs, airport lounges, insurance and concierge service.
These cards also come with complimentary travel and hotel accommodation coupons. Not everyone gets approval to keep this card.
#15. Kisan credit card:
This card is a new option added to the credit cards offered by some major banks.
Kisan Credit Cards in India are provided to rural farmers of India so that they can avail of credit at preferred interest rates.
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