Credit cards are made to suit different needs. Choose one that fits what you’re looking for. Check out the eight types available in the Indian market.
Types of Credit Cards You Should Know About
Standard Credit Cards
This card gives you the ease and security of a credit card, plus extras like reward points and fuel surcharge waivers. You can also snag three free add-on cards to share with your spouse, adult children, parents, brothers, or sisters.
Fancy or Luxury Credit Cards
These cards come with special perks like free access to fancy lounges, complimentary rounds of golf, personal concierge services, great rewards, and cool discounts at top-notch restaurants. Plus, you usually get an invite to join.
Credit Cards Introduced After Brand Partnership
Having a co-branded card is great if you use it for specific things. You get cool perks like more air miles, flight discounts, special check-in counters, extra luggage allowance, and free access to lounges. Plus, you can use your earned miles to get free flights.
Business Credit Cards
If you’re using a card for work expenses, a commercial card is perfect. It helps you save money on business trips and purchases, and it’s easy to keep track of your payments. For big companies, corporate cards come with extra perks like 24/7 reports, spending analysis, and smooth accounting.
Secured Credit Cards
If you can’t meet the usual requirements for a credit card, like having a high income or good credit score, there’s another option called a Secured Credit Card. It’s designed for people in situations like yours.
To get one, you have to provide collateral, kind of like a guarantee to the bank that you’ll pay your bills. One way to do this is by opening a Fixed Deposit in the bank.
The money you deposit in the Fixed Deposit acts as a guarantee for the credit card. The good thing is, you might not even need to show proof of your income to get this type of card. It’s a way for people who may not meet the typical requirements to still have a credit card.
CashBack Credit Cards
Money Back or CashBack Cards give you money back on your everyday purchases. You earn rewards that can be used to pay off your Credit Card balance. On top of that, you also get cool perks like discounts when shopping or dining out. Examples of these cards include Platinum Edge and MoneyBack.