Types of Credit Cards, Their Benefits and Perks

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.

Also read:

Different Types of UPI Scams and How to Save Your Money From Them

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.

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Rishabh Sharma

Rishabh is an experienced content writer and editor, he is working for Viralbake to cover a diversified range of categories. His articles mainly focus on providing information, being a travel guide, educating others, and also making people aware of technology, after all, he is a technophile. When not writing he can be found gaming, watching movies, and travelling.

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