Credit cards, as you may know, are designed to meet a variety of needs. You should select one that is tailored to your specific needs. Consider the eight different types of credit cards available in Indian markets.
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Regular credit cards
It offers the convenience and security of a credit card, as well as additional benefits like reward points and fuel surcharge waivers. You can also get three free add-on cards to share with your spouse, adult children, parents, brothers and sisters, or brothers and sisters.
Super premium credit cards
These cards provide you with special benefits such as free access to upscale lounges, free rounds of golf, a personal assistant, great rewards, and cool discounts at high-end restaurants. These cards allow you to spend a lot of money and usually come with an invitation to join.
Co-Branded Cards
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If you use your co-branded card for specific purposes, it is fantastic. You get cool perks like more air miles, flight discounts, special check-in counters, extra luggage allowance, and free lounge access. Furthermore, you can redeem your miles for free flights.
Commercial Or Business Cards
A commercial card is ideal for using for business expenses. It allows you to save money on business trips and purchases while also keeping track of your payments. Corporate cards provide additional benefits for large businesses such as 24/7 reporting, spending analysis, and smooth accounting.
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Secured Credit Cards
If you are unable to meet the usual credit card requirements, such as having a good income or credit score, there is a solution known as a Secured Credit Card. This type of card is intended for people in such circumstances.
To obtain a Secured Card, you must provide collateral, which acts as a guarantee to the bank that you will pay your bills on time. One method is to open a Fixed Deposit with a bank.
The funds in your Fixed Deposit serve as collateral for the credit card. The good news is that you may not even have to show proof of income to obtain this type of card. It allows people who do not meet traditional requirements to obtain a credit card.
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Premium Credit Cards
As you earn more money and have more plans, you may want to consider getting a premium card. This exclusive card provides you with more spending money, better rewards, and additional benefits. It even allows you to hang out in opulent airport lounges for free.
CashBack Credit Cards
Moneyback or CashBack Cards allow you to earn cash back when you use them for everyday purchases. This cashback is in the form of rewards that you can use to pay off the balance on your credit card.
You get cool perks like discounts when you shop or dine out in addition to the cashback. These cashback cards include Platinum Edge and MoneyBack.
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Prepaid Credit Cards
A Prepaid Card is a type of credit card that can come in handy in certain situations. Assume you want to give your child a card but restrict the amount of money they can spend. A prepaid card is an excellent option in this situation.
Companies can also use these cards to cover day-to-day business expenses for their employees. MoneyPlus Dependent GPR Card, GPR Card, MoneyPlus Card, and FoodPlus Card are examples of these cards.
