Credit Cards

Different Types of Credit Cards

Types of Credit Cards:

Credit Cards are small sized plastic cards similar to ATM and Debit Cards. Using credit cards you can make the purchase of goods and services. You do not have to pay bills by cash or from your savings at the time of purchase. Using these cards you can purchase goods and services on credit. The money which you have to return at the end of every month. You can select to pay the full amount of credit that you have borrowed from your credit card issuer or a minimum fixed amount every month. In case you pay only the minimum amount, you will be charged an interest on your outstanding balance. There is a credit limit set for you by your credit card issuer.

According to facilities provided with the credit card, there are many types of credit cards are available. Most of the banks in India provide different types of credit cards.

The cards can be divided based on

  1. The rewards and benefits offered with the credit card by the issuer bank.
  2. Income and spend requirements of the applicants.

Customers can choose any credit card that fulfills the need of customer they avail a lot of benefits and is an ideal match for their needs.

For example – If you go for the outing for dinner most a lot, then a card which offers cash back on dinner can be best for you as it can help to save your money.

There are many payment networks which offer different types of credit cards by making collaboration with banks like – Visa, MasterCard, Maestro Card, American Express, Diner’s Club, etc.

Important Categories of Credit Cards:

  1. Travel Credit Cards:
  2. Titanium Credit Cards:
  3. Silver Credit Cards:
  4. Prepaid Credit Cards:
  5. Premium/Signature Credit Cards:
  6. Platinum Credit Cards:
  7. Gold Credit Cards:
  8. Women Credit Cards:
  9. Classic Credit Cards:
  10. Cash Back Credit Cards:
  11. Business and Corporate Credit Cards:
  12. Fuel Credit Cards:
  13. Rewards Credit Cards:

1. Travel Credit Cards:

Travel credit cards offer unlimited travel benefits in India as well as abroad. Banks have tied up with airline companies or travel companies to offer travel credit cards. Travel cards also provide travel insurance, hotel and holiday offers, dining offers etc.

Usage of this card provides access to airport lounges and to make travel transactions, they can earn air miles. The reward points earned on these cards can be converted to air miles, which can be used to book flight tickets and upgrade seats.

Some of the Travel Credit Cards:

  • Air India SBI Platinum Card.
  • Air India SBI Signature Card.
  • Axis Bank Miles & More Credit Card.
  • Citibank PremierMiles Credit Card.
  • HDFC All Miles Credit Card.
  • ICICI Bank British Airways Classic Credit Card.
  • IndusInd Bank WorldMiles Credit Card.
  • JetPrivilege American Express Platinum Credit Card.
  • JetPrivilege HDFC Bank Diners Club Credit Card.
  • JetPrivilege HDFC Bank Platinum Credit Card.
  • JetPrivilege HDFC Bank Titanium Credit Card.
  • JetPrivilege HDFC Bank World Credit Card.
  • JetPrivilege ICICI Bank Coral VISA Credit Card.
  • JetPrivilege ICICI Bank Rubyx VISA Credit Card.
  • JetPrivilege ICICI Bank Sapphiro VISA Credit Card.
  • JetPrivilege IndusInd Bank Odyssey Credit Card.
  • JetPrivilege IndusInd Bank Voyage Amex Credit Card.
  • JetPrivilege IndusInd Bank Voyage Visa Credit Card.

2. Titanium Credit Cards:

Titanium credit cards are premium cards. They come with a load of privileges and benefits. The key feature of a Titanium credit card is the Titanium Rewards program offered by Bank. It includes accrual of rewards points, redemption for gifts and air miles, cash back offers, etc.

Other privileges of Titanium credit card are surcharge waivers, revolving credit, interest-free credit period, annual fee reversals, insurance, add-on card facility, lifestyle and dining benefits, wellness and beauty offers, welcome gifts in the form of vouchers from top retail brands, etc.

Some of the Titanium Credit Cards:

3. Silver Credit Cards:

Any person with a nominal salary range can apply for the silver credit card after around 4 to 5 years of work experience. Salaried persons can easily procure this type of credit card, provided they have a good credit history. It has the nominal membership fee and there is no interest charged on balance transfers for the initial 6 to 9 months.

4. Prepaid Credit Cards:

Prepaid Credit Cards are similar to Debit cards with extra benefits of most of the privileges that are provided by the other types of credit cards. Cardholders of Prepaid credit cards are allowed to load a certain amount in it and use that money for the purchases. These cards do not offer credit. The outstanding balance is the amount that is left in the prepaid card by the customer after making transactions.

Some of the Prepaid credit cards:

  • American Express Prepaid Card.
  • Axis Bank Prepaid Credit Card.

5. Premium/Signature Credit Cards:

Premium /Signature credit card offers the best of lifestyle privileges. Signature credit cards offer exclusive privileges like complimentary insurance, rewards program, surcharge waivers, flexible spending limits, airport lounge access, concierge services, global assistance services, retail, travel and hotel accommodation vouchers, etc.

There are many options for redeeming rewards that are earned using these cards. Some of the cards offer annual fee waiver if the customer reaches a certain spend amount.

Some of the Signature Credit Cards:

  • Axis Bank Pride Signature Credit Card.
  • Axis Bank Signature Credit Card with Lifestyle Benefits.
  • BOB Signature Visa Credit Card.
  • HDFC Visa Signature Credit Card.
  • ICICI Bank Visa Signature Credit Card.
  • IDBI Royale Signature Credit Card.
  • IndusInd Bank Iconia Credit Card.
  • IndusInd Bank Indulge Credit Card.
  • IndusInd Bank Pinnacle Credit Card.
  • IndusInd Bank Signature Credit Card.
  • Kotak NRI Royale Signature Card.
  • Kotak Privy League Signature Card.
  • Kotak Royale Signature Card.
  • SBI Advantage Signature Credit Card.

6. Platinum Credit Cards:

The platinum card is the most popular credit card. It is owned by many people because of the number of benefits and privileges it offers. The benefits are like lifestyle, dining, shopping and entertainment offers, etc.

The annual fee, joining fee and renewal fee of Platinum Credit cards are a little bit higher compared to other credit cards.

Every Platinum credit card comes with a welcome package, cash back offers, easy cash withdrawals, fuel surcharge waiver, add-on cards for family, gift vouchers from retail brands, annual spend rewards, accelerated rewards points, renewal gift vouchers, global lifestyle, emergency card replacement services, etc.

Some of the Platinum Credit Cards:

  • American Express Platinum Card.
  • American Express Platinum Reserve Credit Card.
  • Axis Bank Platinum Credit Card.
  • Axis Bank Pride Platinum Credit Card.
  • Bank of Maharashtra SBI Platinum Credit Card.
  • BOB Platinum Assure Credit Card.
  • BOB Platinum Master Credit Card.
  • BOB Platinum Visa Credit Card.
  • Federal Bank SBI Platinum Credit Card.
  • HDFC Platinum Edge Credit Card.
  • HDFC Platinum Plus Credit Card.
  • HDFC Platinum Times Credit Card.
  • HDFC Teacher’s Platinum Credit Card.
  • HSBC Bank Platinum credit card.
  • ICICI Bank Instant Platinum Credit Card.
  • ICICI Bank Platinum Chip VISA Credit Card.
  • ICICI Bank Platinum Credit Card.
  • ICICI Bank Platinum Identity Credit Card.
  • IDBI Aspire Platinum Credit Card.
  • IDBI Imperium Platinum Credit Card.
  • IndusInd Bank Platinum Aura Credit Card.
  • IndusInd Bank Platinum Credit Card.
  • IndusInd Bank Platinum Select Credit Card.
  • Karur Vysya Bank SBI Platinum Credit Card.
  • Kotak Corporate Platinum Card.
  • Kotak Delight Platinum Card.
  • Kotak Essentia Platinum Credit Card.
  • Kotak League Platinum Card.
  • Oriental Bank of Commerce SBI Platinum Credit Card.
  • RBL Platinum Delight Card.
  • RBL Platinum Maxima Card.
  • SBI Advantage Platinum Credit Card.
  • SBI BMB Platinum Credit Card.
  • SBI Platinum Card.
  • Standard Chartered Bajaj Finserv Platinum Credit Card.
  • Standard Chartered Emirates Platinum Credit Card
  • Standard Chartered Landmark Rewards Platinum Credit Card.
  • Standard Chartered Manhattan Platinum Credit Card.
  • Standard Chartered Platinum Elite Credit Card.
  • Standard Chartered Platinum Rewards Credit Card.
  • Tata Croma Platinum Card.
  • Tata Platinum Card.

7. Gold Credit Cards:

Anybody with higher income can apply for a Gold Credit Card from any bank. He/She should have a good credit score. The features of a gold credit card are High cash withdrawal limit, High credit limit, Cashback offers, Travel insurance, Rewards program, Add-on card facility for family members etc.

Some of the Gold Credit Cards:

  • American Express Gold Card.
  • Bank of India Navy Gold.
  • Bank of India visa Gold Card.
  • Bank of India Visa Gold International Card.
  • BMB Gold & More Credit Card.
  • Canara Global gold credit cards.
  • Central Bank of India Visa Gold Credit Card.
  • Dhanlaxmi Bank Gold Credit Card.
  • HSBC Bank Gold credit card.
  • Indian Bank Global Gold Credit Card.
  • IndusInd Bank Gold Credit Card.
  • IOB Gold Credit Card.
  • Kotak Aqua Gold Card.
  • Kotak Feast Gold Card.
  • Kotak Fortune Gold Card.
  • Kotak PVR Gold Card.
  • Kotak Urbane Gold Card.
  • LIC Corporation Bank Gold Credit Card.
  • LIC Gold Credit Card.
  • PNB Global Gold Card.
  • SBI Advantage Plus Credit Card
  • SBI Gold & More Credit Card.
  • SBI Student Plus Advantage Credit Card.
  • Syndicate Bank Global Gold Credit Card.

8. Women Credit Cards:

Some banks have introduced credit cards that are exclusively designed for women to ensure their female customers get the maximum benefits. These cards focus on shopping rewards and cash back offers. Cardholders can get fuel surcharge waiver, bonus reward points, insurance etc. Some credit cards for women also offer travel benefits.

Some of the Women’s credit cards:

9. Classic Credit Cards:

Classic credit cards come with features like global acceptance, interest-free credit period, cash advance, revolving credit, rewards program, supplementary cards, insurance etc. Generally, classic credit cards do not carry annual fees or joining fees and are offered at low charges.

Some of the Classic Credit Cards:

  • Canara Bank Classic Visa Credit Card.
  • ICICI Bank British Airways Classic Credit Card.
  • Indian Bank Global Classic Credit Card.
  • IndusInd Bank Classic Credit Card.
  • IOB Classic Credit Card.
  • PNB Global Classic Credit Card.
  • RBL Bank Classic Shopper Card.
  • Syndicate Bank Global Classic Credit Card.
  • Union Bank VISA International Classic Credit Card.
  • Vijaya bank Visa Classic Chip Credit Card.

10. Cash Back Credit Cards:

Cash back credit cards offer cash back to customers on their transactions, which may vary from 5% to up to 20% depending on the spend. The features of cash back credit card are fuel surcharge waivers, annual fee reversals, dining and shopping privileges global acceptance, rewards program, balance transfers, etc. Cash back can be earned on retail purchases, bill payments, grocery purchases, movie ticket bookings, dining bills etc.

11. Business and Corporate Credit Cards:

Business and Corporate credit cards are offered to corporate, business establishments and financial institutions. This card can be offered by the employer to their employees and also manage the finances on the card.

This card is valid only during their employment period with the company. An employee cannot use it for personal transactions. The privileges offered on corporate cards are business savings plans, hotel accommodation and travel deals, insurance, expense management, fuel surcharge waivers, airport lounge access, rewards programs, cash advance, add-on cards, bill payments convert purchases into monthly installments. Companies have the option of getting the name of the company embossed on these credit cards.

Some of the Business/Corporate Credit Cards:

  • Axis Bank MY Business Credit Card.
  • BOB Corporate Premium Credit Card.
  • Canara Corporate Credit Card.
  • Citibank Corporate Credit Card.
  • HDFC Business Gold Credit Card.
  • HDFC Business Platinum Credit Card.
  • HDFC Corporate Credit Card.
  • HDFC Corporate Platinum Credit Card.
  • HDFC Corporate Visa Signature Credit Card.
  • HDFC Corporate World MasterCard Credit Card.
  • Indian Bank VISA Business Credit Card.
  • IndusInd Bank Business Gold Credit Card.
  • Kotak Corporate Gold Card.
  • Kotak Corporate Platinum Card.
  • Kotak Corporate Wealth Signature Credit Card.
  • SBI Corporate Utility Credit Card.
  • SBI Platinum Corporate Credit Card.
  • SBI Signature Corporate Credit Card.

12. Fuel Credit Cards:

The customer can use this Fuel credit cards on every fuel transaction and take benefits. These card offer savings on refueling by providing them with cash back offers and fuel surcharge waivers. Some banks also offer accelerated rewards points if uses it at specific petrol pumps across India, on fuel transactions. The accumulated rewards points can be used to redeem in refueling for a predetermined value. Additional benefits are activation bonus, entertainment benefits, dining, hotel and wellness offers, etc.

The annual and joining fees charged on Fuel Credit Cards are very low. These cards can be used also used as a normal credit card which can be used for shopping and other purchases.

As a welcome offer, these cards come preloaded with a certain amount of cash and they also have an auto top-up facility. Some cards also offer surcharge waivers, annual renewal deals, add-on card facility etc.

Some of the Fuel Credit Cards:

  • ICICI Bank HPCL Coral American Express Credit Card.
  • ICICI Bank HPCL Coral VISA/MasterCard Credit Card.
  • ICICI Bank HPCL Platinum Credit Card.
  • ICICI Bank Unifare Bangalore Metro Credit Card.
  • ICICI Bank Unifare Delhi Metro Credit Card.
  • ICICI Bank Unifare Mumbai Metro Credit Card.
  • IndianOil Citibank Platinum Credit Card.
  • IndianOil Citibank Titanium Credit Card.
  • Mumbai Metro SBI Credit Card.

13. Rewards Credit Cards:

Rewards credit cards are offering multiple rewards on every card transaction. Cardholders can earn rewards points on all their retail and online card transactions. They can also earn reward points as a welcome gift, birthday gift, renewal bonus, etc. Also, earn points when they spend a certain amount in a specific period of time. These reward points can be redeemed for products/services mentioned in the rewards options, which include cashback offers, travel offers, etc.

Some of the rewards credit cards:

  • Citibank Rewards Credit Card.
  • Citibank Rewards Domestic Credit Card
  • Standard Chartered Platinum Rewards Credit Card.
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