Types of credit card available in India
A credit card is one of the best alternative available to us when we do not have enough cash in our hand. Credit card, which is also termed as plastic money has made our life pretty simple nowadays. You can make use of best credit cards for buying goods and services on the credit issued to you and pay it on a later date.
Let’s have a quick look at how many types of credit cards are available in India
1) Business Credit Cards
A business credit card offers the business owner an opportunity to meet his business requirements when running out of cash. This card is highly useful for them as they facilitate them to meet travel expenses as well when they travel for a business purpose. This card generally has a higher credit limit than what is offered on an individual credit card.
For example- SBI Corporate Platinum card by SBI, Business Money back HDFC Card from HDFC Bank and My Business Credit card from Axis Bank.
2) Balance Transfer Credit Cards
Balance Transfer credit cards facility allows the credit card holder to transfer existing outstanding balance from one credit card to another to clear off his massive outstanding debt by paying a nominal processing fee.
For example-The few banks who are offering this facility are Standard Chartered, SBI and ICICI Bank.
3) Cashback Credit Cards
These cards are beneficial for those individuals who shop online very frequently and are looking forward to saving huge on immense spending through the card. Using this card, a user gets a certain percentage of total expenditure as cash back or reward points that can be redeemed later.
For example-Citibank Cash Back Credit Card by Citibank and Standard Chartered Manhattan Platinum Credit Card by Standard Chartered Bank.
4) Credit Cards for Women
These credit cards are exclusively designed for women. They are most suitable for working women professionals as well as homemakers. These credit card mainly focus on shopping rewards and cash back. This credit card offers extra benefit such as shopping voucher, surcharge waiver, insurance etc.
For example-ICICI Bank Coral Card, Citibank Rewards Credit Card, HDFC Bank Solitaire Credit Card for Women
5) Prepaid Credit Card
As its name indicates, these cards are pre loaded with some specific amount. They are quite similar to a debit card. You need not to worry about clearing outstanding dues and interest rate as usage is allowed only based on money deposited by you.
6) Travel Credit Cards
These cards are beneficial for those individuals who travel very frequently. They offer multiple benefits like free access to an airport lounge, travel insurance benefit, accommodation benefit etc.
For example- American Express Platinum Travel, JetPrivilege HDFC Bank World Credit Card, Citibank PremierMiles Credit Card etc.
7) Credit Cards for Online Shopping
These are one of the best credit cards for those who are fond of shopping. They offer a host of benefits when you shop like you can avail discount, e-voucher and option of shopping on EMI using this card.
For example-SBI Simply Click and Axis bank buzz credit card.
8) Lifestyle Credit Cards
These credit cards offer benefits on your changing lifestyle and income of a cardholder. These type of credit card offers benefits on shopping, dining, travel and many others.
For example-Axis Bank Signature Credit card
Read also: Credit Card - how does it work?