Types of credit cards details

Brief details of credit cards below :

1.Gold Credit Cards:

A gold credit card issued to important customers, i.e., those with a high income, which gives certain privileges than the other ordinary credit cards. A Gold credit card provides you higher spending limit and gives you more adaptability to make shopping worldwide, and the contactless payment function means you can make your purchases securely and with ease.

 

2.Business Credit Cards:

A credit card intended for use by a business rather than for an individual’s personal use. Business credit cards are available to businesses of all sizes, including sole proprietorships, and they don’t show up on the cardholder’s individual credit reports or affect an individual’s credit scores.

 

3.Cashback cards:

When taking payment by credit cards, merchants typically pay a commission of the transaction amount in charge to their bank or merchant services provider. Many credit card issuers share the commission with the cardholder by giving the card holder points, air miles or a financial amount.

A cashback offer is specifically for providing the card holder with a small monetary amount as a reward for using the card.

 

4.Classic Credit Cards:

With the Classic Credit Card, you get no transaction fees, no annual fees, 24-hour approval,  low-cost installment option, Super value real reward points, Emergency cash services, Paying with contactless, Chargeback Rights, Interest-free credit, Exclusive offers, and experiences.

 

5.Rewards Cards:

A rewards credit card can help you earn cash back, travel rewards and other perks with everyday expenses.

 

6.Co-branded Credit Cards:

A co-branded credit card is sponsored by two individuals. Typically one is a retailer such as a department store, gas retailer or airline. The other is a bank or card network such as Visa, MasterCard, Discover or American Express. With co-branded credit cards, cardholders may get merchandise discounts or rewards points when they buy from the sponsoring merchant, but can also use the cards any other retailer that takes cards from the bank or card channels.

 

7.Contactless Credit Cards:

Contactless credit cards are provided with a unique payment technology that allows cardholders to make payments by simply hitting their cards at POS terminals. These contactless purchases do not require the customers to enter any PIN number to make purchases and are remarkably secure. These cards offer several advantages such as discounts, cash rewards, entertainment benefits, insurance policy, welcome gift, lounge access, concierge service, etc.

 

8.Balance transfer Credit Cards:

Balance transfer tools on most credit cards. This means allows cardholders to transfer the leading balance from one card to another new credit card availed with a different bank. Repayments using the new card can be done in special tenures at low-interest rates. Banks do charge a low processing fee for balance transfers

 

9.Credit cards for Women:

To ensure their female customers get the maximum benefits, some banks have introduced credit cards that are exclusively designed for women. These cards mainly focus on shopping rewards and cash back offers. Apart from this, cardholders can get bonus reward points, fuel surcharge waiver, insurance, etc. They can also earn reward points when they make purchases using their credit cards. There are few credit cards for women that offer amazing travel benefits.

 

10.Entertainment Cards:

Entertainment credit cards are known for their amazing entertainment offers, which includes discounts, cash back or buy 1 get 1 free offers on movie ticket bookings, events, shows, etc. These cards also offer lifestyle, golf, dining, shopping and travel benefits to the cardholders. Apart from this, customers can earn rewards points on these transactions and redeem them for movie tickets, travel bookings or gift cards.

 

11.Lifestyle Cards:

Lifestyle credit cards are designed keeping in mind the changing lifestyles and income of the applicants. Most lifestyle credit cards carry golfing privileges, shopping privileges, dining, travel and other benefits. These cards generally come with first-year annual fee waivers, cash back on tickets, insurance discounts, etc. Customers can earn bonus and accelerated rewards points with lifestyle credit cards on their purchases. Most of these cards are Platinum credit cards and offer superior travel, shopping, dining and luxury lifestyle privileges. For example – Axis Bank Signature Credit card with Lifestyle Benefits.

 

12.Platinum Credit Cards:

The platinum card is one of the most popular credit cards and is owned by many people because of the number of benefits and privileges it offers. The benefits include lifestyle, dining, shopping and entertainment offers, etc. The annual, joining and the renewal fee of Platinum cards are a little higher compared to other types of credit cards.

Every Platinum credit card comes with an exceptional welcome package, gift vouchers from retail brands, annual spend rewards, accelerated rewards points, cash back offers, Priority Pass membership with access to premium airport lounges, renewal gift vouchers, global lifestyle and golfing privileges, easy cash withdrawals, fuel surcharge waiver, add-on cards for family, emergency card replacement services, etc. Platinum card members generally also get other exclusive privileges, deals and offers with every card availed, depending on the financial institution they are banking with.

 

13.Premium/Signature Credit Cards:

Most banks offer a “Premium” or “Signature” credit card that come with the best of lifestyle privileges. Signature credit cards are in a league of their own with exclusive privileges like flexible spending limits, premium airport lounge access, concierge services, complimentary insurance, rewards program, global assistance services, chartered yacht and flight services, surcharge waivers, retail, travel and hotel accommodation vouchers, etc. There are more options for redeeming rewards that are earned using these cards. Some of these cards offer annual fee waiver, provided the cardholders reach a certain spend amount.

 

14.Prepaid Credit Cards:

Prepaid credit cards allow cardholders to load a certain amount of money in it and use that money to make the purchases. Even though these cards do not offer a line of credit, customers can enjoy most of the privileges that are provided by the other types of credit cards. The outstanding balance is the amount that is left in the prepaid card by the customer after making a certain transaction.

 

15.Auto / Fuel Credit Cards:

Fuel credit cards offer benefits on every fuel transaction that cardholders make. This card helps customers save on refuelling by providing them with cash back offers and fuel surcharge waivers. Some banks also offer accelerated rewards points on fuel transactions, if they are made at specific petrol pumps across India. The accumulated rewards points can be redeemed for refuelling for a predetermined value. Other additional benefits include activation bonus, entertainment benefits, dining, hotel and wellness offers, etc.

The annual and joining fees charged on Auto credit cards are very low and daily Metro/train commuters can greatly benefit by availing these cards. These cards double up as a travel card plus 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 the auto top-up facility. Customers can earn rewards points on top-ups and other transactions. Some cards also offer annual renewal deals, add-on card facility and surcharge waivers to cardholders.

 

16.Silver Credit Cards:

Silver credit cards can be availed by anyone who falls under a nominal salary range and has a work experience of around 4 to 5 years. It is easy for salaried employees to procure this type of credit card, provided they have a good credit history. These cards have a low membership fee and there is no interest charged for the initial 6 to 9 months, on balance transfers.

 

17.Titanium Credit Cards:

Titanium credit cards are premium cards that come with a load of privileges and benefits. The key feature of a Titanium credit card is the Titanium Rewards program that is offered to the customers. This rewards program includes the accrual of rewards points, redemption for gifts and air miles, cash back offers, etc. Other privileges that come with any Titanium credit card are surcharge waivers, revolving credit, interest-free credit period, annual fee reversals, insurance, welcome gifts in the form of vouchers from top retail brands, add-on card facility, wellness and beauty offers, lifestyle and dining benefits, etc.

 

18.Travel Cards:

Travel credit cards are popular because of the unlimited travel benefits they offer. These cards do not just offer travel benefits in India, but abroad as well. Most banks have tied up with airline companies or travel companies to offer travel credit cards. When customers use this card to make travel transactions, they can earn air miles. Apart from this, some travel cards provide access to airport lounges to the customers. The reward points that customers earn on these cards can be converted to air miles, which can then be used to book flight tickets and upgrade seats. Travel cards also provide hotel and holiday offers, golf offers, dining offers, travel insurance, etc.