- By Aditya Pratap Singh
- Fri, 07 Jun 2024 08:14 PM (IST)
- Source:JND
List of types of credit cards in India: Credit cards are crucial financial and lifestyle tools in today's life as they provide convenience, flexibility, and a lot of other benefits to citizens. In India, the credit card market has witnessed significant growth in the last two years, with a wide range of options available to fulfill the varied requirements of consumers. You can now apply for a variety of credit cards and solve your financial problems.
Various credit cards offer different features, and choosing one depends on your requirements and how you intend to utilize it. Below are the types of credit cards in India and their details.
Types of credit cards
Regular credit cards
A regular card is an excellent choice for your first credit card among the different types of credit cards. It offers all the convenience and security of a credit card, as well as benefits like rewards points and fuel surcharge waivers. You may also get three complimentary supplementary credit cards to give to your spouse, adult children, parents, or siblings.
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Premium credit cards
As your income and needs rise, you may upgrade to a premium card. A premium card provides you with higher credit limits, more excellent rewards points, and more benefits. It also offers some lifestyle benefits, like free access to airport lounges. This is especially handy if you are a frequent traveler who spends a lot of time at airports.
Co-branded credit cards
Co-branded cards are useful for ideal sorts of requirements. For example, if one is a frequent traveler. Using these sorts of cards you can get exclusive benefits like bonus air miles, discounts on flights, checked baggage insurance, complimentary airport lounge access, and more.
Business or commercial credit cards
A business card is ideal if you want to utilize the card for business-related expenses. Save on business travel and your expenses, and easily manage payments for your purchases. Corporate cards include extra features and tools, like a 24/7 Management Information System (MIS), spend analysis, and streamlined accounting, for larger enterprises.
Cashback credit cards
Moneyback or CashBack cards enable you to receive cashback on your everyday expenses. This cashback comes in the form of rewards that you can use to settle the outstanding amount on your credit card. In addition to cashback, you may also get benefits like shopping and dining discounts.
Lifestyle credit cards
Lifestyle credit cards provide offers and benefits on various lifestyle expenditures. You may enjoy discounts on shopping, dining, travel, and more. Furthermore, you may get appealing rewards when you spend with your credit card. Some of the lifestyle offers include complimentary airport lounge access, gift vouchers for specific spending limits, higher reward points, and so on.
Travel credit cards
A travel credit card is a type of credit card that provides exclusive rewards when the card is used to pay for travel-related expenses. The card usually offers unique deals on booking flights, stays, transportation, and so on.
Credit cards for shopping
Shopping credit cards are special credit cards that come with features that offer rewards when you shop with the card. When you spend a certain amount using the card, you can enjoy additional rewards that you may redeem for appealing vouchers. In addition, these cards also provide other benefits like airport lounge access, fuel surcharge waiver, revolving credit, earning foreign exchange, and so on.
Fuel credit cards
Fuel credit cards offer superior rewards on your fuel purchases. You may earn 5% of your spending as fuel points at IndianOil outlets throughout the nation. Furthermore, you can earn 5% of your spending as fuel points on groceries and bill payments. You may redeem your accumulated fuel points for free fuel at IndianOil outlets. You may also redeem points as a statement credit.
