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Home / Personal Finance / Types of Credit Cards in India

Types of Credit Cards in India

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What is Credit Card?

Credit card is a financial card which is being issued by banks in order to make a provision for public to take anything by utilizing the credited funds of bank. Along with this, the card user signs consent to pay the approved amount within the mentioned period of time. Usually people use credit cards to make loan payments or payments of EMIs. Sometimes people become not able to afford any specific thing but with the availability of Credit Card, one can by anything by making small payments towards the purchased product every month. This has increased the purchasing power of the public.

In India, there is various credit cards which are being used are as mentioned below:

  • Co-branded Credit Card
  • Cash Back Credit Cards
  • Business Credit Cards
  • Student Credit Cards
  • Balance Transfer Credit card
  • Airline Credit Card
  • Silver Credit Card
  • Gold Credit Card
  • Platinum Credit Card

Co-Branded Credit Card

The Co-Branded credit cards have tie with some specific number of merchants from where the consumers can avail amazing discounts and offers. These kinds of cards can be issued at much lower prices than other retail private label cards. Banks have special channel for the allocation of credit cards based on the transactional history of a user.

Cash Back Credit Cards

Another kind of Credit Card allows users to earn cash back based on the usage of the card. It is called as Cash Back Credit Cards through which users get a chance to avail incentives in the form of cash and the amount of cash is completely dependent upon the frequency of usage.

Business Credit Cards

Business Credits Cards are useful for business persons who are having a large scale business and they need transfer of funds regularly at very large scale. The card is specially designed for such group.

Student Credit Cards

Bank also allows students to avail credit cards but the limit of the cards is extremely low. The reasons are very clear as the students are having non earning profile. This has been launched to manage the expenses of students and average credit balance of the card lies between 3000/- -7000/-. Hence students can also grab a chance of getting credit cards and allocation of cards depends upon the college as well.

Balance Transfer Credit Card

Through the use of Balance Transfer Credit Card, a user can transfer some debt amount by utilizing the funds and rest can be paid at an interest of 0% within the allocated time frame. It is always helpful for those who have taken loan etc…

Silver Credit Card

This category of credit cards was used rigorously at the time of 1950 which was the launch period of credit cards. But now people are widely using Gold / Platinum Credit Cards which has surpassed the value of Silver Credit Cards. Still people, who are having experience 4-5 years, are using the card as membership fee is low here.

Gold Credit Card

Those users who are having income above the average, they get a chance to avail Gold Credit Card and via this card they get several advantages like interest rates, shopping facilities, card limit etc… Lots of add-ons will get provided by the banks which can be availed by family members.

Platinum Credit Card

The consumers who maintain their card ratings and are having great transactional history along with highest monthly income, get a chance to avail Platinum Credit Cards. High end security and facilities are being provided to the users of this category. Complete protection against theft is being provided by the support channel.

SEE ALSO: What Should Do While Lost Credit Card?

Some of the Popular Platinum Credit Cards are as Follows:

  • IndusInd Bank Platinum Select Credit Card.
  • IndusInd Bank Platinum Aura Credit Card.
  • SBI Advantage Platinum Credit Card.
  • SBI BMB Platinum Credit Card.
  • Bank of Maharashtra SBI Platinum Credit Card.
  • Tata Platinum Card.
  • Tata Croma Platinum Card.
  • Oriental Bank of Commerce SBI Platinum Credit Card.
  • Karur Vysya Bank SBI Platinum Credit Card.
  • Federal Bank SBI Platinum Credit Card.
  • Standard Chartered Platinum Elite Credit Card.
  • Standard Chartered Bajaj Finserv Platinum Credit Card.
  • HSBC Bank Platinum credit card.
  • ICICI Bank Instant Platinum Credit Card.
  • ICICI Bank Platinum Identity Credit Card.
  • ICICI Bank Platinum Credit Card.
  • IDBI Aspire Platinum Credit Card.
  • IDBI Imperium Platinum Credit Card.
  • BOB Platinum Visa Credit Card.
  • BOB Platinum Master Credit Card.
  • BOB Platinum Assure Credit Card.
  • American Express Platinum Card.
  • Axis Bank Platinum Credit Card.

Credit Cards for Women:

As we know it is the time of women empowerment and banks are offering special cards for women as well by taking care of their shopping habits in mind. They have designed some cards exclusively for women only through which ladies would be able to earn bonus reward points, insurance, fuel surcharge waiver etc…

Special Credit Cards for Women are:

  • HDFC Bank Solitaire – Premium Women’s Credit Card
  • Kotak Mahindra Bank Silk Inspire Credit Card
  • Citibank Rewards Credit Card
  • ICICI Bank Coral Card
  • Standard Chartered Inner Circle Platinum
  • American Express Payback Credit Card

Select Right Credit Card

Before making choice for any credit card, a person must have detailed analysis for the same. This practice clears all the discrepancies and the consumer avail that card which suits him / her based on the market scenario. Below mentioned points should be in mind before finalizing the credit card:

  • Check out the joining fee along with the annual fee which is being charged on the card
  • Check out the add-on card fee
  • What is the rate of interest on that particular card?
  • If the card can be used in global scenario or not?
  • Check the liability of the card
  • Check out the facility of immediate withdrawal
  • What kind support is being provided and confirmed helpline number.

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