What are Different Types of Credit Cards in India?

Plastic money has modified the payment mechanisms to an eased form making one of the noblest inventions of the century. It has freed us from carrying heavy cash and is become a convenient way of making payments. If you plan to apply for a credit card, it is important to know that a credit card associates with many fee payments and charges such as annual membership fee, joining fee, late payment fee, interest on outstanding bills, etc.

The best way to avoid maximum fee payments is by making timely payments of the outstanding amount on invoices. Also, the credit card payments are associated with one's credit score. Thus, timely payments can fetch you a tarnished credit score. You know what are different types of credit cards at loanbaba.com.

Types of Credit Cards

The banking and financial institutions offer different types of credit cards and loans complying with various customer needs and distinguished levels of services. The credit cards in India are usually distinguished based on specific purposes they are designed for. Common credit cards extended by various banks include Premium and Business, Gold, Silver, Platinum, Classic, Titanium, etc.

1. Co-branded credit card

The co-branded credit cards are offered jointly by the bank and an associate company. They usually have attractive offers and deals from retailers in the form of cash backs, discounts, etc. However, these cards can be used with other merchants too. For example, the HSBC bank has associated with Spencers, Westside, MakeMyTrip and many more offering co-branded credit cards.

2. Auto and Fuel credit card

These cards have attractive offers concerning fuel stations. Though they can be used elsewhere, the users enjoy incredible discounts on auto and fuel stations. For example, Citibank offers the IndianOil Citibank Platinum Credit Card.

3. Travel credit card

The travel credit cards are a good choice to make if you are a frequent traveller. These cards are offered in association to the banks' travel partners. Users can avail discounts and special offers while booking tickets and earn air miles for future discounts. For instance, the Air India SBI Signature Card, Citibank PremierMiles Card, etc.

4. Entertainment credit card

These credit cards are usually offered in association with lifestyle partners. Users can enjoy attractive offers on movie tickets, concerts, shows, games and sports events, etc. For instance, the HDFC Platinum Times Card and ICICI Bank Rubyx Credit Cards.

5. Cash back or Reward points credit cards

The cashback and reward point credit cards are for everyday shoppers who look forward to saving huge on immense spending through the card. The users get a certain percentage of total expenditure as a cash back or reward points that can be redeemed later. For instance, Standard Chartered Super Value Titanium Credit Card and Citibank Cashback Credit Card.

6. Credit cards for Women

As the name infers, these credit cards are specially devised for women. They are suitable for working women professionals as well as homemakers. The attractive offers in the form of cash backs, rewards, discounts, etc. on transacting with various associates make it apt for women. They can save while shopping for groceries in supermarkets, apparel stores, beauty chains, e-shopping, etc.

7. Lifestyle credit cards

In order to supplement your passion and lifestyle needs, the banks offer various lifestyle credit cards. These cards are accepted in India as well as around the globe. Users get amazing discounts and rewards on shopping, travel, dining, and on many other leisure activities. They get easy access to airport lounges and many other complementary benefits. For instance, the ICICI Bank Rubyx American Express or MasterCard Credit Card, American Express Platinum Reserve Credit Card, etc.

Apart from the above mentioned options, you can also apply for online loans for any funding needs. You can also take loan to pay credit card bills.

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