There are many types of credit cards, and you can choose a category based on your spending needs and habits. Here is an overview:
- Lifetime-free Credit Card
You won’t be charged a joining fee or annual maintenance charges for such a credit card. This way, you can enjoy all the card’s benefits while keeping your costs down. This option is the best for you if you are cost-conscious and use credit sparingly or for emergencies.
- Cashback Credit Card
Get a certain percentage of money back on specified purchases with this card. Boost your savings with ease when you pay for utilities, shop online, buy groceries, and more. This card is best for you if you are a mindful saver and use your credit card for daily purchases and expenses.
- Travel Credit Card
Enjoy special deals on flights, train tickets, and hotels from leading travel providers with such a card. You can also redeem points for airmiles and get room upgrades. If you tend to travel significantly for work or leisure, this credit card is made for you.
- Rewards Credit Card
Unlock reward points for a range of purchases and redeem them for air miles, products, and discounts with this card. Certain purchase categories allow you to earn more points, so check them to see if they suit your spending habits. Such a card comes with a favourable rewards program and makes redeeming points easy. It also offers you a huge selection of merchandise and services. If you aim to use your card for most of your expenses every month, such a card can add value to your life.
- Airline Credit Card
Usually launched as a co-branded card by travel companies or airlines, this card offers discounts to frequent flyers. With it, you can get access to free air tickets, discounts on flights, and other travel privileges. Complimentary airport lounge access, bonus air miles, and upgrade vouchers are other benefits you can expect. These cards are ideal if you often travel through domestic or international flights.
- Shopping/Lifestyle Credit Card
Get access to money-saving deals on purchases online and offline and upgrade your lifestyle with this card. You can enjoy discounts on purchases across clothing, electronics, home appliances, and dining. It offers an EMI conversion facility so you can pay shopping bills in easy instalments. This card is best for you to enhance your daily life and make big-ticket purchases with ease.
- Entertainment Credit Card
Enjoy deals on events and concerts with this card. Such a card offers ‘buy one, get one free’ offers as well as discounts on shows, be it a stand-up comedy, live band performances, theatre, or movies. It also allows you to save on dining, earn points, and get other perks. This card is best for you if you enjoy recreational activities.
- Credit Card with Dining Offers
Cards with dining offers come with a range of discounts from restaurants as well as complimentary memberships to dining programmes. Use it when you eat out or order in and get accelerated reward points. If you like to explore different cuisines and frequently celebrate with meals out, this card is meant for you.
- Fuel Credit Card
Get free fuel, waivers on surcharge and complimentary roadside emergency services with this card. These are usually co-branded cards launched by a petroleum company along with a bank/issuer. They may also offer accelerated points on fuel purchases and give you cashback. If road trips and driving are a part of your routine, this type of card is ideal for you.
- Secured Credit Card
This credit card doesn’t require you to have a credit score. You can qualify for it with ease by booking a fixed deposit with the issuing bank. It usually doesn’t have high fees and charges. While it does offer you a range of rewards, they may not be as extensive as a regular card. If you are new to credit and have zero credit history or have a low score, this card is ideal for you. It can help you build your credit profile and qualify for a regular card in time.
- Credit Card that Can be Linked to UPI
With a RuPay credit card, you can pay all your bills from a UPI app on your mobile and earn points and rewards. Currently, such cards are the only ones that you can link to your UPI ID. Get this card if you are someone who pays using the mobile and does not prefer carrying a wallet.
- Co-branded Credit Card
This card is launched by a company in association with a bank and offers special deals on purchases related to its brand/s. Such a card offers you more savings and deals from brands in e-commerce, retail, travel, or other domains. Choose this card based on your shopping habits, as it can help you boost your purchasing power.
- Premium Credit Card
Premium cards are usually offered to you when you meet the card company’s high income specifications. It offers memberships to airline or hotel programs, luxury rewards, and concierge services. This card is ideal if you plan to spend at least ₹10-12 Lakhs a year with it. It comes with higher joining and annual fees. However, in some cases, annual charges are waived off when you cross the minimum spending threshold.
- Business Credit Card
As a business owner, you can earn cashback on business purchases and simplify cash flow management with this card. It usually offers deals on transactions related to utilities, travel, rent, online purchases, and more. As an entrepreneur, this card makes it easier for you to address recurring expenses. It also offers you premium benefits like priority access at airports and convenient terms for ATM cash withdrawals.
- Corporate Credit Card
As an employee of a corporate company, you get this card to address business travel, client-related and other official expenses. It is usually linked to a mobile app or accounting system to share your transactions with your company in real time. It may come with certain restrictions or limits on transactions or amounts based on the policies of your employer