Different Types Of Credit Cards in India
Credit Cards are a must-have accessory for anyone with a reasonable level of disposable income.
Credit Cards come in many varieties -- from basic Credit Cards, with reasonable credit limits and plain vanilla features, to super premium cards that are a great accessory to a high-flying lifestyle. There are cards for your regular salaried people, the frequent flyers, students, the fun-loving crowd, the cautious savers, and so on.
Different Credit Cards offer varying features and choosing one will depend on your needs and how you expect to use it. For example, if you are a frequent flyer, it will help if you have a Credit Card co-branded with an airline.
Read more on how to use Credit Card, the right way.
We round up a most different types of Credit Cards in India to help you choose one that’s right for you.
Types of Credit Cards:
Among the different kinds of Credit Card is the regular card -- like the HDFC Bank Platinum Plus Credit Card. It’s great as your first Credit Card. It offers all the convenience and safety of a Credit Card and combines it with benefits like Reward Points and fuel surcharge waivers. There are also three free add-on cards, which you can give to your spouse, adult children, parents, brothers or sisters.
As your income and needs increase, you can upgrade to a premium card like the HDFC Bank Visa Signature Credit Card. A premium card gives you higher credit limits, more magnificent Reward Points and more benefits. It also provides some lifestyle-related benefits such as free lounge access at airports. This is particularly useful if you are a frequent flyer and spent a lot of time in airports.
These are the top of the line cards that complement your lifestyle – for example, cards like HDFC Bank Infinia Credit Card or HDFC Bank Regalia Credit Card. Benefits include exclusive lounge access, complimentary golf games, personal concierge, best-in-class rewards, and fine dining discounts. These cards come with high credit limits and are usually by invitation only.
Co-branded cards are great when you have a specific type of usage. For example, if you are a frequent traveller, a Jetprivilege HDFC Bank Signature Card can be a great companion on your travels. You can get exclusive benefits like extra air miles, discounts on flights, dedicated check-in counters, extra baggage allowance and free lounge access. You can even redeem your miles for free flights. Other co-branded cards include Maruti Suzuki NEXA HDFC Bank AllMiles (car-related privileges), Platinum Times Card (discounts on entertainment), and Snapdeal HDFC Bank Card (online benefits).
Commercial or business cards
If you want to use a card for business-related expenses, a commercial card is ideal. Achieve savings on your business travels and expenses and easily manage payments for your purchases. For large companies, corporate cards offer additional benefits and tools such as 24x7 MIS, spend analysis and seamless accounting. Examples of HDFC Bank Business Credit Cards are Business MoneyBack and Corporate Platinum.
Moneyback or CashBack Cards allow you to earn cash back on your everyday spends. These cash back are in the form of rewards which you can use to settle the outstanding amount on your Credit Card. In addition to cash back, you also receive benefits such as shopping and dining discounts. Platinum Edge and MoneyBack are examples of cashback cards.
Across these different types of cards, some features are standard. These include smart bill payments, fuel surcharge waivers, interest-free credit, zero liability after reporting lost or stolen card and EMV chips for security.
There are some basic requirements that you must fulfil to get a Credit Card, like reasonable income and a decent credit score. Sometimes some people are unable to meet these requirements but would still need a Credit Card. There are some kinds of Credit Cards that are meant for this type of customers – one of them is a Secured Card. A Secured Card needs collateral, like a loan. You can open a Fixed Deposit in the bank to get such a Secured Credit Card. The FD will then be used as collateral. You may not even have to offer income proof to get such a card.
Prepaid Credit Cards
Among the different Credit Cards is the Prepaid Card. This can come in handy in some situations. For example, if you want your child to have a card, but want to contain spending within a specific limit, you could give him/ her a prepaid Credit Card. Companies can use these kinds of cards for their employees to meet everyday business expenses. Examples of this kind of card include MoneyPlus Dependent GPR Card, GPR Card, MoneyPlus Card and FoodPlus Card.
As we can see, there are different kinds of Credit Cards to meet all sorts of needs. You might want to get one that suits your specific requirements.
* Terms & conditions apply. Credit Card approvals are at the sole discretion of HDFC Bank Ltd. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.