Different Types Of Credit Cards in India

14 July, 2023

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.

We round up different types of Credit Cards in India to help you choose one that’s right for you.

Types of Credit Cards:

Regular 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 credit cards, which you can give to your spouse, adult children, parents, brothers or sisters.

Premium Credit Cards

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 spend a lot of time in airports.

Super Premium Credit Cards

These are the top-of-the-line cards that complement your lifestyle – for example, cards like HDFC Bank Infinia Credit Card or HDFC Bank Diners Club Black Credit Card. Benefits may include exclusive lounge access, complimentary golf games, personal concierge, complimentary golf games, best-in-class rewards, and fine dining discounts. These cards typically come with high credit limits and applicants can get the card on an invitation-only basis.

Co-branded Credit Cards

Co-branded cards are great when you have a specific type of usage. For example, if you are a frequent traveller, a InterMiles HDFC Bank Signature Card can be a great companion on your travels. You can get exclusive benefits like extra air miles, discounts on flights, checked-in baggage insurance and free airport lounge access, among others. You can even redeem your miles for flight booking. Other co-branded cards include Maruti Suzuki NEXA HDFC Bank AllMiles (car-related privileges), Platinum Times Card (discounts on entertainment), and Paytm HDFC Bank Credit Card (cashback benefits).

Commercial or Business Credit 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.

CashBack Credit Cards

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 Credit Card and MoneyBack Credit Card 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.

Secured Credit Cards

Usually, you must fulfil basic requirements to be eligible for a Credit Card. These requirements include a certain minimum income and a good credit score. Individuals like homemakers, self-employed individuals, small business entrepreneurs, etc., may not be eligible to receive a Credit Card due to lack of monthly income. In such cases, customers can opt for a Secured Credit Card. Banks typically issue such types of Credit Cards against a Fixed Deposit (FD). You may get a Secured Credit Card without furnishing your income proof or credit score details. The credit limit is usually equivalent to the FD value and your FDs will continue to earn interest. If you default on your payments, the bank will deduct the equivalent amount from your FD.

Lifestyle Credit Cards

Lifestyle Credit Cards provide offers and benefits on various lifestyle related expenditures. You can enjoy offers on shopping, dining, travel and more. Additionally, you can earn exciting rewards with your Credit Card spends. For instance, you can avail of the HDFC Bank Regalia Gold Credit Card, HDFC Bank Millenia Credit Card, HDFC Bank Diner’s Club Privilege Credit Card, etc. under lifestyle Credit Cards. Some of the lifestyle offers include complimentary airport lounge access, gift vouchers for certain specific spend limit, higher reward points, etc.

Travel Credit Cards

A Travel Credit Card is a type of Credit Card that offers exclusive rewards when you use the card to pay for travel-related spends. The card typically offers exclusive deals on flight booking, stays, transportation, etc. For instance, you can get the 6E Rewards – IndiGo HDFC Bank Credit Card that gives you higher rewards when you book IndiGo flights. Additionally, you can also get a complimentary flight ticket worth ₹1,500 as the welcome benefit. HDFC Bank offers different types of Credit Cards for travels, including the Regalia Gold Credit Card that provides complimentary memberships, flight vouchers and higher reward points.

Shopping Credit Cards

Shopping Credit Cards are special Credit Cards that come with features that offer rewards when you shop using the card. The Tata Neu Infinity HDFC Bank Credit Card offers 5% back as Neucoins on Tata brand spends and 1.5% back on other spends. You can also opt for the Shoppers Stop HDFC Bank Credit Card and earn points when you shop at any Shoppers Stop locations. When you spend a certain amount on the card, you can enjoy additional rewards which you can redeem for exciting vouchers.

Additionally, these Cards also offer other benefits such as access to airport lounges, fuel surcharge waiver, revolving credit, foreign currency mark-up, etc.

Fuel Credit Cards

Fuel Credit Cards offer higher rewards on your fuel purchases. The IndianOil HDFC Bank Credit Card rewards you with fuel points on various spends. You can earn 5% of your spends as fuel points at IndianOil outlets across the country. Plus, you can earn 5% of your spends as fuel points on groceries and bill payments. You can redeem the accumulated fuel points for free fuel at IndianOil outlets. You can also redeem the points as statement credit.

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.

Are you looking to apply for HDFC Bank Credit Card? Click here to know more!

Read more on how to use Credit Card, the right way.

*Terms and conditions apply. 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. Credit Card approvals at the sole discretion of HDFC Bank Limited. Credit Card approvals is subject to documentation and verification as per Bank's requirement. Interest rates are subject to change. Please check with your RM or closest bank branch for current interest rates.