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Different Types Of Credit Cards In India

By Author: Neha Sharma
Total Articles: 105

Credit cards can make your life very simple since you do not have to carry tons of cash with you for financial transactions. Just a single swipe of a credit card and you are done! However, before you get a credit card for yourself, make sure that you know which one is best suited for your requirements. Read on to know more about the different types of credit cards in India.

1. Gold credit cards- If you are someone who earns a lot, then going for a gold credit card from any bank is a good option. However, keep in mind that in order to get a gold card you must have a good credit score.

2. Silver credit cards- Silver credit cards are best suited for people who are salaried employees and have work experience of at least 4-5 years. It is imperative to have a good credit score in order to get a silver credit card. Generally, no interest is charged on such cards for the first 6-9 months in case of balance transfers and they have a low membership fee.

3. Credit cards for women- Some banks have introduced credit cards, exclusively for women. These credit cards mostly centre on cash back offers and shopping rewards, insurance, surcharge waivers, bonus reward points etc. Women who have these credit cards can also earn points while shopping or making purchases. A few credit cards additionally offer attractive travel benefits.

4. Classic credit cards- Classic credit cards in India are a good option for people who are looking for multiple features and benefits. Some of the features that come with classic credit cards are revolving credit, global acceptance, cash advance, rewards program, interest-free credit period, insurance, supplementary cards, and a 24-hour customer care helpdesk. Most of the classic credit cards do not have any joining fees or annual fees and are mostly provided at low finance charges.

5. Titanium credit cards- Titanium credit cards offer several benefits and privileges but the main feature of a titanium credit card is the Titanium Rewards program. This respective rewards program provides benefits such as cash back offers, accrual of reward points, revolving credit, overtax waivers, yearly fee reversals, interest-free credit period, add-on card facility, dining benefits, beauty and wellness offers, welcome gifts such as vouchers for shopping purposes, insurance, lifestyle benefits etc.

6. Balance transfer credit cards- Many banks offer the facility of transferring your balance amount on credit cards. In other words, you can transfer your bank balance from one credit card to a new one of a different bank. Most of the balance transfers do not charge any interest in the first 3 months of your repayment. However, once those 3 months are over, they start charging a considerable interest on the balance.

Having a comprehensive idea about the different types of credit cards will make your search easier for a credit card best suited for your needs. Hence, before you buy one make sure that you do your research.

Author bio:
Neha Sharma is a finance student who loves to write in her free time. She has spent considerable time researching about credit cards. Through her work, she explains its types

Total Views: 13Word Count: 521See All articles From Author

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