Credit cards helped shape modern society and have paved the way for faster, easier, convenient, and more secure financial transactions. Every credit card on the market has advantages and disadvantages to using it. In Indian credit card market there are 12 major types of credit cards being provided by banks and financial institutions. These cards provide a wide variety of financial benefits to holders.
Major India Credit Card Types
Following are various types of credit cards available in India:
- Premium Credit Cards
- Cash Back Credit Cards
- Gold Credit Cards
- Airline Credit Cards
- Silver Credit Cards
- Business Credit Cards
- Balance Transfer Credit Cards
- Co-branded Credit Cards
- Low Interest Credit Cards
- Lifetime Free Credit Cards
- Rewards
There are some additional credit cards that are available in India as well. Rewards credit cards available in India can be subdivided into six categories Points, Hotels and Travels, Retail, Auto and Fuel.
- Premium Credit Cards
There are 33 various premium credit cards available in India. These cards (Gold, Platinum, and Silver) offer very huge credit limits and exhibits some extraordinary features like product warrantee, travel insurance, concierge services or emergency services etc.
- Cash back credit cards
After the completion of some specific transactions, with the help of your credit card you will be entitled to a certain amount of cash back. These are appropriate for a user who uses heavy credit cards as they offer something in return
- Low or No Interest Credit Cards
A number of banks are offering low interest credit cards in India in order to help the cardholders manage their finances in a better way.
Advantages of Low or No Interest Credit Cards
During the low or no interest period on a credit card, more of your payment goes toward paying off the balance and less to the interest. If you can secure a balance transfer card with no interest, you can save a fortune in interest if the card that currently holds the balance has a high interest rate.
Disadvantages of Low or No Interest Credit Cards
Most cards with very low or 0% interest are only temporary rates. Once the promotional period ends the card interest rate goes up to the normal APR which can be between 10 and 18%, depending on the card. Also, if you make a payment late to one of these cards once during the promotional period, you will immediately be charged the higher rate and lose out on the interest free period.
- Rewards programme credit cards
These also exhibit similar features to that of cash back credit cards but instead of cash back they offer points or discounts. There are six different types of rewards credit cards available in India points, hotels/ travels, retail, auto and fuel.
- Life time low rate cards
These cards feature contrast attributes as compared with the introductory offers which might turn on to high rates at the expiry of the introductory period but these offer preferential low rates throughout the life of the credit.
If you think of buying a long term credit card then life time Every credit card are the best option.
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