Different Types of Credit Cards in India
Silver Credit Cards:
Silver credit cards can be availed by anyone who falls under a nominal salary range and has a work experience of around 4 to 5 years. It is easy for salaried employees to procure this type of credit card, provided they have a good credit history. These cards have a low membership fee and there is no interest charged for the initial 6 to 9 months, on balance transfers.
Gold Credit Cards:
Individuals with higher income can avail a gold credit card from any bank in India. Applicants for any type of gold credit card should have a good credit score. The common features of a gold credit card are:
- High cash withdrawal limit.
- High credit limit.
- Add-on card facility for family members like spouse, parents or children.
- Travel insurance.
- Cashback offers.
- Rewards program and much more.
Classic Credit Cards:
Classic credit cards come with features like global acceptance, revolving credit, cash advance, interest free credit period, rewards program, supplementary cards, insurance and a dedicated 24/7 customer care helpdesk for customers. Most classic credit cards do not carry annual fees or joining fees and are offered at low finance charges.
The top Classic credit cards available to customers are:
- Union Bank VISA International Classic Credit Card.
- Syndicate Bank Global Classic Credit Card.
- IndusInd Bank Classic Credit Card.
- Indian Bank Global Classic Credit Card.
- IOB Classic Credit Card.
- Canara Bank Classic Visa Credit Card.
- PNB Global Classic Credit Card.
- Vijaya bank Visa Classic Chip Credit Card.
- RBL Bank Classic Shopper Card.
- ICICI Bank British Airways Classic Credit Card.
Credit cards for Women:
To ensure their female customers get the maximum benefits, some banks have introduced credit cards that are exclusively designed for women. These cards mainly focus on shopping rewards and cashback offers. Apart from this, cardholders can get bonus reward points, fuel surcharge waiver, insurance, etc. They can also earn reward points when they make purchases using their credit cards. There are few credit cards for women that offer amazing travel benefits.
Some of the popular credit cards for women are:
- HDFC Bank Solitaire – Premium Women’s Credit Card.
- Kotak Mahindra Bank Silk Inspire Credit Card.
- Citibank Rewards credit card.
- ICICI Bank Coral card.
- Standard Chartered Inner Circle Platinum.
- American Express Payback Credit Card.
Titanium Credit Cards:
Titanium credit cards are premium cards that come with a load of privileges and benefits. The key feature of a Titanium credit card is the Titanium Rewards program that is offered to the customers. This rewards program includes accrual of rewards points, redemption for gifts and air miles, cashback offers, etc. Other privileges that come with any Titanium credit card are surcharge waivers, revolving credit, interest free credit period, annual fee reversals, insurance, welcome gifts in the form of vouchers from top retail brands, add-on card facility, wellness and beauty offers, lifestyle and dining benefits, etc.
Some of the popular titanium credit cards are:
- Tata Titanium Card.
- Tata Croma Titanium Card.
- ICICI Bank Titanium Credit Card.
- BOB Titanium Master Credit Card.
- Central Bank of India Titanium Credit Card.
- LIC Titanium Credit Card.
- Axis Bank Titanium Smart Traveler Credit Card.
- Standard Chartered Super Value Titanium Credit Card.
- RBL Titanium Delight Card.
- HDFC Titanium Times Credit Card.
- HDFC Titanium Edge Credit Card.
- First Citizen Citi Titanium Credit Card.
Platinum Credit Cards:
Platinum card is one of the most popular credit card and is owned by many people because of the number of benefits and privileges it offers. The benefits include lifestyle, dining, shopping and entertainment offers, etc. The annual, joining and renewal fee of Platinum cards are a little higher compared to other types of credit cards.
Some of the popular Platinum credit cards are:
- IndusInd Bank Platinum Select Credit Card.
- IndusInd Bank Platinum Aura Credit Card.
- SBI Advantage Platinum Credit Card.
- SBI BMB Platinum Credit Card.
- Bank of Maharashtra SBI Platinum Credit Card.
- Tata Platinum Card.
- Tata Croma Platinum Card.
- Oriental Bank of Commerce SBI Platinum Credit Card.
- Karur Vysya Bank SBI Platinum Credit Card.
- Federal Bank SBI Platinum Credit Card.
- Standard Chartered Platinum Elite Credit Card.
- Standard Chartered Bajaj Finserv Platinum Credit Card.
- HSBC Bank Platinum credit card.
- ICICI Bank Instant Platinum Credit Card.
- ICICI Bank Platinum Identity Credit Card.
- ICICI Bank Platinum Credit Card.
- IDBI Aspire Platinum Credit Card.
- IDBI Imperium Platinum Credit Card.
- BOB Platinum Visa Credit Card.
- BOB Platinum Master Credit Card.
- BOB Platinum Assure Credit Card.
- American Express Platinum Card.
- Axis Bank Platinum Credit Card.
- Axis Bank Pride Platinum Credit Card.
- SBI Platinum Card.
- American Express Platinum Reserve Credit Card.
- IndusInd Bank Platinum Credit Card.
- Standard Chartered Landmark Rewards Platinum Credit Card.
- Standard Chartered Platinum Rewards Credit Card.
- Standard Chartered Manhattan Platinum Credit Card.
- RBL Platinum Maxima Card.
- ICICI Bank Platinum Chip VISA Credit Card.
- RBL Platinum Delight Card.
- HDFC Platinum Times Credit Card.
- HDFC Teacher’s Platinum Credit Card.
- HDFC Platinum Edge Credit Card.
- HDFC Platinum Plus Credit Card.
- Kotak Essentia Platinum Credit Card.
- Kotak Delight Platinum Card.
- Kotak League Platinum Card.
- Kotak Corporate Platinum Card.
Rewards Credit Cards:
Rewards credit cards are known for offering multiple rewards on every card transaction. Cardholders can earn rewards points on all their retail, online, etc. card transactions. Apart from this, they can earn reward points as welcome gift, birthday gift, renewal bonus, etc. They can also earn points when they spend a certain amount in a specific period of time. These reward points can be redeemed for products/services mentioned in the rewards catalogue, which includes cashback offers, air miles, travel offers, etc. Some cards allow cardholders to make payments for their purchases in instalments.
Some of the popular rewards credit cards are:
- Citibank Rewards Credit Card.
- Standard Chartered Platinum Rewards Credit Card.
- Citibank Rewards Domestic Credit Card.
Auto / Fuel Credit Cards:
Fuel credit cards offer benefits on every fuel transaction that cardholders make. This card helps customers save on refuelling by providing them with cashback offers and fuel surcharge waivers. Some banks also offer accelerated rewards points on fuel transactions, if they are made at specific petrol pumps across India. The accumulated rewards points can be redeemed for refuelling for a predetermined value. Other additional benefits include activation bonus, entertainment benefits, dining, hotel and wellness offers, etc.
Some of the popular auto/fuel credit cards are given as follows –
- ICICI Bank Unifare Mumbai Metro Credit Card.
- ICICI Bank Unifare Delhi Metro Credit Card.
- ICICI Bank Unifare Bangalore Metro Credit Card.
- ICICI Bank HPCL Coral American Express Credit Card.
- ICICI Bank HPCL Platinum Credit Card.
- ICICI Bank HPCL Coral VISA/MasterCard Credit Card.
- IndianOil Citibank Platinum Credit Card.
- IndianOil Citibank Titanium Credit Card.
Balance transfer Credit Cards:
Banks offer balance transfer facility on most credit cards. This facility allows cardholders to transfer the outstanding balance from one card to another new credit card availed with another bank. Repayments using the new card can be done in particular tenures at low interest rates. Banks do charge a nominal processing fees for balance transfers. Most balance transfer plans do not charge any interest for the first three months of repayment and after that they charge a reasonable interest on the outstanding balance.
Business/Corporate Credit Cards:
Business and Corporate credit cards are offered to business establishments, corporates and other financial institutions where the employer can offer credit cards to their employees and also conveniently manage the finances on the card. These cards cannot be used by the employees for personal transactions and are valid only during their employment period with the company. The privileges offered on corporate cards are hotel accommodation and travel deals, business savings plans, expense management, insurance, fuel surcharge waivers, airport lounge access, rewards programs, cash advance, add-on cards, bill payments and options to convert purchases into monthly installments. Companies also have the option of getting the name of the company embossed on these credit cards.
Some of the popular business/corporate credit cards are:
- SBI Platinum Corporate Credit Card.
- SBI Signature Corporate Credit Card.
- SBI Corporate Utility Credit Card.
- Canara Corporate Credit Card.
- BOB Corporate Premium Credit Card.
- HDFC Corporate Platinum Credit Card.
- HDFC Corporate World MasterCard Credit Card.
- HDFC Corporate Visa Signature Credit Card.
- HDFC Business Gold Credit Card.
- HDFC Corporate Credit Card.
- Kotak Corporate Platinum Card.
- Kotak Corporate Wealth Signature Credit Card.
- Kotak Corporate Gold Card.
- Citibank Corporate Credit Card.
- Indian Bank VISA Business Credit Card.
- HDFC Business Platinum Credit Card.
- Axis Bank MY Business Credit Card.
- IndusInd Bank Business Gold Credit Card.
Cashback Credit Cards:
Cashback credit cards offer cashback to customers on their transactions, which varies from 5% to up to 20% depending on the spend category. Cashback can be earned on bill payments, movie ticket bookings, retail purchases, dining bills, grocery purchases, etc. The key features available with every cashback card are fuel surcharge waivers, annual fee reversals, dining and shopping privileges global acceptance, rewards program, balance transfers, etc.
