Types of Credit Cards

There are various types of credit cards being available with the banks, which are designed according to the individual’s suitability. Different credit limits are being set for the different cards according to the suitability of the customers. The customers with a higher salary and good credit score are given higher credit than the customers with a lower salary and lower credit score or even high credit score. Once the customer starts opting for the credit through bank loans or credit cards, the individual’s CIBIL score gets updated. The bank expects a minimum score of 700 points for the approval of loans of the customer. The demand & popularity of credit cards is increasing day by day. The customers with good CIBIL scores are given first preference as these are regarded as honest customers for the bank. The annual maintenance charges are waived off of the customer in case of higher credit card usage. The banks allow overdraft facility as well on the credit card but charges interest on exceeding the usage of the card. The bank charges interest in case of delay of the bill payment of the credit card.

The bank provides silver, gold, titanium, diamond, titanium-type credit cards to the customers according to their needs and eligibility. The card with minimum eligibility has a credit limit of Rs.25,000 onwards. In case of a higher credit card bill, the customer can even pay part of the amount of the credit card bill and carry forward the pending bill into the next billing cycle. There are various companies that provide card services like Visa, Mastercard, Rupay, Maestro, American Express & Diners Club credit cards. These companies play as a median between the banks and the merchants. There are discount offers on various credit cards, which are done exclusive tie-ups in order to attract customers. The customer can opt for any bank credit card according to their choice. The customer doesn’t need to have a bank account in case of opting for a credit card. The bank also allows a cash withdrawal facility on the credit card but charges interest on the withdrawals. Thus it is recommended that the customer make use of a credit card only for online purchases or else swiping the POS machine for making the payments. Cash-less payments only should be utilized for the payment through credit card.

Following are the types of Credit Cards

Credit Card for women

These are the credit cards that are custom-made for women customers. These cards provide special discounts across supermarkets, grocery stores & departmental stores. These cards also have discount offers on dining.

Silver level Credit Card

These are the entry-level credit cards offered to the customers for online or offline purchases. This card is made available only for salaried employees with decent income and a moderate credit score. The annual maintenance fee is low for the silver credit card.

Gold Credit Card

Gold credit card is meant for the individuals with high income. These cards provide free travel insurance and also provide higher privileges and discount offers on credit cards. There is also a lounge facility been available in case of the gold credit card.

Titanium Credit Card

This is another type of credit card amongst the superior ones provided to the higher income group professionals. This card also has a free lounge facility at airports, dining offers, discount offers in merchandise stores, and online offers. The value of the reward points is higher, and the credit limit is also higher on these cards.

Classic Credit Card

These are the cards that are made for beginners and are of a lower credit limit. These cards are charged with a lower or nil annual maintenance fee to the customer, depending on the bank.

Thus, there are multiple credit cards available to the customers with a higher or else lower credit limit for the customers. The banks charge nominal or else nil annual maintenance fees on the credit cards to the customers. The credit cards, customers can enjoy discounts and offers in dining, shopping & online services. Thus having some of the other credit cards is very much beneficial and recommended to the customers.

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