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10 Types of Credit Cards to Suit Your Needs
by Nisha Scott Account managerA credit card can be a handy financial tool if
used correctly and with caution. Apart from allowing you to buy now and pay
later, the major attraction of credit cards is the variety of benefits that
come with them. It can be cashback, rewards or discounts offered on certain
credit cards. Credit card companies nowadays have started offering credit cards
that are designed specifically keeping your needs in mind. Let us look at 10 types
of credit cards that suit your needs.
Standard Credit Cards
Standard or plain credit cards are exactly what the name suggests. They’re
simply credit cards that have no bells and whistles. You can use them to make
purchases and pay your credit card bills later. If you’re looking for
uncomplicated credit card use and are not interested in reward points and other
benefits, then this might be the card for you.
Travel Credit Card
Travel credit cards are specifically designed
keeping the needs of travel enthusiasts in mind. You can get discounts on
airline ticket bookings, as well as on bus, railways and cab fares. Purchases
can get you reward points that you can redeem to earn miles. Additionally,
travel credit cards also offer access to VIP airport lounges.
Fuel Credit Card
If you own a vehicle, then a fuel credit card
can be a good bet for you. A fuel credit card can get you special waivers on
fuel surcharges. Fuel purchases made using such cards will also get you reward
points as well as cashback benefits.
Rewards Credit Card
When you make purchases using Reward Credit
Cards, you get reward points. You can keep accumulating these reward points and
use them for discounts on future purchases and even a reduction in your monthly
credit card bill.
Shopping Credit Card
A shopping credit card is designed for the
shopaholic in you. Enjoy excellent discounts in partner outlets, get special
rates for online and offline purchases, and enjoy discount codes and cashback
benefits with shopping credit cards.
Secured Credit Card
These are credit cards that require a security
deposit for their usage. The credit limit is usually equal to the security
deposit amount. This card is used by individuals who have a low credit score to
improve their score and people who do not have a credit history to build one.
Balance Transfer Credit Card
A balance transfer credit card allows you to transfer your outstanding dues
from one financial institution to another. If another bank or NBFC is offering
credit cards at lower rates, then you can transfer your dues to the new company
and repay your dues at lower rates.
Student Credit Cards
Certain credit cards are designed for students
to help them purchase online courses, books and other similar expenses. They
can be used to build a credit score early and also have good benefits like
reward points, discount codes, and cashback.
Prepaid Credit Card
A prepaid card can be used to make purchases
just like a usual credit card, but for a prepaid card, funds must be loaded
into the card first. The limit of the card is usually the same as the funds in
the card. Unlike credit cards which work via borrowed funds from the bank,
prepaid cards are simpler and more easily given to customers.
Business Credit Cards
Business credit cards are useful in the smooth
running of businesses and are also helpful in managing employee spending.
Business cards can also have a higher credit limit to aid in larger purchases.
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About Nisha Scott 
Account manager
8 connections, 0 recommendations, 37 honor points.Joined APSense since, May 29th, 2020, From Delhi, India.
Created on Jul 9th 2021 04:52. Viewed 365 times.
