The type of credit card you choose can determine the benefits, reward points, cashback, and other facilities available to use upon expending through the said card. Thus, it is a vital decision that one must not take lightly.
Nevertheless, before learning about the types of credit cards, an individual must decide how he/she plans to use it. Listed below are just five of the common types of credit cards on offer, although there are several others available in the market today.
- Credit cards for women
NBFCs offer credit cards specifically designed for women. These cards primarily come loaded with cashbacks and reward points on shopping. One can also use the same card to waive off fuel charges or receive handy rebates on insurance premiums.
- Business credit cards
Business owners often require funds to finance various enterprise operations. For such situations, business credit cards are particularly available to owners of such companies, providing benefits such as discounts at certain outlets and high reward points on flight ticket booking.
- Secured credit cards
Individuals who lack the necessary earnings or CIBIL score can opt for secured credit cards. These cards are available against a fixed deposit, thereby, limiting liability to the card issuer. The credit limit on these secured cards is determined based on the valuation of the FD.
- Lifestyle cards
Such cards are perfect for individuals who spend considerable amounts on recreational and entertainment activities. Cardholders can avail attractive benefits while expending on dining, travel, and movies with such a card.
- Premium cards
Premium credit cards offer access to the very best services and products. With such a card, one can gain free access to airport lounges. Additionally, he/she can derive the benefits of increased credit limits.
One such premium card is the Bajaj Finserv RBL Bank SuperCard, which provides the benefit of four distinct cards in one. One must weigh all aspects of such cards before choosing the right one.
