Home Money Finance Choose the right credit card according to your needs and expenses

Choose the right credit card according to your needs and expenses

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Choose the right credit card according to your needs and expenses

Types of Credit Card

In today’s era, the use of a credit card is increasing continuously. In big cities as well as in small cities, expenses of shopping, travelling, entertainment etc. are being borne by it. Today, different types of credit cards are available for different needs of the customers. Bank, NBFC has divided them into some categories. Customers can choose the credit card category they need and apply for the card based on their convenience and expenses. These categories include basic to super-premium card category. The features and benefits of different categories of credit cards vary. Let’s know about some major credit card types…

Basic Credit Card

These cards are beneficial for those who are going to use credit cards for the first time. Such credit cards come with a renewable credit limit and regular features. Usually, their annual fees are less. No additional benefits are included in the features of such cards by transacting with the card.

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Travel Credit Card

Nowadays many banks are offering travel-centric credit cards. These credit cards are equipped with travel-related features like airport lounge access, air mile earning, air accident insurance, low foreign currency sign fee etc. Also, offer all general benefits. With the help of travel credit card, all can avail discounts on airline ticket booking, bus and train ticket booking, cab booking etc. Reward points are available on every purchase.

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Fuel Credit Card

When you get fuel filled in your vehicle through these credit cards, you get additional benefits in the form of fuel surcharge rebate and bonus reward points. Some banks have partnerships with specific petrol pump companies. In such cases, you get a discount only when you get fuel from those specific petrol pumps, while some banks apply these discounts to all petrol pump companies. Surcharge exemption depends on what kind of card you have.

Reward Credit Card

Credit cards that offer additional rewards than normal are known as Rewards Credit Cards. This type of credit card offers increased reward points on specific purchases and transactions. Earned bonus points can be redeemed for a discount on future purchases or can be redeemed to reduce your monthly credit card bills.

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Shopping Credit Card

These cards are based on lifestyle benefits such as discounts on items like clothes, shoes etc. Shopping credit cards can be a good option for frequent shoppers. Especially for those who want to pay their monthly expenses by credit card. To avail discount on shopping or transaction with a shopping credit card, online or offline shopping has to be done at partner stores. Cashback, discount vouchers etc. can be availed throughout the year.

Source: www.financialexpress.com