Types Of Credit Cards

Types of credit cards

Credit cards come with different fees, interest rates and reward programs. You need to check for the ones best suited to your needs while applying for one. Here are the different types of cards offered by banks, other financial institutions:

1) Standard Credit Cards: These are general purpose cards that are most commonly issued to users. They need no deposits and credit limit is decided by the credit card.

2) Premium Credit Cards: These are the gold and platinum cards. They come with more offers and come with higher credit limits. Some perks might include concierge services, exclusive airline lounges etc.

3) Secured Credit Cards: To use secured credit cards, you need to deposit money with the company. Your credit limit is decided based on the deposit. These cards usually have higher rates of interest and an annual fee. They are mostly used by people with a tarnished credit history.

4) Prepaid Credit Cards: Here, the user loads the card with money. It is similar to a debit card expect that it is not tied to a bank account.

5) Specialty Credit Cards: These cards are offered through affiliations and partnerships with major brands. For example the PVR Kotak Card offers two free movie tickets at PVR screens every month on spending Rs 7,500 per month.

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