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5 Different Types of Credit Cards - Which One is Best for You?



As India continues its rapid advancement towards becoming a digital-first economy, Indian consumers are relying on digital transactions over the traditional cash payments. The Coronavirus pandemic also played a part in nudging the Indian consumers to embrace card payments, as the Indian government advised citizens to avoid exchanging physical cash at the height of the pandemic in mid 2020. Credit and debit cards offer greater convenience, while unlike debit cards, financial institutions incentivize individuals for paying through credit cards through discounts, reward points, and a plethora of other benefits.

Banks and financial institutions have also been taking note of the spending patterns and the behaviour of consumers. This has enabled them to customize credit cards, and offer personalized cards according to the consumer's lifestyle. For instance, there are those that travel abroad often, and ideally want a credit card that caters to their specific requirements. The same can be said about those that shop often. Considering these spending and behavioral patterns, financial institutions today offer five types of credit cards in particular.

Let us take a closer look at these five different types of credit cards, and which type of card you should opt for.

Travel credit cards

As the name suggests, travel credit cards are ideal for frequent travelers. These cards can help you get discounts on airline ticket bookings, bus, and train ticket bookings, and taxi bookings among others. Furthermore, you get reward points for every purchase, which can be redeemed to earn air miles. You can also enjoy discounts and benefits on future bookings, while these types of credit cards also give you complimentary access to airport lounges and VIP lounges.

Fuel credit cards

As the cost of petrol and diesel reaches unprecedented levels, those that either has their own cab service or have to drive every day in order to get to work might find fuel credit cards to be extremely beneficial. You can avail of fuel surcharge waivers, while you can also earn reward points on your fuel spends. When you look at the amount you save annually, you can understand the importance -- and the benefits -- of owning fuel credit cards.

Rewards credit cards

These credit cards come with accelerated rewards points on certain purchases. You can redeem the bonus points for discounts, and reduce the amount you spend on future purchases.

Shopping credit cards

You can use these shopping credit cards at partner stores either online or offline and get discounts on purchases. One can easily avail of cashback offers and discounts by using shopping credit cards. These are also some of the most popular credit cards today, with two examples being the Amazon Pay ICICI Credit Card, and the Flipkart Axis Bank Credit Card.

Secured credit cards

Secured credit cards are the type of credit card, where you get a card against a fixed deposit. You can enjoy attractive interest rates, and these types of cards help users improve their credit scores.

You can easily apply for any of these cards, as it is now possible to get a credit card online. However, it is imperative that you do your research before choosing a credit card variant. If you are an avid shopper, you would want to opt for a shopping credit card. If you travel frequently, you can get your money’s worth with a travel credit card. Or you can choose a credit card variant that gives you the best of everything.

The Bajaj Finserv RBL Bank SuperCard is an excellent option, which gives you the power of four cards in one. Additionally, you can choose from among 11 different SuperCard variants, as per your specific needs and requirements. You can use these credit cards as either an ATM/debit card, loan card, EMI card, or as your normal credit card.


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