Credit cards can fulfill several financial needs, especially unplanned expenses, which would otherwise drain your savings. These cards have become popular among Indian travelers, especially globetrotters. A survey suggested that as many as 50% of Indian tourists rely on credit cards, debit cards, and prepaid cards for expenses while abroad.
Similarly, various other credit card types are suitable for other forms of expenses. Some cards offer greater rewards on shopping, while others may offer similar benefits on the purchase of electronic goods. Thus, one should consider how he/she plans to use a credit card to determine which card to pick.
Credit cards for all your budgetary needs
1. Co-branded credit cards
Co-branded cards often offer credit savings on certain expenses. A co-branded credit card refers to a product where the issuing company collaborates with a third party, which can be a travel brand, a retail partner, etc.
If you are a frequent online shopper, you can pick a co-branded option where the other issuer for the card is a reputed eCommerce platform.
2. Rewards credit card
Some cards allow you to maximize reward point earnings on shopping. With these, one can easily accumulate a significant amount of redeemable points. Keep in mind that such specialized credit cards are only offered to individuals who hold a high CIBIL rating.
3. Travel cards
Among the many credit card types, travel cards are especially useful to individuals who are constantly on the move for business or vacation. Knowing the credit card benefits for every traveler can aid you to maximize rewards from such financial products. Apart from discounts and cashback on flight ticket and hotel bookings, a travel card also provides free access to airport lounges.
4. Titanium credit cards
Titanium cards refer to premium credit options, which provide a host of facilities, including a substantial cash withdrawal limit, cashback, and frequent flyer miles. Cardholders are also eligible for a specialized rewards program, earning more points on every expense than what most other cards provide.
5. Fuel credit card
Individuals who use their private vehicles for commute or frequent traveling should look into unique fuel-related options. They can save on such expenses by picking cards that offer higher reward points against fuel station expenses. With a fuel credit card in your pocket, you can easily combat high fuel prices effectively.
6. Silver cards
Silver credit cards refer to the most basic option, which requires nominal fee payments. Similarly, they also come bearing minimal credit limits, restricting the ability to spend.
7. Gold cards
Silver cardholders can upgrade to gold credit cards when their income increases. Some features of these cards include higher credit limit, substantial cash withdrawal limit, cashback offers, and add-on card facilities for family members.
8. Platinum cards
One of the most high-end credit card types, platinum cards, comes with attractive offers on lifestyle, entertainment, shopping, and dining expenses. The joining and annual fees for such cards also tend to be considerable when compared to other varieties. Platinum cards also offer additional reward points as a welcome bonus to consumers.
For example, the Bajaj Finserv RBL Bank SuperCard is one such feature-rich credit card. It offers huge reward points, allowing annual savings of up to Rs.55,000 in some cases.
Choosing the card that suits your expenses perfectly is critical in maximizing gains. One must always be mindful of the reward program as well when using a credit card.
