What are the Different Types Of Credit Cards?

1. What Are The Different Types Of Credit Cards? A credit card is an instrument to help you make instant credit based transactions. Unlike debit cards which are linked to your bank accounts and debit the corresponding amount for every transaction, credit cards offer you the flexibility to make transactions on credit independent of your account balance.

2. Different Credit Cards Types Rewards credit cards Secured credit cards Cash back credit cards Travel credit cards Fuel Credit Cards Lifetime free Credit Cards Low-Interest Credit Cards Balance transfer credit cards

3. Rewards Credit Card Rewards credit cards typically give you points or cash back based on a percentage of your spending and some even offer bonus points in popular categories like groceries, gas, and dining out. Rewards credit cards also tend to offer at least a few different ways to redeem your points, often including options for statement credits, gift cards or merchandise. This makes them a great credit card option for everyday expenses when you know you can pay off your card right away.

4. Travel Credit Cards Travel credit cards offer you the opportunity to earn rewards that are geared specifically toward travel. whether that means earning flexible travel credits you can use toward any travel purchase or even points you can transfer to airline or hotel programs. Some travel credit cards also let you earn points within a specific program, such as a frequent flyer program or hotel loyalty program. If you often travel for business or pleasure, you can also keep your eye out for luxury travel credit cards that offer perks like airport lounge access, annual travel credits and credits for Global Entry or TSA PreCheck.

5. Fuel Credit Cards Fuel Credit Cards, Many top banks and lenders in the country are offering fuel credit cards which help you save more on all your fuel purchases. The annual fee of these credit cards ranges from zero to Rs. 1,000 along with an interest rate ranging from 3.25% per month to 3.40% per month. A general rewards card that offers cash back on gas is often a better deal—though could be harder to get, depending on your credit history—than an oil-company card

6. Balance Transfer Credit Cards If you have some high-interest credit card debt on your hands, you may be considering using a balance transfer credit cards to help manage and pay down that debt. The best balance transfer cards let you secure an introductory 0 percent APR for a period typically between 15 and 21 months, which can give you a nice break from paying interest charges while you focus on paying down your debt. Most cards require you to pay an upfront balance transfer fee of 3 percent or 5 percent, although there are some credit cards with no balance transfer fee.

7. Secured Credit Cards Most credit cards are unsecured, meaning you don’t have to put down any collateral. With secured credit cards, on the other hand, you’re required to put down a cash deposit in order to secure a small line of credit, usually for a similar amount. When a credit card is “secured,” it means money must be deposited with the credit card issuer in order to open an account. That money is known as a security deposit. And it's held by the credit card issuer while the account is open, similar to the security deposit given to a landlord to rent an apartment.

8. Cashback Credit Cards statement credits on your spending, although how rewards are Roled out varies from card to card. Cashback credit cards make it easy for you to earn cash back or Some options in this niche offer a flat rate of rewards while others offer bonus points in certain categories like dining or travel. Some even offer bonus rewards in categories that change each quarter, as well as a flat rate of rewards on all non-bonus purchases. Many cashback credit cards come with no annual fee as well, although some with more generous bonus offers and rewards schemes charge annual fees on the modest side, usually under $100.

9. Lifetime Free Credit Cards Are Credit Cards free? If you are a credit-worthy customer, the bank may offer you a lifetime free Credit Cards, which means no joining or annual fees. Annual fees: Technically most Credit Cards charge an annual fee. If you are a credit-worthy customer, the bank may offer you a lifetime free Credit Card, which means no joining or annual fees. Credit cards are offered with fee waivers as per the ongoing offers by the Bank. An SMS with the annual fee & joining fee details is sent to you once the Credit Card application is approved.

10. Low Interest Credit Cards A low-interest credit card could help save you money on monthly payments. A low-interest credit cards is generally a good fit for someone who carries a balance from month to month. Some low-interest credit cards come with a 0% introductory rate while others have a low, ongoing rate. Having a credit card with a low-interest rate can be beneficial for those looking to buy some expensive items through the use of credit cards. Usually, interest rates in the range of 1.5% to 2.99% per month are considered as low when it comes to credit cards.

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