According to RBI, the number of credit card users in India grew by 27% in 2019. Additionally, another report predicts that this growth will continue until 2025 at a CAGR of 25%. These figures portray the increasing popularity of credit cards in India and subsequently highlight its customer-friendly benefits.
Even though there are many credit card types available in the market, not all of them are suitable for everyone. Thus, selecting the right credit card is essential, and it should be an informed decision.
Points to consider before choosing a credit card
- Spending pattern – It is essential to know your spending pattern before you avail a credit card. You should shortlist your monthly expenses and evaluate the areas where you can use a card the most. Based on this analysis, select a specific credit card. For instance, after evaluating your expenses, you realize that you mostly spend on purchasing fuel. Therefore, a credit card type, which offers added benefits on fuel purchase is the ideal one for you.
- Annual charges – A credit card may offer attractive features, but the yearly charges associated with it are likely to be on the higher side. Therefore, check these charges before availing of a card.
- Interest rates – It is imperative to check the associated interest rates before opting for a credit card. In case you fail to pay your dues within time, then you are liable to pay interest on your outstanding amount. Therefore, if you opt for a card with a high-interest rate, you may increase your overall debt.
- Welcome benefits and reward points – Every credit card offers specific welcome benefits once you avail it. Thus, consider such offers while applying. Additionally, check the reward points offered by specific cards before applying.
Therefore, keep in mind these pointers before selecting any credit card types. Here is a list of variants of a credit card to better suit your lifestyle.
Types of credit cards
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Travel cards
Travel credit cards are tailor-made for avid travelers. If you frequently travel, be it for business or pleasure, this card is ideal for you. It offers benefits to all travel-related bookings and expenditure. Additionally, you can earn travel miles and access to lounges at the airport with a card like this.
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Fuel cards
If your monthly expenses behind fuel are significant, then this card is perfect for you. It will offer you added reward points if you use it to pay for fuel. Therefore, you will be able to combat high fuel prices with your credit card.
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Shopping cards
This credit card offers better reward points if you use it for shopping. Moreover, if you purchase anything from a retailer that has an affiliation with your credit card company, you may receive additional discounts, cashback, etc.
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Entertainment and lifestyle cards
These credit cards offer special discounts and offer on spending associated with entertainment. If you purchase a movie ticket, concert ticket, or amusement park ticket, etc. you will receive higher reward points or discounts.
Apart from these, there are premium products like silver, gold, titanium, and platinum credit cards. These credit cards are popular for their long list of exclusive and attractive benefits like membership to various elite clubs, insurance, concierge services, business class airport lounges, etc.
If you are planning to avail of such a feature-loaded credit card, you can opt for Bajaj Finserv RBL Bank SuperCard. This card offers benefits like a zero-interest emergency personal loan for up to 90 days, ATM cash withdrawal without any interest for up to 50 days, etc.
Furthermore, the company provides pre-approved offers on credit cards. It makes the application process smooth and less time-consuming. This offer is also available on other financial products like business loans, personal loans, etc. You can check your pre-approved offers by submitting your essential contact details.
To conclude, these various credit card types offer attractive features and benefits; however, it is your obligation to use them responsibly. You should read the terms and conditions associated with these before applying for a credit card online.