India's Popular Credit Card Types

 India's Popular Credit Card Types

Previously dominated by debit cards, India is now accelerating the percolation of credit cards as a result of the shift to formal credit and the rising interest in India among international financial institutions to invest.

Credit cards are primarily used to make domestic and international purchases of goods and services, but they can also be used to withdraw cash from an ATM and transfer money between banks. According to data from the Reserve Bank of India, 62 million credit cards were issued in March 2021, representing a 20% compound annual growth rate (CAGR).

Credit Cards with Reward Points

    Check details for rewards on: Hdfc Credit card

These credit cards offer reward points when a certain amount is spent on them all at once. Depending on how the reward points are used, these credit cards come in three different varieties. For instance, the majority of businesses offer two or four reward points for every INR 100 spent. In India, this sum typically hovers around a hundred.

When reward points can be redeemed for cash, the value of those points varies from card to card and typically ranges from INR 1 to INR 0.25.

where users can collect reward points and buy the listed items from the provider's or partner companies' websites.

Credit Cards For Travel

    Check details: Hdfc Credit Card

To help those who want to take vacations or travel frequently, some banks have partnered with travel agencies to launch cards. These cards offer users reward points when they buy tickets or reserve travel packages, and the reward points they accumulate can be redeemed for additional travel accommodations or airline tickets.

Premium Credit Cards

    Check details Premium Credit Card: Hdfc Credit Card

Premium credit cards are pricey credit cards that prioritise user comfort. They offer benefits like access to golf courses, unlimited use of airport lounges, dining discounts, access to medical facilities, and special rates on booking flights, among others. These credit cards can cost up to ten times as much as regular credit cards.

In terms of comfort and luxuries, they can really change the game. Although there is some focus on reward points, the main area of focus is on luxuries. Even so, there is some focus on reward points.

Co-Branded Credit Cards

To make it easier to shop from a specific shopping website, many Indian banks have launched credit cards in collaboration with well-known online retailers. Customers can receive good discounts when making purchases from these websites, and in turn, these websites are able to cultivate a following of devoted clients.

For instance, banks and oil companies have partnered to launch credit cards that offer points or cashback for buying fuel from these businesses.

Life Time Free Credit Cards

      HSBC Lifetime free credit card 

Users of lifetime free credit cards are not required to pay an annual fee and are typically not assessed a joining fee. On every purchase made using one of these credit cards, one receives cash back or reward points. Companies occasionally provide lifetime free credit cards to customers as a self-promotional tool.

Cashback Credit Cards

    Hdfc Cashback Credit Card

A cash back credit card gives you cash in exchange for a portion of the money you spent using the card. This method of doing business is incredibly simple. Credit cards with cash back come in two varieties:

It is uncommon to find credit cards that offer the same cash back on every purchase. cards that offer various cashbacks on various product categories.

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