Credit cards are one of the popular examples of cashless payment options. Introduced in India in the early 2000s, credit cards have become one of India’s foremost modes of payment. Their advantage is that transactions are not dependent on the balance in your bank account, as with debit cards.
You can use your credit limit to pay bills or buy products and later return the money to the credit card provider.
However, every credit card provider offers the same credit limit. How do you choose the best among them? Rewards. The best credit cards are the ones that provide rewards to their users. These rewards might come in different forms, such as cashback offers and reward points. But it is vital to note that before signing up for a credit card, you must select the one that suits your requirements.
What are the different variants of credit cards available in India?
Different types of credit cards are available in India. You need to select the one that suits your requirements the most. Listed below are some of them:
1. Cashback credit cards
Cashback credit cards return a part of the expenditure in the form of cash. Using them can help you save more on your expenses. They can be categorized into two:
- Cards that are known for providing the same cash back for using them for any purchase.
- Cards that are known for offering unique cashback for using them for purchasing different products.
2. Silver credit cards
Silver credit cards are entry-level premium credit cards. These cards are well-suited for salaried employees who want to enjoy premium rewards. A salient feature of these cards is that they either have no or low annual fees. You could apply for these cards if you have a decent credit history.
3. Titanium credit cards
With the help of a titanium credit card, you can opt for the facility of revolving credit facility, meaning your credit is upgraded as you continue to pay off your debts. Furthermore, titanium cardholders can also enjoy the titanium rewards point programme.
Those who sign up for a membership of this programme can enjoy things like accident covers and insurance coverage. One of the biggest advantages of titanium cards is that they are associated with merchants and retailers, because of which you can enjoy discounts at these shops.
4. Lifetime free credit cards
You are not required to pay an annual fee for a free lifetime credit card. For using these cards, you either get cashback or reward points. Your bank might offer these cards to promote themselves.
One example of a free lifetime credit card is IDFC FIRST Bank’s FIRST Millennia credit card. The Millennia credit card has benefits such as low-interest rates and complimentary visits to the railway lounge. The FIRST Millennia credit card is an excellent option if you do not want to pay yearly maintenance charges but want to take advantage of rewards and cashback.
You can also apply for IDFC FIRST Bank’s FIRST Classic, FIRST Select, and FIRST Wealth credit cards, as they do not charge annual fees. You can enjoy several exclusive benefits with each type of IDFC FIRST Bank credit card.