Every credit card comes with various benefits. However, they’re available in different types based on the different lifestyles of users. For instance, one who is always on the go would benefit more from a travels credit card. So, here are the top types of credit cards in India and their benefits.
Lifetime Free Credit Card
Credit cards often come with an annual maintenance fee for allowing you to use the card and enjoy its facilities. However, a lifetime free credit card never charges this fee and also levies no joining fee. This can help reduce your card dues.
Rewards Credit Card
This type of credit card comes with a grand reward program. For instance, you can enjoy the following benefits:
- 10X rewards on incremental spends more than ₹20,000 every month and spends made on your birthday
- 3X and 6X rewards on in-store and online spends, respectively if they’re up to ₹20,000 every month
- Unlimited rewards without any expiry
- Facility to use the rewards to instantly pay for in-store and online purchases
- Zero fees for redeeming rewards
Every time, you use your reward points to make card-based transactions, you’d be saving considerably.
Credit Card with Interest-free Cash Withdrawals
Most credit cards levy interest from the date of cash withdrawal. The monthly interest rate is often as high as 3.5%. Plus a cash withdrawal fee of ₹500 is commonly charged.
However, the best credit card in India allows you to withdraw cash from the ATM at 0% interest until the payment due date. Moreover, the transaction fee is half of what is usually charged. You can use this facility anywhere in the world.
Credit Card with Shopping and Entertainment Deals
This type of credit card offers the following benefits related to entertainment and shopping:
- A “Buy 1, Get 1” offer on movie tickets up to ₹500 on Paytm mobile application (available twice every month) or a discount of 25% on movie tickets up to ₹100 (available once every month)
- Over 50 in-app discount offers
- Up to 20% discount at over 1500 restaurants
- Up to 15% discount at over 3000 health and wellness outlets
- 2 complimentary golf rounds every month
With these benefits, you can save a lot on card-based shopping, entertainment and refreshment options.
Travels Credit Card
This type of credit card offers the following facilities to help you save on both domestic and international travels and enjoy other travel-related benefits:
- 4 complimentary international and domestic visits to airport lounge and spa every quarter
- Complimentary roadside assistance worth ₹1,399
- Fuel surcharge waiver of 1% at any fuel station in India, up to ₹ 400 per month
- Air accident cover of ₹1,00,00,000
- Personal accident cover of ₹10,00,000
- Cover for lost card liability of ₹50,000
- Comprehensive travel insurance cover of $1200
- Forex markup at 1.5% for all international transactions
Luckily, some lenders combine most of the above facilities in all their cards. When you think of how to increase your credit card limit, you can apply for more than one card. That way, you can also enjoy multiple benefits.