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Banks can offer multiple credit cards, but that does not mean they all benefit you, as these cards come with different features, limitations, and benefits. Moreover, the eligibility criterion is different for various cards. Hence, it is necessary for everyone to carefully choose their credit cards so that they can maximise their usage. This article will detail the various types of credit card and how to choose the appropriate one. Scroll down to know more.
What Are The Different Types Of Credit Cards
All the major reputed banks like and others offer numerous credit cards. This variety helps to cater to the different needs of the people. There are various cards, such as business, cash back, travel credit cards, etc. For instance IDFC FIRST Bank offers four popular options of credit cards like travel, student, business and rewards credit cards. Let us dig deeper into the four most popular options and their benefits.
● Travel Credit Card
These products offer rewards points for using their card for airline ticket booking, hotel reservations, etc. Hence, if you are a frequent traveller, this is your best option. Some of these banks have collaborated with certain hotel or restaurant chains. Hence, if you avail yourself of the services for those particular products, you will get various discounts. Also, they offer airport lounge access.
● Student Credit Card
As the name suggests, they are mainly curated to suit the needs of the students. This product is the most basic one and does not require any credit history. Rather, users can use this opportunity to build a good credit score for future use, like easy approval of loans and obtaining lower interest rates. Moreover, several credit card offers zero forex markup features that are beneficial for students studying abroad. It is also enabled with online transactions to help students in emergencies.
● Business Credit Card
If you own a business or part of one, then this option allows you to align all your business transactions. Travel, rewards, cash back, and credit cards can be brought under this section. They help keep business and personal transactions separate from each other. Moreover, by using them, you can build a business credit score. They offer concessions for business trips and similar other benefits. Additionally, it simplifies the process of creating the business expense report.
● Rewards Credit Card
You can earn points or cashback by using these cards. You can also receive coupons on various brands. The credit card benefits here are easy to avail since they offer these advantages even in daily transactions.
How To Choose The Right Card For You
Choosing the right product from so many lucrative options can become challenging, and you may select the wrong one. Hence, you can follow these guidelines to simplify the process.
- Check the benefits like shopping, travelling, bill payments, medical expenses, daily expenditures, etc. and select which suits you best.
- Secondly, carefully check for any annual charges or other hidden charges. If you opt for a lifetime free credit card, there should be no charges.
- Lastly, check the interest rate, credit limit, eligibility criteria, security features, online banking options, etc and various other features.
In Conclusion
Credit cards are very necessary in this era. They not only help you deal with emergencies but also offer various benefits. However, choosing can seem complicated, and abiding by these tips helps.
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