What are the different types of credit cards available in the market?

A credit card is one that enables its users to borrow money and make purchases from a bank, as long as the money is paid back within a set amount of time. If the money borrowed is not credited back, interest will be levied, on top of the borrowed money, as a fine. These small plastic cards make life very simple as they allow you to purchase goods and services on credit and to get the card, one can even apply for credit card online. Most banks provide credit cards to their customers and offer reward points and benefits on every spend. For every person, there will be a credit card that is an ideal match.

The different types of credit cards available for customers are:

-    Classic credit cards
These credit cards come with basic features like a cash advance, interest-free credit period, rewards programme, additional cards, insurance and dedicated customer support. These cards are offered at low finance charges and do not carry any joining fee. One can apply for credit card online as it is simpler and easier to get.

-    Gold credit cards
These cards are mainly for individuals who have a higher level of income and a good credit score. One can apply for credit card online and avail the benefits it offers, such as higher cash withdrawal, higher credit limit, travel insurance, cashback offers and rewards programmes

-    Titanium credit cards
One of the premium types of credit cards available in the market, this card comes with a lot of benefits and privileges. One of the significant features of this card is the rewards programme with which the user can redeem the points for gifts, air miles and even avail cashback offers. With this card, there is also an interest-free credit period, annual fee reversal, insurance, welcome gifts, add-on facilities, beauty, travel and wellness offer and more

-    Rewards credit cards
With this type of credit card, these card holders get multiple rewards for every transaction irrespective of whether it is in retail stores or online. Reward points gained can be redeemed for products or services, air miles, travel offers, and even payments of purchases in instalments.

-    Corporate credit cards
With these credit cards that are offered to business establishments, personal transactions are only valid during the employment period with the company and not for personal use. These cards also offer more privileges since they are linked to corporates. There are offers on hotel accommodations, travel deals, business saving plans, expense management, fuel surcharge, airport lounge access and more, that can be availed through the corporate credit cards.