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Types of Credit Cards in India (2024)

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Types of credit card
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A credit card is a plastic card issued by a financial institution, such as a bank or credit union, allowing the cardholder to borrow funds up to a predetermined credit limit. One can use credit cards to make purchases, pay bills, or withdraw cash, with the understanding that they will repay the borrowed amount. The amount thus used has to be paid back either in full by the due date or through minimum monthly payments, subject to interest charges if the balance is not paid in full.

Credit Card Types: 15 Classifications of Credit Cards

If you are looking to get a credit card for yourself then there are several options you can explore. These credit cards are offered by Indian banks in collaboration with premium payment networks like Mastercard, Visa, American Express, etc. Customers can choose credit cards and avail of benefits making them an ideal match to meet their financial needs.

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Cashback Credit Cards

As the name suggests, a cashback credit card offers up to 5 to 20% of the total value of the spending done by the individual. This cashback is usually earned on dining bills, movie tickets, bill payments, retail purchases, and grocery bills. It also offers other attractive features like annual fee reversals, dining and shopping privileges, fuel surcharge waivers, and balance transfers.

1. Fuel Credit Cards

Fuel credit cards are a convenient way to save money on fuel purchases.  They offer benefits such as cashback and fuel surcharge waivers, helping customers reduce their expenses. Some banks even provide accelerated reward points when filling up at specific petrol pumps in India, which can be redeemed for fuel values. Auto credit cards are ideal for daily commuters who travel by metro or train. They have low annual and joining fees and can serve as both a travel and regular credit card.

These cards often feature welcome bonuses, auto top-ups, rewards points on transactions, and additional perks such as renewal deals, add-on card options, and surcharge waivers for cardholders. The following are major fuel credit cards offered in India are mentioned below.

  • BPCL SBI Credit Card
  • IndianOil Axis Bank Credit Card
  • HDFC Bharat CashBack Credit Card
  • IndianOil HDFC Bank Credit Card
  • ICICI HPCL Super Saver Credit Card
  • HPCL IDFC FIRST Power+ Credit Card
  • BPCL SBI Card Octane

2. Co-branded Credit Cards

Banks issue co-branded credit cards as a partnership between retail companies and financial organizations, providing benefits from both entities through one card. These cards come with various perks such as cash back, price reductions, and exclusive deals from retail allies, along with advantages related to sports from various leagues. Additionally, cardholders can enjoy priority in booking tickets with airline and railway collaborators, and gain access to unique travel packages and lodging advantages from leading travel platforms and top-tier hotel brands.

  • Yatra SBI Credit Card
  • IRCTC SBI Platinum Credit Card
  • Bank of India TAJ Premium Credit Card

3. Secured and Student Credit Cards

Secured credit cards are designed for individuals looking to build or rebuild their credit history. Unlike traditional credit cards, a secured card requires a cash deposit that serves as collateral and usually determines your credit limit.

Student credit cards, on the other hand, are tailored for college students who are new to credit. These cards often come with lower credit limits but do not require a security deposit. They can offer rewards, such as cash back on purchases, which can be appealing to students looking to maximize their spending.

Also, check: Apply for Personal Loan in India

4. Rewards Credit Cards

Rewards credit cards provide a wide array of benefits and rewards for each transaction made. Users accumulate reward points for purchases made in-store and online. These cards come with special perks including welcome bonuses, birthday presents, bonuses upon renewal, and more. Additionally, cardholders have the opportunity to gather points by spending a designated amount within a set timeframe. The accumulated points can then be exchanged for items or services listed in the reward catalogue, encompassing options like cashback, air miles, and travel deals.

  • Standard Chartered Platinum Rewards Credit Card
  • FinBooster: YES Bank-BankBazaar Co-branded Credit Card

5. Lifestyle Credit Cards

Lifestyle credit cards are crafted to suit evolving lifestyles and applicants’ incomes. These cards typically offer perks like golf privileges, exclusive shopping benefits, dining advantages, and travel perks. This card also offers first-year annual fee waivers, discounts on insurance, and cashback on tickets. Users can easily use these accumulated bonus and reward points.

  • Axis Bank Signature Credit Card

6. Travel Credit Cards

Travel credit cards are a popular choice among those who frequently travel, as  they come packed with numerous benefits and perks both domestically and internationally. These cards are usually offered in partnership with airlines or travel companies and allow users to earn air miles for every travel-related transaction they make. One of the most common benefits of these credit cards is access to airport lounges, which can greatly enhance the overall travel experience.

Earned reward points can be converted into air miles for booking flights or upgrading seats. Additionally, travel cards extend benefits beyond flights, offering hotel and holiday deals, golf privileges, dining perks, and travel insurance. The following are the popular credit cards offered by banks.

  • IndusInd Bank WorldMiles Credit Card
  • Axis Bank Miles & More Credit Card
  • HDFC All Miles Credit Card
  • Air India SBI Signature Credit Card
  • JetPrivilege IndusInd Bank Odyssey Credit Card
  • JetPrivilege IndusInd Bank Voyage Amex Credit Card
  • JetPrivilege IndusInd Bank Voyage Visa Credit Card
  • Air India SBI Platinum Credit Card
  • Standard Chartered Emirates Platinum Credit Card

7. Premium and Signature Credit Cards

Premium/Signature Credit Cards are offered by banks offering exclusive lifestyle benefits. These cards offer perks like flexible spending limits, exclusive airport lounge access, concierge services, complimentary insurance, rewards programs, global assistance, chartered yacht and flight services, surcharge waivers, and vouchers for retail, travel, and hotel accommodations. Cardholders can redeem the earned rewards along with an annual fee waiver to enjoy the perks.

  • Axis Bank Pride Signature Credit Card
  • Axis Bank Signature Credit Card with Lifestyle Benefits
  • Kotak Royale Signature Card
  • Kotak Privy League Signature Card
  • Kotak NRI Royale Signature Card
  • IndusInd Bank Signature Credit Card
  • IndusInd Bank Indulge Credit Card
  • SBI Advantage Signature Credit Card
  • IDBI Royale Signature Credit Card
  • BOB Signature Visa Credit Card
  • HDFC Visa Signature Credit Card
  • IndusInd Bank Pinnacle Credit Card
  • IndusInd Bank Iconia Credit Card

8. Classic range of Credit Cards

Classic credit cards offer a range of features, including global acceptance, revolving credit, cash advances, interest-free credit periods, rewards programs, supplementary cards, insurance coverage, and a dedicated 24/7 customer care helpdesk. Typically, these cards do not impose annual or joining fees and come with low finance charges, making them a cost-effective choice for cardholders.

  • PNB Global Classic Credit Card
  • RBL Bank Classic Shopper Card
  • IndusInd Bank Classic Credit Card
  • Indian Bank Global Classic Credit Card
  • IOB Classic Credit Card
  • Union Bank VISA International Classic Credit Card
  • Syndicate Bank Global Classic Credit Card
  • Canara Bank Classic Visa Credit Card

9. Gold range of Credit Cards

Individuals with a higher income and CIBIL score in India have the option to obtain a gold credit card from various banks. These gold credit cards come with several notable features, including a high cash withdrawal limit and a substantial credit limit, catering to the financial needs of the cardholder.

Additionally, they often offer an add-on card facility, allowing family members such as spouses, parents, or children to share the benefits. The gold credit card package typically includes perks like travel insurance, cashback offers, a rewards program, and more, enhancing the overall value for cardholders.

10. Business/Corporate Credit Cards

Business credit cards are tailored for companies, enabling employers to distribute cards to their staff for seamless financial transactions. These cards are strictly for use on business expenditures throughout an employee’s time at the company, prohibiting personal use.

Corporate cards come with a range of benefits, including discounts on travel and accommodations, savings programs for businesses, tools for expense control, insurance coverage, waivers on fuel surcharges, access to airport lounges, rewards schemes, options for cash advances, provision for additional cardholders, and facilities for bill settlements.

Expenditures incurred on these cards can be broken down into manageable monthly instalments  simplifying the payment process.

  • Kotak Corporate Gold Credit Card
  • Indian Bank VISA Business Credit Card
  • HDFC Business Platinum Credit Card
  • Axis Bank MY Business Credit Card
  • IndusInd Bank Business Gold Credit Card
  • Canara Corporate Credit Card
  • BOB Corporate Premium Credit Card
  • HDFC Corporate Platinum Credit Card
  • HDFC Corporate World MasterCard Credit Card
  • HDFC Corporate Visa Signature Credit Card
  • HDFC Business Gold Credit Card
  • HDFC Corporate Credit Card
  • Kotak Corporate Platinum Credit Card
  • SBI Platinum Corporate Credit Card
  • SBI Signature Corporate Credit Card
  • SBI Corporate Utility Credit Card
  • Kotak Corporate Wealth Signature Credit Card

11. Entertainment Credit Cards

Entertainment credit cards are popular for the discounts, cashback, and free  offers they provide on movie ticket bookings. These cards can be obtained from banks and offer attractive benefits such as lifestyle, golf, dining, shopping, and travel privileges. Additionally, users can earn reward points on these credit cards which can be redeemed to buy movie tickets, make travel bookings, and purchase gift cards.

12. Silver range of Credit Cards

Silver credit cards are exclusively curated by users who have a nominal income with an experience of 4 to 5 years. This credit card is announced for salaried class employees if they have a good CIBIL score. Some of the major features of this card are a low membership fee and there is no interest charged for the initial 6 to 9 months, on balance transfers.

Also, read: How to Check Credit Card Balance
Also, check: Personal Loan Balance Transfer

13. Contactless Credit Cards

Contactless credit cards are known for their UPT (Unique Payment Technology) which helps users to pay by simply tapping their cards at POS terminals. Unlike other cards, users are not supposed to enter any PIN to make purchases and is considered a secure option. Cash rewards, entertainment benefits, reward points, welcome gifts, lounge access, concierge service, and insurance policies are some exclusive rewards offered by these credit cards.

  • Kotak Royale Signature Credit Card
  • SBI Signature Contactless Credit Card
  • AU Bank Vetta Credit Card

14. Platinum range of Credit Cards

The Platinum card is a popular credit card type known for its extensive benefits and privileges. Offering perks in lifestyle, dining, shopping, and entertainment, it has become a   among many. While the annual, joining, and renewal fees for Platinum cards are somewhat higher compared to other credit card types, they come with a remarkable welcome package.

This includes gift vouchers, annual spend rewards, accelerated rewards points, cashback offers, Priority Pass membership for premium airport lounge access, renewal gift vouchers, global lifestyle and golfing privileges, easy cash withdrawals, fuel surcharge waivers, and add-on cards for family members.

  • RBL Platinum Maxima Card
  • RBL Platinum Delight Card
  • HDFC Platinum Times Credit Card
  • HDFC Teacher’s Platinum Credit Card
  • HDFC Platinum Edge Credit Card
  • HDFC Platinum Plus Credit Card
  • Kotak Essentia Platinum Credit Card
  • Kotak Delight Platinum Card
  • Oriental Bank of Commerce SBI Platinum Credit Card
  • Karur Vysya Bank SBI Platinum Credit Card
  • Federal Bank SBI Platinum Credit Card
  • Standard Chartered Platinum Elite Credit Card
  • HSBC Bank Platinum credit card
  • IDBI Aspire Platinum Credit Card
  • IDBI Imperium Platinum Credit Card
  • IndusInd Bank Platinum Select Credit Card
  • IndusInd Bank Platinum Aura Credit Card
  • SBI Advantage Platinum Credit Card
  • SBI BMB Platinum Credit Card
  • Bank of Maharashtra SBI Platinum Credit Card
  • Tata Platinum Card
  • Tata Croma Platinum Card
  • BOB Platinum Visa Credit Card
  • BOB Platinum Master Credit Card
  • BOB Platinum Assure Credit Card
  • Axis Bank Platinum Credit Card
  • Axis Bank Pride Platinum Credit Card
  • SBI Platinum Card
  • IndusInd Bank Platinum Credit Card
  • Standard Chartered Landmark Rewards Platinum Credit Card
  • Standard Chartered Platinum Rewards Credit Card
  • Standard Chartered Manhattan Platinum Credit Card
  • Kotak League Platinum Card
  • Kotak Corporate Platinum Card

15. Titanium range of Credit Cards

Titanium credit cards are a premium option offering a plethora of privileges and benefits to cardholders. A distinctive feature is the Titanium Rewards program, offering the accumulation of rewards points, redemption options for gifts and air miles, and enticing cashback offers.

Additional privileges offered by the credit card are surcharge waivers, revolving credit, interest-free credit periods, annual fee reversals, insurance coverage, and welcome gifts in the form of vouchers from leading retail brands. These cards also provide an add-on card facility, wellness and beauty offers, and a range of lifestyles and dining benefits.

  • RBL Titanium Delight Card
  • HDFC Titanium Times Credit Card
  • HDFC Titanium Edge Credit Card
  • LIC Titanium Credit Card
  • Axis Bank Titanium Smart Traveler Credit Card
  • Standard Chartered Super Value Titanium Credit Card
  • Tata Titanium Card
  • Tata Croma Titanium Card
  • BOB Titanium Master Credit Card
  • Central Bank of India Titanium Credit Card

Conclusion: Choosing the Right Credit Card for You

Deciding on the most suitable credit card is a decision that carries significant weight and varies based on a person’s earnings, financial objectives, and personal preferences. It’s essential to carefully evaluate the array of features, advantages, and costs linked to different types of credit cards to ensure a choice that aligns with one’s financial planning.

Many credit cards are designed with specific benefits in mind, such as travel enhancements, cashback incentives, or competitive interest rates. These features not only align with individual lifestyles but also help in optimizing financial gains.

By taking these factors into consideration, individuals can make a well-informed decision that best suits their economic and personal lifestyle needs.

Frequently Asked Questions

What is the difference between a secured and unsecured credit card?

Secured cards require a security deposit as collateral, while unsecured cards are granted based on creditworthiness without requiring collateral.

How do reward points work on credit cards?

Credit card reward points are earned by making purchases, with each transaction accumulating points that can later be redeemed for various benefits such as cashback, travel, or shopping.

Can I have multiple types of credit cards at the same time?

Yes, it’s possible to have multiple types of credit cards, allowing individuals to benefit from diverse features, rewards, and perks tailored to their preferences and spending habits.

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