These are the most common kind of credit cards. They do not require a security deposit to prove that the loan can be repaid .The way the Annual Percentage Rate(APR) is offered or calculated on a standard credit card may vary.
For instance:
BALANCE TRANSFER
CREDIT CARDS
Balance transfer credit cards allow consumer to transfer a high interest a credit card balance onto a credit card with a low interest rate
LOW INTEREST
CREDIT CARDS
Low interest crdit cards offers either a low introductory ARP that jumps to a higher rate after a certain period , or a single low fixed -rate ARP
A rewards card can be benficial for the right kind of user. You can earn free airline tickets,hotel stays, cash back,gift cardsand even novelity vacation,etc
Before choosing any reward card,however , one needs ot consider his Credit card spending tendencies. Ask yourself are you someone who regularly pays the full monthly balance, or do you carry a balance from month-to-month? The interest rate with a rewards card is quite higher when compared to typical Credit cards. If you occasionally carry a balance, it is advised to not go for a rewards card. High interest rates coupled with late fee penalties will mean you will end up losing heavy money while chasing petty rewards.
CASH BACK
Balance transfer credit cards allow consumer to transfer a high interest a credti card balance onto a credit card with a low interest rate
GENERAL REWARD POINT
CREDIT CARDS
In reward points Cards, cardholders can accumulate points towards a reward structure, which is based on usageof card over the period Eg.Cardholder is awarderd 1 reward point for each rupee he/she spends
There are certain Bonus spend rewards as well for certain annual spendin such as:
| Annual Spends | Bonus Reward Points |
|---|---|
| Rs. 2 Lakh | 10,000 |
| Rs. 3 Lakh | 10,000 |
| Rs. 4 Lakh | 10,000 |
| Rs. 5 Lakh | 20,000 |
This is a genre of credit cards specific to hotels and travel. Some cards are co-branded with hotels. These credit cards allow you to earn points for all purchases, in addition to bonus points for dollars spent on stays at the respective hotel chain. You can redeem your points for free nights and upgrade at the hotel chain your card is co-branded with. Then there are broader hotel and travel cards with which points can be redeemed for travel, theme park admission, stays at major hotel chains and more.
Secured credit cards require a security deposit for approval. These cards are useful in reestablishing the credit score. The cards have an annual fee and higher annual interest rates. Most often, these cards are used to reestablish credit. A person can use the card to make small purchases that they can easily repay.
These types of cards are for consumers with unique needs for their credit usage, such as business professionals and students. These credit card programs are designed specifically to meet the needs of those individuals.
These cards are available for business owners and executives and have many of the same features as traditional credit cards. Some of these bonuses include: Business expenses kept separate from personal expenses; special business rewards and savings; expense management reports; additional cards for employees; and higher credit limits. Example: SBI Platinum Corporate Card
