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Types of Credit Cards Explained

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Credit Card Bajaj Finserv

Credit cards have changed the way you spend. They allow you to make secure and convenient credit purchases and offer emergency loans and ATM withdrawals too. The best thing about credit cards is that you can earn credit card reward points and redeem these points for gift vouchers, air miles or use them to buy merchandise listed on your issuer’s rewards catalogue.

Though most cards today offer these features, certain lenders customise these offers based on various user profiles. These offers also differ based on the type of card you choose. Here’s a list of the most popular types of credit cards in India. Take note of the same to identify a card that best suits you and then proceeds with your credit card application.

Fuel credit card

A fuel credit card offers reward points and discounts every time you make a transaction. Additionally, you can also save from the cashbacks and fuel surcharge waivers every time you spend on refuelling your motor vehicle. What’s more, when you transact at specific petrol pumps across India, as approved by the issuer, you can earn accelerated reward points. Use the fuel card if you commute by your own motor vehicle regularly.

Travel credit card

Travel credit cards are designed to offer benefits on domestic and international travel transactions. These credit card issuers tie-up with travel and airline companies to offer benefits like air miles, free access to airport lounges, and more. With some cards, you can convert reward points into air miles and book airplane tickets and upgrade seats. What’s more, a travel credit card also offers travel insurance coverage and reward points on holiday and hotel bookings.

Business credit card

Business or corporate credit cards are designed specifically for businesses and professionals working for corporates. These are offered by employers of an organisation to their employees for business transactions only. Business cards become dysfunctional when you cease employment with your company. With these cards, you can earn reward points, cashbacks, and discounts on travel and hotel bookings. Some cards also offer other benefits like insurance coverage, free airport lounge access, waivers on the fuel surcharge, bill payments, and others.

Credit cards for women

These credit cards are specifically designed for women and offer a range of benefits. These include cashbacks, reward points on shopping, waived off fuel surcharge, insurance coverage, and travel benefits.

Cashback credit card

Cashback credit cards offer 5% to 20% cashback on a range of transactions such as movie tickets, utility bill payments, grocery purchases, restaurant bills, and more. Additionally, you can also enjoy reward points, fuel surcharge waivers, shopping privileges, and more.

Evaluate your needs and choose the best among the aforementioned credit cards while also considering the cost, which relates to joining fees, interest rates, etc. Consider availing a Bajaj Finserv RBL SuperCard to enjoy the power of 4 cards, a credit card, an EMI card, a loan card, and an ATM card.

 

Use this card to avail interest-free emergency loans for up to 90 days and interest-free ATM withdrawal for up to 50 days. With a basic set of eligibility criteria and minimal documentation, you can enjoy instant approval. Check your pre-approved offer to view your personalized deal and further expedite your financing.

Best Ways to Earn Cash-back on Credit Cards

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Credit Card Bajaj Finserv

Cashback rewards are an innovative way to make using credit cards even more lucrative. Credit card issuers aim to retain and attract new customers with the help of reward point programs. However, the Credit Bureau analysed in 2017 that rewards indeed lead to higher spending. But as a user, you can avert such a situation if you know how to use your credit card wisely.

Reward points can be redeemed as cashbacks, discounts, vouchers or can even be converted into cash. Cashbacks are the easiest way to utilise these points as they are directly credited to you. Converting to cash may require a much more stringent procedure and require at least 5 business days. Cash conversions are less beneficial as well in comparison to cashbacks which carry more value.

These tips will help you use reward points to the best without accumulating credit card dues.

Best ways to earn cashback on credit cards –

   1. Choose the appropriate card

The first step is to pick the right cashback rewards credit cards as per your lifestyle needs. Picking the most suitable credit card isn’t easy as these cards aren’t customised for your particular usage. Hence, it’s up to you to determine which credit card will provide you with the most rewards as per your spending habits.

   2. Use that card for your routine and recurring expenses

Most cardholders assume they need to spend more money somehow to earn cash-back rewards. This is a commonplace mistaken approach as it inflates the total outstanding and ultimately leads to a debt trap. Instead, make your daily purchases with your cashback rewards credit cards. This will boost the spending total without straining your finances.

Almost everything an average Indian buys like groceries, utilities, fuel – can be purchased by a credit card. Once you’ve managed to pick the right card for your spending habits, automate your bill payment using this card. Such payments are basic and part of your monthly budget. Enjoy reward points via such basic transactions. 

   3. Make larger purchases with your credit card

If you’re considering high-value purchases, use your reward card to make them. The goal is here is to use credit cards for these purchases instead of paying in cash. This way, you not only get reward points which can be redeemed later but also earn cashbacks. Hence, you’re not just efficiently economising your spending, but profitably as well. Additionally, there are extra benefits in using the cashback rewards credit cards as they include the superior fraud-protection feature and comes with extended warranty service.

Numerous financial institutes and NBFCs offer a plethora of credit cards with exciting offers. One such is a Bajaj Finserv RBL Bank SuperCard that comes with innovative and industry-first features. That includes –

  • Instant approval and get welcome rewards up to 20,000 on joining.
  • Exclusive privileges if you shop from Bajaj Finserv’s partner stores. You can avail attractive EMI options and get discounts on the purchase of accessories, apparels and even groceries.
  • Get cashbacks with every purchase, earn more reward points and save up to Rs. 55,000 or even more annually.
  • Complimentary airport lounge access, gift vouchers, etc.

Apart from these perks, you also enjoy robust security measures, unlike other cashback rewards credit cards available in the market. Here, you get to experience the ‘in-hand security’ feature, and ‘zero-fraud liability cover to mitigate cybercrime threats. Plus, you can control your card usage electronically via RBL MyCard app. Here’s how to apply for a Bajaj Finserv RBL Bank credit card online and enjoy the exclusive benefits. 

They also bring you pre-approved offers on credit cards that make the process of availing them hassle-free and save time as well. These pre-approved offers are available on secured credits like personal loans, business loans and secured advances such as home loans among numerous other financial products. You can check your pre-approved offer by sharing a few necessary details like your name and contact number.  

   4. Repay the outstanding debts with your card

Another unique way of accruing cash-back points is by servicing your debt with your reward card.  You could be having non-credit card debts like –

  • Student loans
  • Vehicle financing
  • Professional training courses 
  • Mortgages, etc.

All of these can be paid via your credit card. Instead of using your cash to pay off these dues, use your credit card instead. This way, you partially offset your debts with the cashbacks you earn.

Following these tips will help you master how to use reward points and cashbacks to your advantage. Keep these principles in mind to earn more cashbacks on credit cards with fewer risks than the vast majority.