When it comes to cashless transactions, credit cards are one of the most preferred alternatives. This is because a credit card allows you to take a pre-approved loan without deducting any amount from your account. That is what makes it more convenient for its user.
Credit cards nowadays are used to serve a variety of purposes. Different types of credit cards cater to the specific financial needs of people. They have different features and their own range of benefits which make them unique in a bunch. The various types of credit cards with their prime features are listed as follows:
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Silver Credit Cards:
These are considered to be the base level of the premium credit cards. This credit card has more advantageous features in comparison to the general, everyday credit cards. While it may not provide as many advantages as a gold or platinum card, the silver credit is useful in its own right.
A silver credit card is usually owned by people who wish to have premium rewards. Therefore, they are given to those users who have a decent credit history.
There is a negligible annual fee requirement if any at all. In addition, the interest-free period of this card ranges from 25 – 30 days.
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Gold Credit Cards:
One of the popular types of credit cards for individuals with high income is the gold credit card. They are the actual premium credit cards that offer exciting rewards on purchases and exclusive access to popular places like restaurants.
These cards allow 100% cash withdrawal due to their higher withdrawal limit in general. Although in this regard, these kinds of cards are available only against a nice credit score.
Gold cards give their users reward points and cashback offers as well. In addition, some of these cards are even insured in case of theft or loss.
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Titanium Credit Cards:
A titanium credit card allows you the revolving credit facility, which correctly implies that your credit gets upgraded when you pay off your debts. Applying for a credit cardlike a titanium credit card gives you almost similar facilities as a gold card user.
Just like the gold cards, the withdrawal limits for cash are quite high. In addition to this, the titanium cardholders are also qualified for the Titanium Rewards Point Program.
Other than getting cash backs, this card offers discounts in various shops where the card might be associated with said retailers. In addition, covers for accident cases and insurance coverage are provided to the members as well.
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Classic Credit Cards:
Such cards are considered entry-level and are offered in almost all banks and financial institutions. On these cards, the banks generally charge very nominal annual charges. Ideal for beginners, classic credit cards don’t offer very high withdrawal limits.
The advantage of these credit cards is that you can use them in any country to purchase goods and are accepted globally. In addition, by making timely payments, the users of classic credit cards can keep their credit scores high.
The classic credit cards also offer good travel insurance and advances of cash to its members.
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Credit Card for Rewards:
The rewards credit card is specifically designed for the use of shopping lovers. By applying for a credit card like the rewards credit card and using it, you can earn reward points for shopping and redeem them at the end of each month.
That being said, the interest on these reward credit cards is slightly higher than the other credit cards. In addition, these cards are associated with several retailer outlets and shopping malls as well.
These credit cards are issued only to those users who have a high credit score. Cash rewards that you can earn with the help of your purchases made with the aid of the card can also help you to pay back the credit.
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Lifestyle Credit Cards:
These types of credit cards can offer benefits in the lifestyle section to the user. Most of these credit cards are premium credit cards, enabling users to access a luxurious lifestyle and several other such privileges. They also offer higher rewards on travel bookings and shopping.
Different credit cards are presented with various features and are specifically suited for additional benefits. So, it’s imperative to know your needs correctly and find the perfect credit card for your essential purposes.
