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Confused 😕🤔, which Credit Card to select?
Let's dig & find -
the different TYPES OF CREDIT CARDS to choose from
----------------------------------------------
First thing to keep in mind 🧠 is PREPAID CARDS (like Slice, UNI, etc) aren't Credit Cards but Credit Lines (more on this another time) so don't fall for it as a CC option.
A CC is a CREDIT CARD and these aren't, SIMPLE.
------------------------------------------------
Basically there are 2 Types -:
1. Secured - Issued against F.D. -
best suited for someone looking to create their Credit History (like CIBIL/EXPERIAN Score)
2. Unsecured -
this is where all the confusion lies so let's unfold it
------------------------------------------------
ENTRY-LEVEL CC -
Best suited for people new to CC game or looking to build their Credit Score as the min Income requirements usually hovers around 25k-30k p.m.
Cards - SBI SimplyClick/SimplySave, ICICI Platinum, etc.
------------------------------------------------
CASHBACK CC -
The best type for an Average Person as it gives direct statement credit and you won't have to juggle bw diff redeeming options.
Cards - SBI CB, Amazon Pay ICICI, Flipkart AXIS, etc.
------------------------------------------------
CO-BRANDED CC -
Issued in partnership with a particular Brand and the maximum benefit can be derived using on that Merchant's platform.
Cards - (Amazon Pay) ICICI, (Flipkart)AXIS, HDFC(Tata Neu), BOB HPCL, etc.
------------------------------------------------
TRAVEL CC -
This doesn't need much of an explanation it's best suitable for frequent travellers.
Although not every card with 'Travel' in there name is a Travel Card (Amex Plat. Travel 😉)
Cards - AXIS Magnus/Miles&More, SBI IRCTC, etc.
------------------------------------------------
FUEL CC -
Would be best for someone who commutes on his personal vehicle a lot.
Cards - HDFC Indian Oil, SBI BPCL, etc.
------------------------------------------------
LTF CC -
Cards that have no Annual/Renewal Charges hence Life Time Free (LTF) Cards.
Even people with better cards should hold multiple LTF CC for occasional offers.
Cards - All IDFC Cards, Amazon Pay ICICI, HSBC Visa Platinum, OneCard, etc.
------------------------------------------------
Important -:
• These Cards can be segregated to many more types.
• Other than Cashback cards you get Reward Points on every card.
• Value of RPs differ from Card 2 Card and different Redemption Options.
'Be Wise and Choose Right.'
Let's dig & find -
the different TYPES OF CREDIT CARDS to choose from
----------------------------------------------
First thing to keep in mind 🧠 is PREPAID CARDS (like Slice, UNI, etc) aren't Credit Cards but Credit Lines (more on this another time) so don't fall for it as a CC option.
A CC is a CREDIT CARD and these aren't, SIMPLE.
------------------------------------------------
Basically there are 2 Types -:
1. Secured - Issued against F.D. -
best suited for someone looking to create their Credit History (like CIBIL/EXPERIAN Score)
2. Unsecured -
this is where all the confusion lies so let's unfold it
------------------------------------------------
ENTRY-LEVEL CC -
Best suited for people new to CC game or looking to build their Credit Score as the min Income requirements usually hovers around 25k-30k p.m.
Cards - SBI SimplyClick/SimplySave, ICICI Platinum, etc.
------------------------------------------------
CASHBACK CC -
The best type for an Average Person as it gives direct statement credit and you won't have to juggle bw diff redeeming options.
Cards - SBI CB, Amazon Pay ICICI, Flipkart AXIS, etc.
------------------------------------------------
CO-BRANDED CC -
Issued in partnership with a particular Brand and the maximum benefit can be derived using on that Merchant's platform.
Cards - (Amazon Pay) ICICI, (Flipkart)AXIS, HDFC(Tata Neu), BOB HPCL, etc.
------------------------------------------------
TRAVEL CC -
This doesn't need much of an explanation it's best suitable for frequent travellers.
Although not every card with 'Travel' in there name is a Travel Card (Amex Plat. Travel 😉)
Cards - AXIS Magnus/Miles&More, SBI IRCTC, etc.
------------------------------------------------
FUEL CC -
Would be best for someone who commutes on his personal vehicle a lot.
Cards - HDFC Indian Oil, SBI BPCL, etc.
------------------------------------------------
LTF CC -
Cards that have no Annual/Renewal Charges hence Life Time Free (LTF) Cards.
Even people with better cards should hold multiple LTF CC for occasional offers.
Cards - All IDFC Cards, Amazon Pay ICICI, HSBC Visa Platinum, OneCard, etc.
------------------------------------------------
Important -:
• These Cards can be segregated to many more types.
• Other than Cashback cards you get Reward Points on every card.
• Value of RPs differ from Card 2 Card and different Redemption Options.
'Be Wise and Choose Right.'
