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Credit Cards A Credit Card is one of the most useful and powerful, yet dangerous, payment system. Credit
Cards, or plastic money as they are called these days, are fast becoming an integral part of money
management and banks are vooing customers with irresistable offers like reward points, previlege
memberships etc on credit card usage. If used wisely, Credit Cards can be a good financial
assistance, however, they end up bringing financial ruin if not used properly.

Types of Credit Cards

Credit cards have come to the rescue of people with hot pockets. They, nowadays, put their trust in
the innovation of credit cards where they need not carry large sums of money with them; instead
simply carry a credit card which is linked up with their bank account enabling them to make
payments without batting an eye.
It is a trend, now, to make payments at a hotel, restaurant or a departmental store/ mall using a
credit card. Because of the fear of one's bank account details being swiped and stolen, more and
more credit cards are made secure so that even if a credit card is stolen, the money in one's bank
account stays safe
Credit cards now are of various types with different fees, interest rates and rewarding programs.
When applying for a credit card, it is important to learn of their diverse types to know the one best
suited to their lifestyle and financial status. Different types of credit cards available by banks and
other companies/organizations are briefly described below.
Standard Credit Card: This is the most commonly used. One is allowed to use money up to a
certain limit. The account holder has to top up the amount once the level of the balance goes down.
An outstanding balance gets a penalty charge.
Premium Credit Card: This has a much higher bank account and fees. Incentives are offered in this
over and above that in a standard card. Credit card holders are offered travel incentives, reward
points, cask back and other rewards on the use of this card. This is also called the Reward Credit
Card. Some examples are: airlines frequent flier credit card, cash back credit card, automobile

manufacturers' rewards credit card. Platinum and Gold, MasterCard and Visa card fall into this
category.
Secured Credit Card: People without credit history or with tarnished credit can avail this card. A
security deposit is required amounting to the same as the credit limit. Revolving balance is required
according to the 'buying and selling' done.
Limited Purpose Credit Card: There is limitation to its use and is to be used only for particular
applications. This is used for establishing small credits such as gas credits and credit at
departmental stores. Minimal charges are levied.
Charge Credit Card: This requires the card holder to make full payment of the balance every month
and therefore there is no limit to credit. Because of the spending flexibility, the card holder is
expected to have a higher income level and high credit score. Penalty is incurred if full payment of
the balance is not done in time.
Specialty Credit Card: is used for business purposes enabling businessmen to keep their
businesses transactions separately in a convenient way. Charge cards and standard cards are
available for this. Also, students enrolled in an accredited 4-year college/university course can avail
this benefit.
Prepaid Credit Card: Here, money is loaded by the card holder on to the card. It is like a debit card
except that it is not tied up with a bank account.

Credit Card Issuing Banks in India

If you are planning to get a credit, the first thing you should know is which are the credit card issuing
banks in India. There are several banks which provide credit cards in India. Given below is a list of
Credit Card service providing banks along with the various types of Credit Cards they offer.
Indian Banks offering Credit Card facility to its customers are:

Axis Bank

Bank of Baroda

Canara Bank

Corporation Bank

HDFC

ICICI Bank

Indian Overseas Bank

Kotak Mahindra.

Punjab National Bank

SBI

Syndicate Bank

Union Bank of India

Vijaya Bank

Major Foreign Banks which offer Credit Card service in India are:

ABN Amro

American Express

ANZ

Barclays Bank

Citibank

Diners Club

HSBC

Standard Chartered

You should decide upon which credit card to go for only after doing a thorough research on different
credit cards, services offered by various banks to their credit card holders, interest rates etc...
Choose the credit card which best suits your need, has low interest rates and excellent reward
schemes. Make sure you are well aware of any hidden charge.