The different credit card types are as follows:

• Co-branded credit cards:

1. 1. This type of credit card is sponsored by two parties.
   2. A person having this type of credit card can get merchandise discounts or reward points when they buy from sponsoring merchants.

• Corporate credit cards

1. 1. This credit card is given by companies to the employees for the approval of business related expenses.

• Shopping credit cards

1. 1. As the name suggests this type of credit card is used for shopping purposes.

• Life style credit cards

1. 1. This type of credit card is used for travel, dining and entertainment purposes.

• Business credit cards

1. 1. This credit card is used for all types of business transactions.

• Entertainment credit cards

1. 1. This credit card gives you exclusive rewards on shows, concerts, music, movies and video games.

• Airline credit card

1. 1. These credit cards offer many advantages like free checking of bags and credit card lounges access.
   2. It helps you to rack up points or miles

• Fuel credit card

1. 1. This card is used for the payment gasoline, diesel and other fuel at gas stations.

• Dining credit card

1. 1. This type of credit card is used for the payment of food items.

• They are a form of loan.
• The bank or financial institution who issues this credit card extends the line of credit of the customer.
• In return for this the customer or the card holder pays the issuer in the form of monthly installments.
• They pay along with an interest and a fee.
• The debts for credit cards are unsecured and the card holder is not required to submit any collateral for this type of credit card.
• The credit card is issued by checking the credit worthiness of the person.

The credit card features are as follows:

• In case of any type of medical emergency or any other urgency credit cards provide immediate money by crediting the amount.
• The credit card helps you to maintain a good credit score if you make your transactions with the help of the credit card.
• A credit card allows you to maintain a track record of your transactions.
• It is a great alternative to carrying cash as carrying a bundle of cash can be problematic.
• A credit card helps people to make some big purchases as they do not have to pay immediately for the products and services they buy.
• The chip and pin system of the credit card allows for a much secured form of payment with the credit card.

The different credit card benefits are as follows:

• You can get insurance and cover accidents with the help of the credit cards.
• You can also get a fuel surcharge waiver with the help of credit cards.
• You can also avail the airport lounge access with the help of credit cards.
• You also get reward points for the transactions that you make using your credit card.
• You can also get gift vouchers, reward points or discounts with the help of a credit card.
• You can also withdraw cash from you’re an ATM using your credit card. This is a beneficial option at the time of emergencies.

The credit card interest rates and charges are as follows:

• ICICI Credit Card:

1. 1. Grace Period: 18 to 48 days
   2. Interest rates: 49% to 3.50%
   3. Annual Fees: 199 to 7,000

• Kotak Credit Cards:

1. 1. Grace Period: Up to 48 days
   2. Interest rates: 49% to 3.50% per month
   3. Annual Fees: Rs 0 to Rs 5,000

• HSBC cards:

1. 1. Grace Period: Up to 52 days
   2. Interest rates: 99% to 3.30% per month
   3. Annual Fees: Rs 0 to Rs 500

• Axis Bank Cards:

1. 1. Grace Period: 20 to 50 days
   2. Interest rates: 50% to 3.25% per month
   3. Annual Fees: Rs 0 to Rs 30,000

• Amex Cards:

1. 1. Grace Period: up to 48 days
   2. Interest rates: 99% to 3.50%
   3. Annual Fees: Rs 750 to Rs 10,000

• Citibank Credit Card:

1. 1. Grace Period: up to 50 days
   2. Interest rates: 10% to 3.50% per month
   3. Annual Fees: Rs 500 to 20,000

• HDFC Cards:

1. 1. Grace Period: up to 50 days
   2. Interest rates: 99% to 3.49% per month
   3. Annual Fees: Rs 299 to Rs 10,000

• Indusind cards:

1. 1. Grace Period: up to 50 days
   2. Interest rates: 83% per month
   3. Annual Fees: Rs 0 to Rs 4,000

You need to keep the following points in your mind while selecting the right credit card for yourself:

• Interest rates:

1. It is essential to check the interest rates of various credit cards before applying for one.
2. If you have lower interest rates then you will lose less money if the payments are delayed.

• Reward Schemes:

1. Different credit cards have different rewards associated with them.
2. Therefore it is important to choose a credit card according to your needs and spending pattern.

• Cashback:

1. Cash back is one of the best options to choose a credit card as all cards do not provide a cashback.
2. Under this scheme you have to pay a lesser amount or you will get a discount.

• Card fees and discharges:

1. It is an important step to check all the applicable fees like reward point fees, annual fees and not just the interest rate before choosing the credit card.

• Payments:

It is very important to look at the minimum repayment value offered by the institution that provides the credit card.

• Your age should be at least 18 years
• You need to have a source of income to pay back the credit bills on a monthly basis
• You should be a salaried or self-employed person.
• Your credit history should be good.

• Income proof for salaried individuals:

1. Latest salary slips of three months
2. Salary account bank statement for six months

• Income proof for self-employed, businessmen/professionals:

1. The latest IT Returns with the computed income
2. Certified financial documents along with business continuity proof

• Address proof:

The address proof can be any of the following things:

1. Bank statement
2. Ration card
3. Driving License
4. Passport
5. Rent agreement
6. Voter ID card

• Age proof:

The age proof can be any one of the following:

1. Secondary school certificate
2. Voter ID card
3. Passport
4. Aadhaar Card
5. Birth certificate
6. Secondary school certificate

• When a credit card is issued by a bank, a credit line is created for the customer and this line of credit is used by the card user to make purchases.
• It can also be used to get cash advances by using their credit cards as ATM cards.
• The cardholder gets a bill at the end of the month that should be paid before the due date in order to avoid paying any interest.
• While purchasing the card holder has to swipe the magnetic tape of the credit card.
• The card holder has to sign the receipt of the merchant copy.
• Apart from physical presentation, a credit card can also be used for purchasing things online.

The various Interest Rates on credit cards are as follows:

• RBL Platinum Delight Credit Card: 42.00% per annum
• Standard Chartered Manhattan Platinum Card: 41.88% per annum
• Regalic HDFC: 41.88% per annum
• The American Express Membership Rewards Credit Card: 42% per annum
• YES Prosperity Rewards Plus: 38.64% per annum

• Credit Card grace period: A certain amount of grace period is offered to the credit card holders after which the interest will be charged.
• Interest rate: The interest rate is charged if the credit card holder is unable to pay the bill before the due date.
• Credit Card bill payment: When you get a credit card, a billing date is mentioned in the document provided with the card.

You will have to pay the bill on that day otherwise your credit score will be affected

The Reward Points of various credit cards are as follows:

• ICICI Bank Coral Contactless Card:

1. 2 PAYBACK points per Rs. 100 spent on your card.

• SBI Card Elite:

1. 2 Reward Points per Rs. 100

• YES Prosperity Reward Plus:

1. 2 Reward points per Rs. 100
2. 3 Reward points per Rs. 100 on dining
3. 4 Reward points per Rs. 100 on international spends

• The American Express Membership Rewards Credit Card:

1. 1 Membership Reward Point for every Rs. 50 spent across all categories except for spends on Insurance, Fuels and Utilities.

• Regalia HDFC:

1. 4 Reward points per Rs. 150
2. 9 CV points on every INR 100 spent on all Vistara flights

• RBL platinum delight credit card:

1. 2 reward points per Rs. 100

4 reward points per Rs. 100

The benefits of add-on credit card benefits are as follows:

• Monitor usage
• Independence
• ATM facilities
• Reward points
• Easy tracking

• Comparison of credit cards
• Simple process of application
• Customer support

• Do credit cards offer protection against frauds?

Credit cards are secured with chips and pins and therefore the chances of fraud are reduced.

• How can I pay my Credit Card bill?

The credit card bills can be paid by net banking, NEFT, cheque, mobile banking, etc.

• What is meant by credit card limit?

Credit limit is the total amount sanctioned by the bank in your account.

• Do all credit cards feature an annual fee and joining fee?

No, not all credit cards have a joining and annual fees.

• Can I get cash from an ATM using my credit card?

Yes this facility can be availed with a credit card.

• What are the eligibility criteria for credit cards?

The basic eligibility criteria include age, credit score and income.

• What is a secured credit card?

A secured credit card is issued against any asset like a Fixed Deposit.

• Can students get a credit card in India?

There is an availability of credit card for students India where the students have to produce their college IDs and pay back with their fixed deposits.