All about credit cards and their use

Credit cards have become a part of modern life. Credit cards are not only easy to use, but safe and convenient too. But a variety of credit cards have been created by companies to cater to various kinds of people. Plastic money has made a lot of things easy but only when we have full information on this. In this article I will provide more information on credit cards.

Regular credit cards

This is an ordinary credit card created for the common man. The credit limit for this card is very less. This means that you can use it for petty purchases only. Credit card companies provide many kind of 'reward points'. It is on the calculation of these reward points that the credit card companies lower or increase your credit limit.

Silver credit cards

These cards are rated a little higher than regular credit cards. The credit limit is higher too. And these cards give more benefits to the user. For example, the ICICI group provides a 'sterling silver card' to office goers who have an income of up to 96,000 for year. This card is the most suitable to the service class people and suits their needs.

Platinum or Titanium credit cards

These cards are rated higher than the regular Gold or Silver credit cards. These cards are of titanium or platinum colors. These is given to select customers only who have higher than average salaries. These cards have a host of benefits which are not given to regular credit card holders.

Signature credit cards

This is a unique brand in the credit card category. This is a card without any credit limit. This card is given to people from the business world who are corporate users or own large scale business. In 2007, ICICI bank came out with Visa signature cards. This was the first 'Visa' credit card in India. ICICI subsequently launched the premium credit cards. To get a signature credit card, one has to also pay a fees of Rs 25,000. This does not have any annual fee though.

Credit cards handed to special people

Certain brand of credit cards are handed out to select people only. There are not of service to regular people. These days American Express, Black Credit Cards, Centurion Cards etc form this category of credit cards. These cards are given to people who spend crores of rupees a month. The yearly fees of these cards are very high. Film actors, corporate owners etc own such cards. These cards are also a status symbol.

Reward cards

These are specially created cards that provide 'special reward points' on certain specified transactions. For example the Airline reward credit cards provide reward points when used regularly for air travels. These cards also provide cash rewards on every purchase made. Fuel reward petrol cards provide reward points every time when these are used to purchase fuel. Similarly hotel reward credit cards give reward points and discounts when these cards are used to stay in hotels when on travel. Health reward credit cards give incentives, discounts and reward points when used for health purposes. These cards have a tie up or partnership with certain stores and companies to provide reward points to customers.

Business credit cards

These cards are handed to corporate users or business owners. These people use business credit cards for making transactions associated with their business. HDFC bank has come out with a credit card for corporate users. This card works on MIS (Management Information System) which means very strong encryption codes. ICICI has also launched business credit cards for corporate users.

Student credit cards

These cards have been designed for students. With the help of these cards, the students can start their journey in the world of credit cards. A number of rewards are available in these cards which are only for students. With the help of these cards students are able to get what they need on an urgent basis and pay for the transaction later, if they are broke. When a student is using this card for a long period and has a good record, this card is converted into a regular credit card once he/she starts earning.

Balance transfer credit cards

Some credit card companies offer 0% interest on balance transfers. So if a person has outstanding dues at high interest, he can transfer the same to the balance transfer feature under his credit card at 0% interest. This facilitates savings.

Affinity credit cards

This is a special card which has ties with a particular company or organization. This card has a logo of the organization one is working for and one gets discount for products purchased from one's organization using this credit card. If the organization is a N.G.O, some portion of the transaction done using this card goes into the accounts of the company.


With so many varieties of credit cards, grab one that suits you the most! Transactions done through credit cards these days are 100% safe with no hidden costs. I will give a few tips on using credit cards too. If your credit card is lost or stolen, inform the police immediately. Always look at the bill generated every month and inform the credit card company immediately if the bill doesn't seem right. Put your specimen signature on the back side of your card at the assigned space. Keep your PIN confidential and never share it with others. Keep your CVV number safe too which is used when making online payments. Don't give a copy of your credit card to anyone. Make online transactions on websites that offer 100% encryption. There is a logo of a lock on such sites.

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Author: chetan gabhane30 Jul 2012 Member Level: Bronze   Points : 0

Hi Mala, Nice article.

From some of my friends I heard about charge card. What is that actually? What is the difference between Charge card and credit card? Which one is benificial?

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