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Credit cards are an essential financial tool that helps you when to manage your finances smartly and effectively. Having a credit card is not necessarily a liability but a convenient way to make your purchases and also get more from every transaction.
In this guide, we will discuss different types of credit cards, their advantages, and how you can maximise their benefits. This info will enable you to decide which one will work for you, in case you are planning to get one for yourself.
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Standard credit cards are as basic as they can get with no offers, no frills or benefits. They are straightforward and ideal for everyday use. These cards provide a credit limit, allowing you to make purchases and pay off the credit amount within the deadline date.
They mostly have lower interest rates and fewer fees, making them ideal for those who are starting off using a credit card and wish to maintain good credit in the long term. But, where’s the fun in that right, we all want more from our credit cards.
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One of the popular types of credit cards is the Rewards Credit Card, which is usually packed with amazing benefits giving you more on your spending. The rewards can then be used on a variety of options like travel, merchandise, gift cards, shopping and more. The most common types of Rewards Credit Cards are — Cashback Credit Cards, Travel Rewards Credit Cards, and Points-Based Credit Cards. You can even get a card that has all three rewards — cashback, travel and points.
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If you want to pay off any existing credit card debt then this credit card is for you. This credit card allows transferring the balance from one to another card with a lower interest rate. Look for a balance transfer card that offers a 0% introductory APR for a set period, typically 6 to 18 months. This is a great way to pay down debt without accruing additional interest.
Ideal for:This is a great option for individuals who need to build or rebuild their credit. These cards require a cash deposit, which acts as collateral and determines the credit limit of the credit card. There are pros and cons to it and the cardholder must be very careful with their expenses. Responsible use of a secured credit card can help improve your credit score over time but can also cause lasting damage if used recklessly.
Ideal for:Student credit cards are designed specifically for students who are new to credit and need something just to aid their day-to-day expenses, something that is fairly simple to manage. These cards typically have lower credit limits and may offer rewards tailored specifically for students such as cashback on dining, study material, points on travel and more.
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Business credit cards are tailored for small business owners and entrepreneurs and packed with features like higher credit limits, low interest rates, rewards on business-related expenses, and more. Small Business Credit Cards and Corporate credit cards are mainly the two types that help individuals plan their expenses and ensure financial stability as businesses can be volatile.
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Premium credit cards, as the name suggests are packed with perks like no other. Also. known as luxury or elite credit cards, these cards come with a hefty annual fee. From airport lounge access, concierge services, travel insurance, and reward points on purchases are some of the popular features that maketh these cards. Keep in mind that premium cards usually have stricter approval requirements like great CIBIL score, and high income.
One such exciting launch is the Adani One ICICI Bank Signature Credit Card which is curated for individuals who enjoy a taste of luxury in their daily lives. This card is replete with amazing benefits specific to travel and lifestyle such as — lounge access, Pranaam Meet & Greet Service, free movie tickets, hotel and flight ticket vouchers and many more… Visit www.adanione.com to apply for your Adani One ICICI Bank Credit Card.
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Store credit cards are issued by retail chains and can only be used at those stores or their affiliates. These cards often offer discounts, rewards, or special financing on purchases made within the store. While they can be a great way to save money on purchases from a particular retailer, store cards often come with higher interest rates and limited usability outside the issuing store.
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If you are a frequent traveller be it a backpacker or a business one, this is the card you must consider. Travel Credit Cards are tailor-made to suit travellers and have perks that make travel easy and hassle-free. Right from concierge service to valet parking to lounge access, these cards make your travel comfortable and rewarding at the same time.
Adani One ICICI Bank Credit Card is a great option designed with travel-friendly perks. You can win unlimited reward points and unlock a benefit every time you reach a spending limit. Get lounge upgrades, free porter services, and holiday vouchers as welcome benefits. Visit www.adanione.com to explore the two options — Signature & Platinum.
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Subprime credit cards are designed for individuals who are considered high-risk borrowers. These cards have higher interest rates, lower credit limits, and additional fees. While they can help rebuild credit, the costs associated with subprime cards can be significant making it slightly difficult to sustain.
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By understanding the different types of credit cards available, you can make an informed decision on what suits your lifestyle and financial goals. Do compare various cards and consider factors like interest rates, fees, benefits, hidden charges, etc before choosing the one you want. Whether you're looking to earn rewards, manage debt or expenses, build credit, or enjoy luxury perks, there's a credit card just for you. Choose Wisely!
Also Read:
The Ultimate Guide to the Best Travel Credit Cards
Platinum vs Signature: Which Adani One ICICI Credit Card is best suited for you!
Adani One ICICI Bank Credit Card -10 Benefits, Features, Fees, How to Apply and more
Best Card for Movie Tickets and Travel Deals
Why Adani One ICICI Credit Card is Best Card in India
Adani One ICICI Credit Card Eligibility, Documents Required
How to Improve Credit Score/CIBIL score?
Effective Ways to Increase Your Credit Card Limit
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