Exploring the various types of credit card

People from all walks of life will prefer to have a credit card for them; in fact the credit card has become a fixture in day to day life. A credit card enable a person to purchase grocery, online transaction and other convenience form them and the bill for the above spending will be paid at the end of the month. With the evolvement of the financial market all the credit card providers have came with some innovative ideas and customized credit cards which will suit to their costumer’s need.

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There exists various types of credit card and here this article will guide you about the various types of the credit cards.

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Standard credit cards: These groups of credit cards are considered as the general cards which are being issued by the bank to general customer. In financial terms this cards are called as unsecured credit cards.  As unsecured credit card the bank does not keep any guarantee or collateral security from the customer.  Based on the financial transaction and credit score the bank fixes the credit limit for each card. The more the credit score you have the more will be the credit limit for your card.

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Business credit cards: The name itself is self explanatory and these categories of cards are issued to business person having their own business unit.  In day to day business activities the business credit cards acts as a blessing for the business. However, prior to issue a business credit card the bank will verify the financial status of the business and the relation with bank. Based on the finding of the survey the bank will fix the limit for the card.

Travelling credit cards: If you are a frequent traveler, certainly this travelling card is a must for you. The travelling card is a joint venture between a credit card provider and an airline company. You will be allowed to book the ticket only form the tie up airlines and not form other airlines. At the same time with every booked ticked the customer will have the privilege of some reward points which the customer can redeem later.  Once you have higher accumulation of the reward point you can completely redeem the points for the next ticket booking. The most add-on feature of this card is the insurance coverage. Without paying any money towards the installment you will be covered with insurance.

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Student credit card: Though the concept of the student credit card is not much popular, still there are some credit cards providers from whom you can have your own student credit cards. Students from all sorts of institutions will not have the privilege to have this card. Only few renowned institutes will have the facility to have their student credit card. Moreover, the credit limit under this section is very least compared to others and so as the rate of interest.

Irrespective of the type of credit cards it is mandatory for all card holders to comply with the KYC norms framed by the authorities.

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