With rising income levels, India’s credit card market has seen significant growth over the years. As of January 2024, there are over 10 crore credit cards being actively used in India. It shouldn’t be a surprise to know are many different types of credit cards to cater to this growing market; so many that choosing one can be a difficult task!
Whether you’re a frequent shopper, traveller or someone building credit with a credit card on FD as security, there is a card for everyone. Each card has different features which can benefit you in the long run. Continue to read and understand their benefits in depth.
1. Rewards Credit Cards
These cards provide you reward points on various expenses like fuel, travel, entertainment, grocery shopping and more.
Feature
Benefit
Earn points per spend
Redeem for travel, shopping or gift cards
High cashback on specific categories
Maximise savings on daily expenses
These are ideal for you if you are a frequent shopper or plan to use your card for daily purchases and want to earn tangible rewards.
For instance, these cards may provide 2X reward points on air ticket purchases and 3X reward points on dining.
2. Travel Credit Cards
Designed for those who love to travel for leisure and/or work, these cards offer travel benefits like free lounge access, discounts on flights and train tickets and so much more.
Feature
Benefit
Frequent flyer miles
Discounts on tickets or free flight tickets
Airport lounge access
Comfort and convenience during travel
Travel Insurance
Peace of mind while travelling
These cards are a perfect choice for you if you are a frequent flyer.
With these cards, you can enjoy offers like 5X miles on airline bookings.
Take a look at the table below to get a quick list of terms to consider in order to make an informed choice:
Criteria
Key Questions To Ask
Spending habits
Do you spend more on travel, dining, or fuel?
Financial goals
Are you building credit or maximising rewards?
Income eligibility
Does the card match your income bracket?
Fees and charges
Are the annual fees justified by benefits?
Benefits of Using a Credit Card on FD
If you are new to credit or have a poor credit score, a credit card on FD offers a safe and effective way to build credit while enjoying basic credit card benefits.
Key Advantages:
Low Risk: Banks are protected by the fixed deposit, making it accessible to more applicants.
Improves Credit Score: Responsible usage helps in credit score improvement.
Flexibility: Use the card for regular purchases and earn rewards like any other credit card.
Minimal Requirements: No need for an excellent credit score or high income.
Whether you’re looking for an instant approval credit card or exploring options like an FD credit card, being well-prepared and informed is the key to fast approval.
For greater rewards and stronger financial management, you can use the One Credit Card. It is totally free and you do not need to pay any joining fee, annual fee or hidden charges. It
powerful mobile app, the OneCard App, helps you to track your expenses and set your budget category-wise. So, what are you waiting for? Apply now and enjoy a world full of benefits!
I'm Michalle Scote, an SEO expert and guest blogger known for my contributions to multiple niches. My expertise spans across the business, fashion, technology, and travel industries, allowing me to offer a unique perspective in each area. With a deep understanding of SEO strategies and a knack for creating engaging content, I consistently deliver insightful articles across various platforms.