Types Of Credit Cards In India

As we all know, credit card is plastic money that is used to pay for the products we buy and services at about million locations across India. This section of creditmela.com gives the details on the important types of credit cards available in India.

Smart card

A smart card has an electronic chip, which is used to store cash. This is most useful when you have to pay for small purchases. No identification, signature or payment authorization is required for using this card. The correct amount of purchase is deducted from the smart card during payment and is collected by smart card reading machines. No change is given. At present in India these cards are not broadly in use.

Global Card

Global cards allow you the flexibility and convenience of using a credit card rather than cash or travelers checks while traveling abroad for either business or personal reasons.

Debit card

Debit Cards are substitutes for cash or check payments much the same way that credit cards are. However, banks only issue them to you if you hold an account with them. When a debit card is used to make a payment, the total amount charged is instantly reduced from your bank balance. A debit card is only accepted at outlets with electronic swipe-machines that can check and deduct amounts from your bank balance on-line.

Charge card

A charge card bears all the features of credit cards. However, after using a charge card you will have to pay off the entire amount billed, by the due date. If you fail to do so you are likely to be considered a defaulter and will usually have to pay up a steep late payment charge.

Amex Card

It is the card of the American Express bank and is one of the high-end charge cards. This card is characteristically meant for high-income group categories and companies and may not be acceptable at many outlets. There are a wide variety of special privileges offered to Amex card holders. For more information pleases visit our card browser section.

MasterCard and Visa cards

MasterCard and Visa cards are global non-profit organizations dedicated to promote the growth of the card business across the world. They have built a vast network of merchant establishments so that customers' world-wide may use their respective credit cards to make various purchases. They also develop various technologies that are required for running the credit card business.

Diners Club Card

Diners Club is a branded charge card. There is an extensive variety of special privileges offered to the Diners Club Cardholders. As a Diners Club Cardholder, one can set their own spending limit. In addition, the card has its own merchant establishment tie-ups and does not depend on the network of MasterCard or Visa. However, since this card is typically meant for high-income group categories it may not be acceptable at many of the outlets.

Apart from these Co-Branded cards, Affinity cards and Add on cards are the few more credit cards available in India.