Over the years, credit cards have gone from being a luxury to a necessity. These unique financial tools are highly advantageous and enhance your purchasing power. If you don’t have one already, don’t worry, you can quickly make a credit card application online.. However, the hard part is finding out the one that’s perfect for you. If you’re someone who gets confused easily due to the multitude of different credit card types, here’s something that can help you out.
Why apply for a credit card?
Enhancing your purchasing power is not the only reason why you should apply for a credit card . In fact, there are a multitude of different reasons. Let’s take a quick look at a few of them.
- Helps build a good credit history
- Quick and easy transactions
- Eliminates the need to carry cash
- Very useful for emergency financial needs
- Highly secure transactions
- Offers plenty of rewards, offers, and discounts
What are the different types of credit cards that you can avail?
As you might already be aware of, there are a plethora of different credit card types , each with their own features and benefits. Here’s a glimpse at some of the most popular types of credit cards that you can get right now.
Rewards credit cards
These types of credit cards offer you the ability to accumulate reward points on every spend that you make using the card. Some financial transactions carry accelerated reward points accumulation, while others don’t. The reward points that you accumulate on your card can then be redeemed by you at any point in time, in exchange for gifts, merchandise, discount coupons, and vouchers.
Travel credit cards
Travel credit cards allow you to accumulate air miles for every transaction that you make using them. These air miles that you accumulate can be redeemed for free air tickets. That’s not all. Travel cards usually also provide other benefits as well such as lounge access, travel insurance, discounts on hotel bookings, and more.
Cashback credit cards
One of the most popular credit card types, cashback credit cards provide a cashback on certain select transactions that you make. The cashback is usually offered as a percentage of the total transaction value. Some categories of financial transactions like grocery or e-commerce may come with accelerated cashbacks as well.
Co-branded credit cards
When banks partner with a service provider and launch a credit card, they’re called co-branded credit cards. Usually, co-branded cards offer rewards, cashbacks, and discounts on spends that you make on the brand that the card is associated with. For instance, the Flipkart Axis Bank credit card is a co-branded card that offers a flat 5% discount on all purchases made on Flipkart and its associated subsidiaries and brands.
How to apply for Credit Cards?
Once you’ve determined the type of credit card that you want, applying for it is extremely easy. There are two different ways through which you can do it – online and offline. Let’s take a quick look at how both these ways work.
Making a credit card application online is by far the easiest way to apply for one. All that you would have to do is visit the website of the bank whose credit card you wish to apply for, fill up an online credit card application, attach all the necessary documents, and submit the application.
On the other hand, if you wish to apply for a credit card in a more traditional manner, simply visit the nearest branch of the bank whose credit card you wish to apply for. Fill the physical credit card application and submit the same along with all necessary supporting documents with the bank officials.
And there you have it. Some of the most popular credit card types that you can apply for in 2022. Before you make a credit card application online, always make sure to read through the fees and charges schedule. This way, you can be fully aware of all the costs associated with the card before committing to it.