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Types of Credit Cards in 2023

The market for credit cards has grown immensely and you can now find a variety of credit card types in 2023. From cash back to travel rewards to business credit cards, there are credit card types that suit just about every need. 

However, before you can start enjoying the perks and benefits of a credit card, you need to apply for a credit card. Applying for a credit card can be a tricky process, especially if you are new to credit. But with a little bit of research and preparation, you can ensure that when you do apply for a credit card, the approval chances are high. 

To know about six popular credit card types in 2023 and how you can apply for a credit card, read on. 

Types of Credit Cards in 2023

Cashback Credit Cards

A cashback credit card is one of the credit card types that offer a percentage of your spending back as cash. With this card, you can earn cash back on specific purchases, which can range from groceries to clothing and more. 

This perk can help you save money and get more value from your credit card. Here is a list of some popular cashback credit cards:

  • Amazon Pay ICICI Credit Card
  • HSBC Cashback Credit Card
  • HDFC MoneyBack+ Credit Card
  • HDFC Millennia Credit Card

Travel Credit Cards

A travel credit card is a type of credit card that offers rewards and benefits for travel-related expenses. With a travel credit card, you can: 

  • Earn points or miles for flights and hotel stays
  • Get complimentary access to airport lounges
  • Enjoy discounts on hotel bookings
  • Access other exclusive travel perks.

Naturally, such perks help you save money and enhance your travel experiences.

Here is a list of some popular travel credit cards:

  • Amex Platinum Travel
  • Axis Atlas
  • Axis Vistara Infinite
  • SBI Air India Signature

Business Credit Cards

A business credit card is one of the credit card types that is designed specifically for businesses. With a business credit card, you can separate your personal and business expenses, manage your cash flow, and earn rewards or cashback on your business purchases. 

This can help you save money and grow your business efficiently.

Here is a list of some popular business credit cards:

  • SBI Prime Business credit card
  • HDFC Business Money-back credit card
  • YES Prosperity Edge business credit card

Fuel Credit Cards

A fuel credit card is a type of credit card that offers rewards or cashback on fuel purchases. You can save money on your fuel expenses and earn rewards or cashback on your purchases. This card helps you reduce your overall fuel costs and make the most out of your credit card.

List of some popular fuel credit cards:

  • BPCL SBI Card Octane
  • Standard Chartered Super Value Titanium Credit Card
  • IndianOil Axis Bank Credit Card
  • HDFC Bharat Cashback Credit Card

Lifestyle Credit Cards

Lifestyle credit cards are one of the credit card types that offer rewards and benefits on lifestyle-related expenses. These include:

  • Shopping
  • Dining
  • Entertainment 
  • Travel

These cards can provide you with perks such as discounts, cashback, reward points, airport lounge access, and concierge services. By using a lifestyle credit card, you can save money on your everyday expenses and enjoy exclusive benefits that enhance your lifestyle.

List of some popular lifestyle credit cards:

  • Axis Bank SELECT Credit Card
  • HDFC Bank Regalia Credit Card
  • IndusInd Bank Pinnacle World Credit Card
  • SBI Prime Credit Card

Movie and Dining Credit Cards

Movie and dining credit cards are a type of credit card that offers rewards and benefits on movie tickets and dining expenses. These cards can provide you with perks such as discounts, cashback, reward points, free movie tickets, and complimentary dining experiences. 

A list of some movie and dining credit cards are:

  • EazyDiner Indusind Bank Credit Card
  • RBL Bank Popcorn Credit Card
  • PVR Kotak Platinum Credit Card

How to Apply for a Credit Card

You can apply for a credit card either offline or online. 

If you choose the offline route, start by visiting the bank’s branch. Check the card’s eligibility criteria, choose the one that fits your needs, and fill out the application form. You will need to provide your personal and financial details, and once approved, the card will be delivered to your address.

For the online process, simply visit the official website and apply online. This process is much simpler and quicker. In some cases, you may even get special benefits for applying online. 

Applying for one of these six popular credit card types in 2023 can provide you with a range of benefits that suit your lifestyle and financial needs. If you travel often, a travel credit card can offer you rewards, points, and other perks such as travel insurance. 

Similarly, cashback credit cards can give you cash rewards on your everyday purchases, while lifestyle credit cards can offer discounts on shopping, dining, and entertainment.

Movie and dinner credit cards, on the other hand, are perfect for those who enjoy dining out and watching movies. 

If you spend a lot on fuel, a fuel credit card can provide you with cashback or discounts on fuel purchases. These cards can help you save money and provide other benefits such as reward points or free fuel.

Remember to choose and apply for a credit card that suits your needs and financial goals, and use it responsibly. Avoid overspending, pay your dues in full, and keep your credit utilisation low. By using your credit card wisely, you can enjoy the benefits and rewards it offers while building a good credit score.

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