Limits Varying for Different Types of Credit cards

Limits Varying for Different Types of Credit cards

Online banking and payment will solve most of our problems easily. By using Credit card or debit card we can pay all your bills. This is technology generation and many of us are using Credit cards mostly for online purchases as they provide many offers and discounts. These will directly depend on type of credit card you are using. We can use Credit card on some defined limit. Some Credit cards has amount limit and some will not have any kind of limit. This completely depends on the type of card we are using and eligibility. Different Credit cards will have different amount limits and purchase limits.

  • Standard Credit card: This is type of card which is common that everyone uses as it is easy to get this type of credit card. Any account holder is eligible for this type of Credit card if he/ she have some salary proof or property. There will be amount limit depending in our monthly salary and property. We can use this Credit card in all places and can pay the due later but we don’t have any option to cross given limit.
  • Premium Credit card: Higher than Standard Credit card as it offers many packages like travel discounts, Credit points, cash back etc. Platinum card, Visa card and Gold card will come under this type as it also offers discounts depending on our usage. Limit of this Credit card depends on the savings account.
  • Secured Credit card: It has certain limit prescribed by bankers. There is no option for crossing given limit.
  • Chargeable Credit card: there is no limit for this type of credit card. But there is one hidden problem that is we have to the pay the due in one month and if we miss to pay we will be fined with late fee.
  • Special Credit card: It is a type of business card and can be used by two or more persons. This is specially meant for partnership organizations.