{"id":8157,"date":"2018-03-22T11:17:06","date_gmt":"2018-03-22T05:47:06","guid":{"rendered":"https:\/\/enterslice.com\/learning\/?p=8157"},"modified":"2019-06-05T11:11:28","modified_gmt":"2019-06-05T05:41:28","slug":"credit-card-business-india","status":"publish","type":"post","link":"https:\/\/enterslice.com\/learning\/credit-card-business-india\/","title":{"rendered":"Credit Card: What are the different types of Credit Cards"},"content":{"rendered":"<p>In India only banks are authorized to issue the credit card, they can only become a member of VISA\/MASTERCARD &amp; issue to their respective clients.<\/p>\n<p>It means undertaking a risk or you can say a credit risk for giving a loan on that card or instrument. Many banks are also present in the issuance of &lsquo;affinity&rsquo; or &lsquo;co-branded&rsquo; credit cards. Also, prepaid cards are the fastest growing segment in today&rsquo;s scenario for initiation &amp; subsistence of digital transactions and <a href=\"https:\/\/enterslice.com\/learning\/digital-payment-system-in-india\/\">digital payments<\/a>.<\/p>\n<p>At the &lsquo;mass&rsquo; people strategic level, the credit card as well as the loyalty card boom started early in this decade. Hard to believe, but today in this digitized web-based network it is not tough to find a person with four credit cards and another 20 plastics, including club membership, airline and hotel membership and dining discount cards. Barely a decade ago, was it a common threat amongst the masses in India to lose money through misuse of credit card. There was also a mental block against owing money to someone in any capacity.<\/p>\n<h2><strong>What are the different types of Credit Cards?<\/strong><\/h2>\n<ul>\n<li>Co-branded Credit Cards<\/li>\n<li>Loyalty Cards i.e. ensuring fidelity to brands<\/li>\n<li>Fund based Cards<\/li>\n<li>Business Credit Cards<\/li>\n<li>Cashback points cards<\/li>\n<li>Prepaid credit cards<\/li>\n<li>Corporate Credit Cards<\/li>\n<li>Add-on Credit Cards<\/li>\n<\/ul>\n<h2><strong>What are the different types of <\/strong><strong>Debit Cards<\/strong>?<\/h2>\n<ul>\n<li>Pre-loaded Debit Cards<\/li>\n<li>ATM Cards<\/li>\n<\/ul>\n<h2><strong>Who has the authority to issue Cards?<\/strong><\/h2>\n<p>Banks can issue credit cards either through its own wing or a subsidiary company set for this purpose. Herein <a href=\"https:\/\/rbi.org.in\/\">RBI<\/a> approval is not mandatory to issue such; it can even happen by a board approval amongst the members.<\/p>\n<ul>\n<li>However, Banks having a Net worth of 100 Crore are only allowed to issue credit cards into Indian Banking system.<\/li>\n<li>Banks desirous of setting up separate subsidiaries for undertaking credit card business would, however, require prior approval of the Reserve Bank of India.<\/li>\n<li>Banks must have a well-documented credit policy along with a Fair Practice Code for smooth processing of cash credit &amp; loans via credit cards.<\/li>\n<\/ul>\n<h2><strong>Things to Be Kept in Mind:<\/strong><\/h2>\n<ul>\n<li>Assessment of Credit Limit of the customer<\/li>\n<li>Scrutiny &amp; detailing regarding credit risk of the customer.<\/li>\n<li>Analyzing the reasons which can lead to credit card application rejection.<\/li>\n<li>Ensuring prudence in the evaluation of a client profile<\/li>\n<li>KYC\/AML\/CFT regulations applicable to Banks to comply with.<\/li>\n<\/ul>\n<h2><strong>How Does It Work?<\/strong><\/h2>\n<p style=\"text-align: center;\"><img decoding=\"async\" loading=\"lazy\" class=\"alignnone size-full wp-image-8160\" src=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2018\/03\/work.jpg\" alt=\"\" width=\"515\" height=\"387\" srcset=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2018\/03\/work.jpg 515w, https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2018\/03\/work-300x225.jpg 300w\" sizes=\"(max-width: 515px) 100vw, 515px\"\/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In India only banks are authorized to issue the credit card, they can only become a member of VISA\/MASTERCARD &amp; issue to their respective clients. It means undertaking a risk or you can say a credit risk for giving a loan on that card or instrument. Many banks are also present in the issuance of [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":8159,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1329],"tags":[1764,1765],"acf":{"service_id":"230"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v14.6.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Credit Card : What are the different types of Credit Cards<\/title>\n<meta name=\"description\" content=\"Credit Card It means undertaking a risk or you can say a credit risk for giving a loan on that card or instrument. Many banks are also present in the issuance of \u2018affinity\u2019 or \u2018co-branded\u2019 credit cards.\" \/>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta name=\"bingbot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterslice.com\/learning\/credit-card-business-india\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Credit Card : What are the different types of Credit Cards\" \/>\n<meta property=\"og:description\" content=\"Credit Card It means undertaking a risk or you can say a credit risk for giving a loan on that card or instrument. Many banks are also present in the issuance of \u2018affinity\u2019 or \u2018co-branded\u2019 credit cards.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterslice.com\/learning\/credit-card-business-india\/\" \/>\n<meta property=\"og:site_name\" content=\"Enterslice\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/enterslice\" \/>\n<meta property=\"article:author\" content=\"enterslice\" \/>\n<meta property=\"article:published_time\" content=\"2018-03-22T05:47:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-06-05T05:41:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2018\/03\/Credit-Card.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"853\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:creator\" content=\"@enterslice\" \/>\n<meta name=\"twitter:site\" content=\"@enterslice\" \/>\n<!-- \/ Yoast SEO plugin. -->","authorName":"Narendra Kumar","authorImageUrl":"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/04\/nk-1.jpg","authorDescription":"Experienced Finance and Legal Professional with 12+ Years of Experience in Legal, Finance, Fintech, Blockchain, and Revenue Management.","postViews":683,"readingTime":2,"nextPost":{"id":8162,"slug":"costume-jewelry"},"prevPost":{"id":8140,"slug":"share-capital-types"},"featuredMediaUrl":"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2018\/03\/Credit-Card.jpeg","postTerms":"Finance Business","_links":{"self":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/posts\/8157"}],"collection":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/comments?post=8157"}],"version-history":[{"count":0,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/posts\/8157\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/media\/8159"}],"wp:attachment":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/media?parent=8157"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/categories?post=8157"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/tags?post=8157"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}