There are a plethora of cards available in the market today… and most of them seem to function much the same way and seem to offer the same services. So does it really matter which card you choose? Yes, it does! Because each card possesses a distinctive feature which offers unique benefits to the user. So why not choose a card which offers you maximum benefits appropriate to your needs? Let's take an example of your friend, an airline co-brand card works wonders for the simple reason that he flies frequently with that; however the same card may not be of much use to you if you don't fly frequently or if you do fly but not on that airline! 

Your best bet is to shop around and ask umpteen questions from the salesman or customer-service officer while you are at it. Let's look at the major types of cards available in the market today. Well, you have the Credit card, the Debit card and the Charge Card. To apply and have a credit card or a charge card, it is not essential for the applicant to hold an account with the bank but for the Debit card, it is essential that the applicant has a savings account with the bank.

The Credit card offers the common man two great facilities; that of shopping on credit and paying in part and carrying forward the balance amount ( known as revolving credit, in technical jargon!) to the next bill. The Debit card on the other hand while offering the facility of shopping without having cash, offers neither credit nor revolving balance facility. Since the customer's account is linked directly to the savings account of the cardholder, the amount is debited to the account within a period of 3 to 5 days. The Charge card offers the facility of shopping without the restriction of a credit limit to the cardholder, however on a charge card the cardholder cannot revolve his balance. 

Credit cards are further divided into the Executive or the Silver card, which is at the bottom of the credit card ladder, followed by the Gold card. Credit cards have a preset spending limit and offer the revolving credit facility along with a credit period of 40-45 days. The limit on gold card is higher as compared to the limit offered on the Silver card. Card usage earns points for the user which can be redeemed for freebies. Main Feature: Credit facility along with revolving balance facility

Platinum Cards have been introduced in the market and are offered by very few banks to the very very very exclusive few. Platinum Cards are more often than not invitational, which means you cannot apply for them but based on your relationship with the bank, you will be invited to apply for the Platinum card. These are absolutely the tops in prestige, you and your immediate family member's birthdays are remembered, your anniversaries are remembered, you are sent flowers on these all-important days, you are offered certain exclusive offers at select outlets, etc. Platinum cards are offered by American Express and Citibank. Main Feature: Exclusivity 

Charge Cards are exclusive in their own way for the simple reason that there is no pre-set spending limit on a charge card. American Express and Citibank currently offer charge cards. The selection criteria is stringent; however once you are in, there are a lot of free-bees, exclusive offers at various restaurants, hotels, complimentary access to various airport lounges. However, on a charge card you are not offered a revolving credit facility. So if you do not use the revolving credit facility on your card and your main concern on your current card is the insufficient credit limit, you probably need to upgrade yourself to a charge card. Main Feature: No preset spending limit, Prestige

Co-branded Cards offer benefits and features of two different organizations/ service providers. E.g. Petrol Cards (benefits of a credit card and petrol card), Jet Airways Citibank Credit Card (JACCC)(benefits of a loyalty card and credit card), Citibank Times Card, Amex MTNL card.

Petrol Card offers all the benefits of a credit card along-with the benefit of not having to pay a service charge when you pay for petrol using your Petro cum credit card which you would pay if you used an ordinary (non petro-card) credit card. It also earns you reward points which can be redeemed for free petrol. You are also offered benefits such as tyre check ups during rains, discount on tyres and car accessories. Main Feature: Saving on Petrol Service Charge

An Airline Co-branded Card combines the benefits of the airline loyalty programme with those of a credit card. The card can be used as a regular credit card and earns mileage points as on an airline loyalty card instead of the usual reward points as on a regular credit card. These cards are also considered prestigious since the basic features are those of a gold credit card and are offered primarily to frequent flyers. The mileage points earned on these cards can be redeemed for tickets on the airline or its partner network. Currently co branded airlines cards are offered by Citibank (Jet Airways Citibank Credit Card) and American Express (Amex Indian Airlines Charge Card). Main Feature: Redemption of points for Free Tickets on Airlines

Amex MTNL credit card offers the unique facility of direct debit to your credit card of your MTNL bills. So you are saved the trouble of making a physical payment to MTNL of your phone bills.

Woman's cards are targeted at, obviously, the women. These are not co-branded cards however they are specialty cards and apart from usual usage as a credit card, the cardholders are offered discounts at various stores specializing in women's and kids apparel, artificial jewelry, gold jewelry making charges, etc. The cardholders earn reward points on these cards, which can be redeemed for various gifts. Currently women's cards are offered by Citibank and Standard Chartered Banks Main Feature: Specialty Card

Debit Card is linked directly to the user's bank account and does not offer credit facility to the user. Corollary is you cannot have a particular bank's debit card unless you have an account with that particular bank. Since debit cards do not offer credit or credit period your outstanding amount gets deducted from your savings account and you are sent a Statement or note to that effect. Debit cards are usually combined with ATM cards.
Debit card usage also earns you reward points which can be redeemed for various goodies.Main Feature: You don't have to worry about paying late payment charges!

You are now equipped with the knowledge of the available cards in the market so make the most of it and choose the one most suitable for your requirements.