Various types of cards
In simple words, a Credit Card gives the customer credit for a charge. The customer is given the option to pay his/her entire dues at one go or carry them for partial payments in the coming months. Card holders are given interest free days (grace period) for payment of credit which ranges from 20-55 days. On other hand, Debit Cards offer the card holder the option to access their bank account for payment. It means that when one makes purchases using a Debit Card, his/her bank account is debited to the extent of the purchase amount. A Charge Card provides an option to pay the entire dues within the credit period and unlike in the case of a Credit Card, the customer can’t carry over dues.
An Add-on Card is an additional credit card offered by the bank on the existing Credit Cards. Usually people give this card to their spouse, parents, siblings, son, daughter etc. The credit limit of the Add-on card is the same as that of the primary card. It is important to note that the total outstanding on the primary and add on cards can not exceed the limit on the primary credit card. The card holder is given a comprehensive bill on the statement date that includes the payments made through both the cards.
A Global Card enables the use of card when the card holder is abroad. It gives the facility to spend in dollars or other foreign currencies and the card holder is given the facility to settle the dues in local currency. Under a Global Card, the credit limit is based on the basic travel quota (BTQ) entitlement. 
Silver, Gold, Platinum and Titanium cards are specific terms used to differentiate the level of services by the issuers. Generally, with higher level cards, the customer gets higher rewards and benefits like lower interest rate, higher insurance covers, exclusive discounts and memberships, and higher credit limits. It is no doubt that an element of prestige plays an important factor for subscription to such cards and this comes at a cost. Premium cards invite highest fees and service charges with them. It is important to note that credit card companies give discounts and offers based on the level of cards which means that a gold card gives better offers than a silver card and so on.
In addition to being issued by a bank, every card is affiliated to one of the networks which decide where the card will be accepted for payments. Visa Card, MasterCard and American Express are the three primary card networks in India. The card networks also provide offers at shops where the card holders can get incentives on purchases. Most of the shops in the country accept MasterCard and Visa Card, though the acceptance of American Express is also increasing.
Usual charges on Credit Cards      
Though a Credit Card comes with a number of charges, the joining fee and the annual fee come first. A joining fee is usually a one time payment and the annual fee is taken every year for the continuation of the card. Late payment fee is charged in case the monthly payment doesn’t reach the credit card issuer before the due date. Over limit fee is charged when a credit card holder crosses his credit limit. Cash advance fee is usually a percentage of the entire cash withdrawn. Add-on Card fee and Balance transfer fee etc are a few other fees which are charged by the bank. However, apart from all these fees, it is the interest rate which makes life difficult for cardholders as they are not aware of it in detail.
As discussed earlier, grace period is the period during which the balances on credit card do not attract interest charges if the credit card holder repays the entire outstanding amount with the monthly bill. The interest accrual is on the daily outstanding balance. The monthly application of interest happens on the statement date.
Credit Cards with low interest
As we all know, Credit cards can be very beneficial when used properly. A number of Credit Card issuers offer cards with lower interest and switching over to these can prove to be quite beneficial. Usually people get stuck with their first credit card despite the option of switching to a credit card with a lower interest. It is not a good habit at all if the card holder is eligible for a  low interest card. The prime eligibility for acquiring a lower interest credit card is good credit history. People, who pay their dues in time, don’t cross the credit limit frequently and maintain a good balance can acquire a low interest card easily. Credit card issuer companies prefer people who carry over a good balance every month. It is important to note that interest rates on credit cards are negotiable. Those who don’t have good credit ratings can get a credit card with a relatively higher interest rate and lower credit limit.
Credit card issuers usually offer low interest credit cards with no Add-on card fee, no photo card fee and charge zero percent interest rate on balance transfers. The facility enables the person to clear the debt without even paying interest for it. The credit card holder can take advantage of the option by transferring his debts from a high interest rate card to a low interest rate card. Balance transfer on EMI and loan on Phone are a few other options given to customers with these cards. Companies charge lower joining and annual fee in comparison with normal credit cards.
Credit card issuers offer the customers an option to choose between fixed lower interest credit card and the cards with lower introductory interest rates. It is important to find out if there are higher rates charged after the introductory period.

D. Alok