Credit Card Networks
If you want to apply for a credit card, you can choose from a variety of credit cards offered by various banks. It is recommended to choose a card with lots of rewards and benefits from a reputable bank. The last thing you would focus on is the credit card network.
However, having a basic understanding of the card network will be useful to you in the long run. Here, we look at how a card network is different from a card issuer, as well as all of the payment networks offered in India.
Difference Between Credit Card Network and Credit Card Issuer
The bank or NBFC that issues you the credit card is known as the issuer of the credit card. In India, some examples of credit card issuers include HDFC Bank, ICICI Bank, and SBI Card. In contrast, credit card networks serve as a link between merchants and card issuers. Visa and Mastercard are the two main credit card networks in India, and they cover the majority of the market.
RuPay, Discover, and American Express are additional competitors. While the credit card networks serve as the technical foundation of the cards and payment system, credit card issuers provide the financial support for the cards. Card networks additionally impose on merchants an interchange fee for the services they offer. This charge differs between networks and may also change depending on the retailer. An important part of processing the transactions is played by card payment networks. They have streamlined and simplified transactions for customers.
Credit Card Network | Credit Card Issuer |
Determines where your card can be accepted. | Issues physical cards after reviewing and approving credit card applications. |
Approves and processes the transactions. | Sets the card’s credit limit. |
Serves as a link for payments between the retailer and the bank. | Sets the terms and conditions on individual credit cards. |
List of Credit Card Networks in India
In India, there are currently five active payment networks: Visa, Discover, American Express, Mastercard, and RuPay. More information about these credit card networks is mentioned below:
Visa
The most widely used card payment system worldwide is Visa. It offers credit cards as well as debit cards. While Visa enables card-based electronic fund transfers, it does not issue cards or set the terms and conditions or fees. Lounge access and concierge services are some benefits offered under this card payment system. You can avail Visa-branded credit cards in the following variants:
- Visa Classic
- Visa Platinum
- Visa Infinite
- Visa Gold
- Visa Signature
RuPay
RuPay is an Indian card payment network, and it was introduced by the National Payments Corporation of India (NPCI). It enables domestic electronic payments between all banks and financial institutions. In order to expand its services and acceptance globally, RuPay has partnered with Discover. RuPay-branded credit cards provide a variety of offers for retail, travel, and shopping. RuPay-branded credit cards can be availed in three variants:
- RuPay Classic
- RuPay Select
- RuPay Platinum
Mastercard
Another payment network, Mastercard, serves 50% of the global market, except China. It has a wider global acceptance than Visa and is accepted in more countries. Mastercard serves as a link between banks and retailers by processing payments. However, it does not issue credit cards on its own. A wide range of benefits are offered by Mastercard credit cards such as contactless payments, access to lounges, local and international experiences, etc. There are three types of Mastercard credit cards available:
- Platinum Mastercard
- World Mastercard
- Standard Credit Cards
American Express
American Express is not only a credit card network but also a card issuer. In addition to offering credit and charge cards in India, it provides other banks payment network solutions. Amex-branded credit cards offer a variety of benefits like entertainment, dining, lounge access, etc. In India, the top American Express credit cards are as follows:
- American Express Membership Rewards Credit Card
- American Express Platinum Travel Credit Card
- American Express Platinum Reserve Credit Card
Discover
Discover is more than just a means of payment; it is also the owner of Discover Bank, which is unavailable in India. The card payment services are offered via Diners Club International and Pulse Networks. Discover-branded credit cards are available in India through a partnership between HDFC Bank and Diners Club International. The top Diners Club credit cards in India are as follows:
FAQs on Credit Card Networks
- What are the credit card networks in India?
Visa, Discover, American Express, Mastercard, and RuPay are the primary credit card networks in India.
- What is the difference between a credit card issuer and a credit card network?
A bank or other financial institution that provides customers with credit cards and credit limits is known as a card issuer. Where your card can be used and where it cannot depend on your credit card network.
- How many variants are available on RuPay credit cards?
RuPay credit cards can be availed in three variants namely, RuPay Classic, RuPay Select, and RuPay Platinum.
- How to apply for a RuPay credit card?
You can get in touch with one of RuPay's approved bank partners via their customer care portal, branch, or bank's credit card sourcing partner to apply for a RuPay credit card.
- What is card network portability?
The ability of customers to move their card accounts from one network to another is referred to as card network portability. It enables cardholders to keep their current card accounts, balances, and credit histories while changing payment networks.
- Is there a fee for using a Mastercard to pay my bills?
No, you will not be charged a fee for using a Mastercard to pay bills.
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