Few credit cards are issued against Fixed Deposits. The cards which are issued against FD’s are considered secured cards. Also, these cards help to improve the CIBIL score. These cards are best for students or those who have low income and wanted a credit card.
Unsecured credit cards which are issued against CIBIL score and good transaction history are challenging to get. Hence getting a secured credit card is the best way to increase your financial score. So you can start with a secured credit card and manage them efficiently so that you can generate good scores before opting for unsecured cards.
Your CIBIL score is required to be more than 750 to get top credit cards or a significant amount of loan. An improved score helps you to get approved for loans and credit cards very quickly. Here are some of the cards which are issued on FD’s.
Best Secured Credit Cards In India
1. HDFC Credit Cards
This has some of the cards in its portfolio which are issued against FD’s. HDFC is one of the leading credit card lenders in the country, having a maximum market share in India. India has a large volume of credit cards issued by HDFC.
You can even get some of the top-rated HDFC cards based on Fixed Deposit. A top card like Business Regalia is also available on FD of Rs.4,00,000.
2. SBI Cards
SBI is the second bank after HDFC with the largest market share in wealth card issuance. State Bank also has few top cards which are available on FD’s. Not only are these cards secure, but they also offer a decent amount of return in the form of cashback or rewards.
SBI has more than 30 wealth cards in its portfolio; you can contact any nearest branch to know more.
3. ICICI Instant Platinum card
ICICI is another name in the field of credit cards. However, ICICI does not have many cards in its portfolio, which is offered against FD’s. You can visit the ICICI bank branch to apply for this card.
We have this card from an early age, from which we have accrued a lot of promising rewards in the form of paybacks. The points accumulated by us are redeemed against lots of shopping and movie tickets and various other lifestyle coupons.
However, this is the card that comes with no joining fees; hence you can go for it.
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4. Axis Bank Insta Easy Credit Card
This is one of the best cards which you can have against FD. It offers an 80% of Fixed Deposit as a spending limit. This card also does not have any joining/annual fee. However, the card offers a low reward rate that is good for a beginner. Also, Axis Bank does not charge a high transaction fee which makes it an ideal card.
Axis Bank upgrade limits very quickly if you make all your payments on time. Hence, spend strategically to get more generous rewards from your wealth card.
Keep these secured cards with you for at least two years to improve your CIBIL score.