Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
  • Credit Card BYTES FROM OUR KITCHEN

    Credit Cards against Fixed Deposits

    To get a credit card, customers need to earn a minimum amount of salary annually and also have a decent credit score. This makes it difficult for people with low or no credit score and low salaries to get a credit card. Customers with low/no credit score and salary can now easily get a secured credit card.

    A secured credit card is given by banks against fixed deposit. ICICI, SBI, Axis, etc., are some of the banks that offer credit cards against fixed deposit in India. When customers apply for such cards, all the other factors that lead to the approval of a card becomes insignificant because card providers are given a collateral security. This security ensures them that they will get the money they provide as credit back. The credit limit of the customers in this case is decided based on the amount of fixed deposit they have.

    Some other factors that affect the issuance of such cards are:

    • Debt-to-income ratio.
    • Repayment capacity.
    • Funds in the fixed deposit.

    Credit Cards against Fixed Deposit are best for:

    • People with low credit score or no credit history.
    • People who do not meet the income criteria.
    • People who have just started earning.
    • People who live in an area that the lender has blacklisted.
    • People who are employed by organizations that are blacklisted by the lender or have a bad reputation.

    Features of Credit Cards against Fixed Deposit:

    • Minimum Amount – You should have a minimum of Rs.20,000 in your fixed deposit.
    • Credit Limit – Your credit limit will be decided based on the amount of money you have in your fixed deposit account. Generally banks offer 80% to 85% of the deposit amount as credit limit.
    • Minimum Documentation – To apply for this type of card, you do not need to submit a lot of documents.
    • Minimum Tenure – The minimum tenure of the fixed deposit that you are giving as security to the bank should be 6 months.
    • Interest Free Period – Generally, banks offer an interest free period of 48 days to 55 days on such cards.
    • Rewards – These cards offer multiple rewards such as reward points, cashback, etc., to the customers.
    • Interest on Fixed Deposit – Cardholders will continue earning interest on their fixed deposit.

    How to Avail a Credit Card against Fixed Deposit?

    The process of getting a credit card against fixed deposit is very simple. To avail such card, you have to first open a fixed deposit account with the bank, which offers this type of card. Most banks require you to have at least Rs.20,000 in your fixed deposit account to apply for this card. If you already have a fixed deposit account with the bank with the required funds, you do not have to open another one. The bank in that case will accept the existing FD as security.

    Once the fixed deposit account is opened, you have to simple apply for the card and get your application approved by the bank.

    Impact of Secured Credit Card on Fixed Deposit:

    When you take a secured credit card against fixed deposit (FD), it won’t affect your FD and you will keep earning interest on it. The rate of interest that you earn will be the same that your bank had set when you had opened your FD account.

    The impact of the credit card will be seen at the time of bill payment. In case of you default on your card payment, then the bank will adjust the outstanding amount against your FD account. So, if you want to not hurt your investment, you will have to make sure that you always pay your credit card bills on time.

    People who opt for a credit card against fixed deposit primarily to build their credit score will face a problem if they default on their repayment. In such a case, not only will their FD be affected, but it will also have a negative impact on their credit score.

    Apart from this, in case of financial emergencies, you do not have to pre-close your FD account immediately, instead you can use your secured credit card to make the payment. As banks offer sufficient time in the form of interest free credit period to cardholders, they get time to repay the bills.

    Banks Offering Credit Card against Fixed Deposit:

    Some of the banks that offer credit card against fixed deposits in India are:

    • ICICI Bank.
    • State Bank of India.
    • Axis Bank.
    • Kotak Mahindra Bank.
    • Central Bank of India.
    • Bank of Baroda.

    ICICI Bank Coral Credit Card Against Fixed Deposit:

    ICICI Bank Coral Credit card Against Fixed Deposit is offered to customers without any income related documents.

    Benefits:

    • 2X rewards on groceries, dining and at supermarkets.
    • Buy 1 get 1 free movie ticket during the week.
    • 15% savings on dining at more than 800 restaurants.
    • Free access to airport lounges.
    • 50% special discount on the Joining Fee.

    SBI Advantage Plus Card:

    Advantage Plus Credit Card is issued against fixed deposits by the State Bank of India. The maximum cash withdrawal limit on this card is 100% of the credit limit.

    Benefits:

    • Attractive rate of interest available at 2.25% per month.
    • Avail add-on cards for family members.
    • Convert payments into EMI using Flexipay.
    • Withdraw cash from more than 1 million ATMs around the world.
    • Interest is accrued on the funds available in the fixed deposit account.
    • Easy and convenient loan sanctions are also made available to the borrower by the Bank.

    Super Duper Offer by Bankbazaar

    • Avail a gift voucher worth upto Rs.1000 from Amazon on applying for a credit card
    • Voucher will be provided upon approval of the credit card application
    • Offer will be valid from January 1, 2019 to January 31, 2019

    Axis Bank Insta Easy Credit Card:

    Axis Bank Insta Easy Credit Card is issued by the bank against fixed deposits. The credit limit on this card is up to 80% of the FD amount.

    Benefits:

    • Maximum cash withdrawal limit is 100% of the credit limit available.
    • Maximum interest free credit period available is 50 days.
    • Enjoy fuel surcharge waiver of 2.5% on all fuel transactions.
    • The bank assures approval on the credit card application.
    • Avail 6 eDGE loyalty reward points on every Rs.200 spent locally and 12 eDGE points on every Rs.200 spent abroad. Get 100 points on your first online transaction.

    Central Bank of India Aspire Credit Card:

    Aspire Credit Card is issued against fixed deposits by Central Bank of India. The credit limit available on the card will be 80% of the fixed deposit amount. Interest charged per month on this credit card is 1.20%.

    Benefits:

    • Personal accident coverage of Rs.1 Lakh is offered in the event of death to people who opt for the Group Insurance Scheme.
    • Rewards are offered on using the card for dining, travelling, movies, and so on.
    • This credit card can be used for international and domestic transactions.
    • This card offers interest free credit period of 55 days.

    Kotak Mahindra Bank Aqua Gold Card:

    Aqua Gold Credit Card is issued against fixed deposits by Kotak Mahindra Bank. The minimum deposit that is to be made in the fixed deposit account is Rs.25,000 and cardholders can avail a credit limit of up to 80% of the fixed deposit amount.

    Benefits:

    • Maximum cash withdrawal limit is up to 90% of the credit limit available.
    • Fuel surcharge waiver of maximum Rs.3,500 can be availed in a year.
    • Enjoy Rs.500 worth of railway surcharge waiver.
    • Rs.50,000 worth insurance coverage against fraudulent transactions is provided in case your credit card is stolen.
    • Avail add-on cards for your family members.

    Bank of Baroda Assure Credit Card:

    Bank of Baroda Assure Credit Card is an international Visa card that is offered against fixed deposit. The credit limit on this is card is 80% of the fixed deposit amount.

    Benefits:

    • Avail 3 free add-on cards.
    • Avail free Personal Accident Death Coverage with this card. Get Rs.15,00,000 worth Air Accident Death coverage and Rs.5,00,000 worth coverage in case of death caused due to other kinds of accidents.
    • Earn 1 Loyalty points on every Rs.100.
    • Spend Rs.50,000 or more annually and regularly pay your bills to enjoy annual fee waiver for the year.

    Credit Cards against Fixed Deposits Reviews

    • ICICI Bank Credit Card
      "Good application but need improvement"
      0.5 3.5/5 "Pretty good"
      I don't have good experience with ICICI, anyway the I mobile app is easy to do fund transfer and other service and if I place the request for cheque book immediately processed it. However some time the service get hang , they need to develop on that part.
      Was this review helpful? 1
      , new delhi
      Reviewed on Jan 14, 2019
    • SBI Cards Credit Card
      "Good for air port lounges"
      0.5 4.5/5 "Excellent!"
      The SBI card is good, I used to get air lounges in the air port and they issue good credit limit based on the customer profile, but they don't have any cash back. The customer support is also not good they need to improvement however card features is good and charges are nominal.
      Was this review helpful? 1
      , new delhi
      Reviewed on Jan 14, 2019
    • HDFC Bank Credit Card
      "Good card and best to use"
      0.5 5.0/5 "Blown Away!"
      I am very much happy with the HDFC service and am using the credit card for one year. It is Money Back visa credit card. They are providing cash back offers, it depends up on the transactions. I have converted the out standing payments into EMI and charges are reasonable.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 14, 2019
    • ICICI Bank Credit Card
      "Good"
      0.5 3.0/5 "Satisfactory"
      The redemption of reward points are very less and the product they are offering for the points which was high. I am not able to purchase the product on those points. I have no issues with the customer support. The rate of interest is average. I need to spend a lot to accumulate the 10% discounts for shopping.
      Was this review helpful? 0
      , mohali
      Reviewed on Jan 14, 2019
    • HDFC Bank Credit Card
      "Offers are average"
      0.5 4.0/5 "Great!"
      I am not satisfied with the benefits and have been using the credit card for more than 10 years. The credit limit is good. The charges are more for the credit card. I am able to manage the account online. I can do the payment into their app and net banking. I have taken flexi pay and charges are high since I don't use.
      Was this review helpful? 1
      , mohali
      Reviewed on Jan 14, 2019
    • HDFC Bank Credit Card
      "Okay"
      0.5 3.5/5 "Pretty good"
      HDFC credit card is good in between some of the period I did not use the card much. I cannot convert the payment into EMI and it does not have that option. The service wise they are good and no issues. Its a zero fee card, reward points are there other than there was no much offers.
      Was this review helpful? 1
      , hosur
      Reviewed on Jan 14, 2019
    • SBI Cards Credit Card
      "Best card"
      0.5 4.5/5 "Excellent!"
      SBI is doing good service and the offers. It has Flexi pay option and reward points can be redeemed easily. Am much satisfied with SBI and using it for 3 years. Annual charge will be waived off If I use to certain limit. The credit limit was enough to me.
      Was this review helpful? 1
      , hosur
      Reviewed on Jan 14, 2019
    • ICICI Bank Credit Card
      "Can do Better"
      0.5 3.0/5 "Satisfactory"
      In ICICI bank, they were already collecting the interest rate for swiping the card, again in the bill they were adding one more charges its not upto the mark. Its a normal card with other benefits but still I think it has the annual fee around Rs. 500.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 14, 2019
    • HDFC Bank Credit Card
      "Good service and need to reduce the interest "
      0.5 4.0/5 "Great!"
      The charges are very high on HDFC credit card which is around 10 to 11% some cases its 12%. I am using the card for 5 to 6 years and after 2 years they have enhanced the credit limit. They are charging annual fee and I don't know the figure. The online service is good and am not satisfied with the customer center, only Chennai office is doing good response.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 14, 2019
    • Punjab National Bank Credit Card
      "Good card"
      0.5 4.5/5 "Excellent!"
      There was no issues on the credit card experience. The customer service was very fine. I have been using Punjab National Bank card for around 10 years. I use it only for shopping and there was no offers, its just a basic card. I can covert the payment into EMI and the charges are minimal which is 3%.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 14, 2019
    • HDFC Bank Credit Card
      "Dissatisfactory Experience"
      0.5 1.0/5 "Really Bad"
      My HDFC credit card experience is not upto the mark, I have activated the auto debit option. My due date falls on 24 of every month, but one day my salary credited got delayed on that same days. Hence they charged Rs. 500, however within few hours my salary got credited in my account but still they didn't give waiver. I am using this account for past 4 to 5 years its good.
      Was this review helpful? 1
      , new delhi
      Reviewed on Jan 14, 2019
    • HSBC Bank Credit Card
      "Good to hold"
      0.5 5.0/5 "Blown Away!"
      I do have a HSBC credit card and they are great in service and the offers. But the accessibility is bit less but still online banking and the customer service support is good. The credit limit was good amount. It is a life time free credit card. I am having HSBC Gold card and its almost 10 years.
      Was this review helpful? 0
      , thiruvananthapuram
      Reviewed on Jan 14, 2019
    • ICICI Bank Credit Card
      "Need to improve"
      0.5 4.0/5 "Great!"
      I am having Coral card and using it almost 5 years, Still am not sure about the benefits. It was fine for the basic purpose. The credit limit needs to be better. There is no annual fee. I have contacted the helpline number and it takes bit longer to connect with the representative. There is no hidden charges so far.
      Was this review helpful? 0
      , thiruvananthapuram
      Reviewed on Jan 14, 2019
    • HDFC Bank Credit Card
      "Convenient to use"
      0.5 5.0/5 "Blown Away!"
      I do have a credit card with HDFC Bank and its been 3 years now. I am happy with the offers and the credit limit. The customer service is very good. There is no hidden charges. The late payments are also nominal and I can convert the payments into EMI. Most I like it on the card is I can convert the reward points into cash.
      Was this review helpful? 1
      , mumbai
      Reviewed on Jan 14, 2019
    • Bank of Baroda Credit Card
      "Reminder alert should be implement"
      0.5 3.5/5 "Pretty good"
      For the minimum amount due the interest rate is good around 14% in Bank of Baroda credit card, the customer service is good. But there was no message or calls from the bank end about the billing details. My due date 20 days, because of non reminder I just missed my payment. However the credit limit is good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 14, 2019
    • IndusInd Bank Credit Card
      "Need lots of improvement"
      0.5 2.0/5 "Expected more"
      I closed the Indusind credit card because the transactions and other charges are very high. The customer service is average for the minimum balance due they have high interest rate around 44% its not fine for me. Therefore I closed my credit card.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 14, 2019
    • HDFC Bank Credit Card
      "Good Card"
      0.5 3.5/5 "Pretty good"
      I hold a HDFC credit card and i have just started using it. I have got a good limit on my card. Its a free life time card with no annual charges. I am getting offer related messages and i am yet to experience the offers. Hope HDFC will serve better..
      Was this review helpful? 1
      , new delhi
      Reviewed on Jan 13, 2019
    • Bank Bazaar Credit Card
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It was the first time experience i had with the services of Bank Bazaar and they had been making a good follow up from starting after i had applied my credit card through them. I had been using the website of them which has been convenient and the process through them was quick.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jan 13, 2019
    • Citibank Credit Card
      "Very Good Service"
      0.5 4.0/5 "Great!"
      I had chosen to go with this card since it was better card compared with the other cards. The process in getting this card has been simple and there has not been any delay in getting this card. The credit limit with this card was quite less than expected and there is some annual charges with this card which will get waved off as per the usage.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jan 13, 2019
    • Bank Bazaar Credit Card
      "Very Good Service"
      0.5 4.0/5 "Great!"
      It was a good experience i had with the services of Bank Bazaar where i had been using the services of them for a while. I had used their web portal which has been convenient and has been easy in using. Their customer support team had also been helpful and has been responsive as well.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jan 13, 2019
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