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If someone has a low or no credit score, it might be really difficult or impossible to qualify for a general credit card. Every credit card issuer looks for individuals with a pretty good credit score. But, a credit score can be built only if you have taken credit and that’s the reason why different card issuers have come up with the concept of secured or FD-based credit cards in the market. In order to qualify for a normal credit card with a higher credit limit and premium benefits, you can build a strong credit history or a high credit score using a FD-based credit card.

Best Secured/FD-Based Credit Cards

List of Best Secured/FD-Based Credit Cards in India 2024

Thousands of people find it difficult to start their credit journey due to a lack of credit history, but FD-based credit cards make their tasks easier. You can get these cards even without a credit score just by opening a fixed deposit account in the respective bank. But, in order to get these cards, you should be aware of what all credit cards are issued in the secured category. We are here to help you find out the list of best secured FD-based credit cards in India along with all their benefits and other important details:

Table of Contents

IDFC FIRST WoW Credit Card

(4.3/5)

Fees

Joining Fee

Nil

Renewal Fee

Nil

Best Suited For

Dining

Reward Type

Reward Points

Welcome Benefits

Enjoy 5% Cashback up to Rs. 1,000 on the first EMI transaction done within 90 days of card activation.
Annual Fee – Nil
The IDFC First Wow credit card is a FD-based credit card and you must have a Fixed Deposit of atleast Rs. 5000 to get this credit card. The card offers reward points on almost all spends made by you and the points are valid for lifetime without any expiry date. You get dining benefits, discounts at 3000+ wellness outlets, roadside assistance and much more with the card. A great feature of the card is that it does not charge a forex markup fee on your international spends.

  • Secured credit card for which you must have a FD of atleast Rs. 5000
  • 4x RPs on all spends and reward points do not expire
  • Up to 5% cashback on the first EMI transaction
  • Up to 20% discount at over 1500 restaurants
  • Up to 15% discount at over 3000 health and wellness centers
  • 1% fuel surcharge waiver
  • Rs. 1399 worth complimentary roadside assistance
  • No forex markup fees charged on foreign currency spends

Gild Card

(4.5/5)

Fees

Joining Fee

Nil

Renewal Fee

Nil

Best Suited For

Shopping

Reward Type

Reward Points

Welcome Benefits

Free metal card holder

The SBM Bank Gild credit card is a secured card backed by an FD. The card offers an interest rate of 7.7% p.a. on your deposit, and you get a credit limit of 90% of the deposit amount to spend with your card. With the card, you can make spends and get digital gold as rewards. You earn up to 0.75% as digital gold on every transaction made with the card and have a chance to get 16% ROI per year. Also, there is no credit history or income proof required for the card, and you can get it provided you make a fixed deposit of Rs. 10,000 or more.

  • Lifetime free card without joining or renewal fee
  • Instantly open FD without any savings account and get 90% of the deposit as credit limit
  • Top-up the deposit amount conveniently to increase your spending limit
  • High 7.7% p.a. interest rate on your deposit amount
  • Earn 0.75% as digital gold back on every transaction
  • You can earn up to 8% as digital gold on your spends per year
  • Free metal cardholder along with the card

SBI Elite Credit card

(4.5/5)

Fees

Joining Fee

Rs. 4,999 + GST

Renewal Fee

Rs. 4,999 + GST

Best Suited For

Movies

Reward Type

Reward Points

Welcome Benefits

E-vouchers worth Rs. 5,000 from any one of the brands, including Yatra, Aditya Birla Fashion, Hush Puppies/Bata, Pantaloons, and Shoppers Stop.

The SBI Elite Advantage Credit Card can be considered as the secured version of the SBI Card Elite, which is the most premium credit card offered by the SBI Card. With all the exclusive reward offers and other privileges, this card can be issued to you against a fixed deposit. The key features of this card include:

  • Up to 10 Reward Points on every Rs. 100 you spend.
  • Welcome gift vouchers worth Rs. 5,000.
  • A discount of up to Rs. 250 on movie tickets on purchasing a minimum of 2 movie tickets.
  • Bonus Reward Points worth up to Rs. 12,500 every year on achieving the milestone spend.
  • 6 complimentary international and 8 complimentary access to domestic lounges every year.
SBI Prime Credit Card

(4.4/5)

Fees

Joining Fee

Rs. 2,999 + GST

Renewal Fee

Rs. 2,999 + GST

Best Suited For

Travel

Reward Type

Reward Points

Welcome Benefits

Gift voucher (worth Rs. 3,000) from any of these brands, Yatra, Aditya Birla Fashion, Bata/Hush Puppies, Shoppers Stop, and Pantaloons.

Annual Fee – 2,999

The SBI Prime Advantage Credit Card is a secured credit card that is issued against a fixed deposit with all the benefits and privileges of SBI Card Prime. The card welcomes its customers with gift vouchers worth Rs. 3,000. More of the benefits of this card include:

  • Earn up to 20 Reward Points on every Rs. 100 spent.
  • Opportunity to earn Pizza hut vouchers worth Rs. 1,000 every quarter.
  • Complimentary Trident Privilege Red Tier membership.
  • Complimentary Club Vistara Membership.
  • 4 complimentary international and 8 complimentary access to domestic lounges every year.
SBI SimplyCLICK credit card

(5/5)

Fees

Joining Fee

Rs. 499 + GST

Renewal Fee

Rs. 499 + GST

Best Suited For

Shopping

Reward Type

Reward Points

Welcome Benefits

Amazon Gift Card Worth Rs. 500

Annual fee – 499

The SBI SimplyCLICK Advantage Credit Card is an FD-based credit card with exclusive benefits same as the SBI SimplyCLICK Credit Card. The card offers decent reward points on all your spends and comes with several other advantages such as:

  • Up to 10 Reward Points per Rs. 100 spend on this card.
  • Welcome gift voucher worth Rs. 500.
  • Gift vouchers (worth up to Rs. 4,000) on achieving the milestone spend.
  • Spend-based annual fee waiver.
SBI SimplySAVE RuPay Credit Card

(4.6/5)

Fees

Joining Fee

Rs. 499 + GST

Renewal Fee

Rs. 499 + GST

Best Suited For

Shopping

Reward Type

Reward Points

Welcome Benefits

Receive 2,000 Reward Points on the expenditure of the same amount within the first 60 days of card issuance.

Annual Fee – Rs. 499

The SBI SimplySAVE Advantage Credit Card is another secured, FD-based credit card issued by the SBI Card with all the benefits of the SBI SimplySAVE Credit Card. It is a great choice for people who need a credit card to build their credit history along with saving on all their spends. With this card, earn up to 10 Reward Points on every Rs. 100 spent. Moreover, other benefits on the card, such as fuel surcharge waiver & annual fee waiver, etc are additional opportunities for you to save amazingly with this card.

SBI Unnati credit card

(3.8/5)

Fees

Joining Fee

Nil

Renewal Fee

Nil

Best Suited For

Shopping

Reward Type

Reward Points

Welcome Benefits

NA

Annual Fee – Nil ( for first 4 years and Rs. 499 after that)

The SBI Unnati Credit Card is issued against a fixed deposit of over Rs. 25,000. The card is absolutely free to have for the first four years and after that, you have to pay a nominal annual fee of Rs. 499. The card comes with various benefits and reward offers that include:

  • 1 Reward Point on every Rs. 100 spent on the card.
  • A cashback of Rs. 500 on achieving the milestone spend.
  • 1% fuel surcharge waiver.

ICICI Bank Coral Credit Card

(4.6/5)

Fees

Joining Fee

Rs. 500 + GST

Renewal Fee

Rs. 500 + GST

Best Suited For

Movies

Reward Type

Reward Points

Welcome Benefits

N/A

Annual Fee – Rs. 500

The ICICI Bank Coral Credit Card is issued against a fixed deposit of Rs. 20,000 or more and comes with exclusive benefits over an array of categories, including travel, entertainment, dining, etc. Some of the key features of this card are as follows:

  • An opportunity to earn up to 10,000 PAYBACK Points every year.
  • 2 PAYBACK Points on every Rs. 100 you spend.
  • A discount of 25% on movie tickets on BookMyShow.
  • Complimentary airport as well as railway lounge access.
  • Spend-based annual fee waiver.
ICICI Bank Instant Platinum Credit Card

(4.4/5)

Fees

Joining Fee

Nil

Renewal Fee

Nil

Best Suited For

Movies

Reward Type

Reward Points

Welcome Benefits

N/A

The ICICI Bank Instant Platinum Card is a secured credit card that is issued against a FD of Rs. 20,000 or more. It comes with lots of benefits along with reward offers, entertainment & dining benefits, and many more. Some of the main advantages of this card include:

  • 2 PAYBACK Points on every spend of Rs. 100.
  • A discount of 25% on movie tickets on BookMyShow.
  • Savings of 15% or more on dining bills under the ICICI Bank Culinary Treats Programme.
ICICI Bank Rubyx Credit Card

(4.5/5)

Fees

Joining Fee

Rs. 3,000 + GST

Renewal Fee

Rs. 2,000 + GST

Best Suited For

Travel

Reward Type

Reward Points

Welcome Benefits

Travel & Shopping Vouchers Worth Rs. 5,000

Annual Fee – Rs. 2,000

The ICICI Bank Rubyx Credit Card against fixed deposit is another secured credit card issued by the ICICI Bank against an FD of Rs. 75,000 or more. The card comes with exciting reward programs and various exclusive benefits, some of which are as mentioned below:

  • Gift vouchers worth Rs. 5,000 as a welcome benefit.
  • An opportunity to earn up to 15,000 bonus Payback Points every year.
  • Complimentary domestic airport and railway lounge access.
  • A discount of up to Rs. 150 on movie tickets on BookMyShow.

Flipkart Axis Bank Credit Card

(5/5)

Fees

Joining Fee

Rs. 500 + GST

Renewal Fee

Rs. 500 + GST

Best Suited For

Shopping

Reward Type

Cashback

Welcome Benefits

Introductory Benefits Worth Rs. 600 on Card Issuance

Annual Fee – Rs. 500

The Flipkart Axis Bank Credit Card is a co-branded card that can also be issued against a fixed deposit. With this card, you can save up to 5% on your purchases. Other than that, the benefits of this card also include:

  • Welcome benefits worth Rs. 2,900.
  • Complimentary access to domestic airport lounges.
  • Exciting dining discount offers.
  • 1% fuel surcharge waiver.
Axis Bank ACE Credit Card

(4.8/5)

Fees

Joining Fee

Rs. 499 + GST

Renewal Fee

Rs. 499 + GST

Best Suited For

Shopping

Reward Type

Reward Points

Welcome Benefits

N/A

Annual Fee – Rs. 500

The Axis Bank ACE Credit Card is another FD-based credit card issued by Axis Bank with an aim to provide its customers with an opportunity to save amazingly on their online transactions. Some of the key features of the card include:

  • 5% cashback on mobile recharges and bill payments on Google Pay.
  • A cashback of 4% on Zomato, Ola, and Swiggy, and 2% on all other spends.
  • Complimentary domestic lounge access.
  • Savings of up to 20% on dining.

Kotak-811-DreamDifferent-Credit-Card-New

(4.2/5)

Fees

Joining Fee

Nil

Renewal Fee

Nil

Best Suited For

Shopping

Reward Type

Reward Points

Welcome Benefits

Welcome benefit in the form of 500 Bonus Reward Points

Annual fee – Nil

The Kotak 811 #DreamDifferent Credit Card, a secured FD-based credit card issued by Kotak Mahindra bank against a minimum fixed deposit of Rs. 10,000. Moreover, the card comes with zero annual fees and provides various benefits, including reward offers, entertainment benefits, etc. More of the card’s benefits include:

  • Up to 2 RPs on every spend of Rs. 100 made with card.
  • 500 bonus Reward Points as a welcome benefit.
  • A chance to earn 4 free PVR movie tickets each month.
  • Spend-based bonus Reward Points.

Yes-Bank-Ace-Credit-Card

(4.2/5)

Fees

Joining Fee

Rs. 399 + GST

Renewal Fee

Rs. 399 + GST

Best Suited For

Shopping

Reward Type

Reward Points

Welcome Benefits

Rs. 500 Amazon Voucher on a Spend of Rs. 1000 Within 30 Days of Card Issuance

Annual Fee – Rs. 499

YES Prosperity Rewards Plus Card is among the popular FD-based credit cards issued by the YES Bank that can be issued against an FD of Rs. 30,000 and more. As the name suggests, the card comes with great reward programs. Its benefits include:

  • Up to 4 Reward Points on every Rs. 200 spent.
  • Accelerate Reward Points on YES Cart.
  • An opportunity to earn up to 12,000 bonus Reward Points every year.
  • 1% fuel surcharge waiver.

Bank of Baroda Prime Credit Card

(4.1/5)

Fees

Joining Fee

Nil

Renewal Fee

Nil

Best Suited For

Shopping

Reward Type

Reward Points

Welcome Benefits

NA

Annual Fee – Nil

The BoB Prime Credit Card is issued by the Bank of Baroda with a guaranteed approval against an FD of Rs. 15,000 or more. It is a lifetime free card that comes with exciting reward offers as follows:

  • 4 Reward Points for every Rs. 100 you spend, where 1 Reward Point is equal to Re. 0.25.
  • 1% fuel surcharge waiver up to Rs. 250 per month.

IDBI Bank Imperium Platinum Credit Card

(4.5/5)

Fees

Joining Fee

Rs. 499 + GST

Renewal Fee

Rs. 499 + GST

Best Suited For

Shopping

Reward Type

Reward Points

Welcome Benefits

500 Welcome bonus on the spending Rs 1500 within 30 days of card issuance and 300 Delight point on spending between 31 days to 90 days

Annual Fee – Rs. 499

The IDBI Bank Imperium Platinum Credit Card is a secured credit card issued against a FD of Rs. 20,000 or more. This card allows its customers to withdraw cash up to 70% of the credit limit and comes with great reward programs and benefits that include:

  • 2 Delight Points every Rs. 150 spent.
  • Welcome bonus of up to 800 Delight Points.
  • Interest-free credit of up to 48 days.

HDFC Bank MoneyBack Plus Credit Card

(4.5/5)

Fees

Joining Fee

Rs. 500 + GST

Renewal Fee

Rs. 500 + GST

Best Suited For

Shopping

Reward Type

Reward Points

Welcome Benefits

500 CashPoints
Annual Fee: Rs. 500
HDFC Bank MoneyBack Plus Credit Card is a Cashback rewarding credit card that offers up to 10X CashPoints for purchases made with the card. The card can be issued at a fixed deposit and offer the following benefits:

  • 500 CashPoints as a welcome gift.
  • 5X CashPoints for EMI transactions.
  • 10X CashPoints on partner brands.
  • Up to 15% off on dining at over 2,000 premium restaurants.

Now, many questions can come to your mind, such as: What is a Secured Credit Card? How can it build your credit score? How can you get a secured credit card? And many more such doubts. In this article, we are here with the answers to all such questions and every additional information you need to know about the secured credit card. Keep reading to understand all these things and to know the Top secured Credit Cards in India.

What Are Secured Credit Cards?

Secured or FD-based Credit Cards are the credit cards that are issued by the card issuer against a fixed deposit in order to fulfill the credit requirements of people with a low credit history or no credit history. The fixed deposit amount acts as collateral and reduces the risk of the card issuer in case the cardholder doesn’t make payments. The card issuer keeps your deposit in such a case and if you make payments regularly, you will get the deposit back when you close your card.

Why Have We Included Unsecured Credit Cards in the List of Secured Credit Cards

You may have noticed several unsecured credit cards in the above list of best secured/FD-based credit cards. Several banks like ICICI, SBI, HDFC, and Axis Bank issues both unsecured and secured credit cards for their customers.

It is possible to apply for all SBI and HDFC Bank credit cards as secured, FD-based cards. For ICICI Bank, you can get the Coral, Instant Platinum, and the Rubyx credit card in the secured version. When we talk about Axis Bank, you can get the Flipkart Axis Bank, My Zone, Aura, Indian Oil, and the KWIK credit card as secured, FD-based cards.

Features and Benefits of Secured/FD-Based Credit Cards

Secured Credit Cards, as mentioned earlier, are the best option for those who have no credit history. The following are some of the greatest benefits and features of secured credit cards:

  • Easy Approval: Your application for these cards gets approved easily as the card issuer is taking the fixed deposit. You don’t need to worry about the rejection of your application once you have opened the required fixed deposit account with the respective bank as you will surely get approved for a secured card provided that you fulfill the basic eligibility requirements.
  • Build Your Credit Score: You can build or rebuild your credit score with these cards and then get an unsecured card once you build a good credit history.
  • Earn Rewards: You earn Reward Points on your spends. Some secured cards even offer very good reward rates on some categories and several other privileges like deals and discounts on dining, travel, etc.
  • Other Features: Secured credit cards also offer some other benefits, like fuel surcharge waiver, zero liability protections, and a number of other benefits under short and long-term offers.

Difference Between Normal & Secured Credit Cards

Normal Credit Cards

  • Normal/Unsecured credit cards are issued against valid income proof.
  • These are generally issued to individuals with a high credit score (typically above 700).
  • The credit limit of these cards varies depending on the type of card. It can go from very low to very high.

Secured Credit Cards

  • Unlike the general credit cards, secured, FD-based Credit Cards are issued against a fixed deposit even if the cardholder doesn’t have a stable income.
  • These can be issued to people with a low credit score or no credit history at all.
  • The credit limit of these cards is generally 80-85% of the FD amount you deposit to the card issuer.

Difference Between Secured Credit Cards & Prepaid Cards

Secured Credit Cards

  • As a secured credit cardholder, you are borrowing money from the card issuer.
  • These cards help you build your credit history.
  • An interest rate is charged on these cards.

Prepaid Cards

  • In the case of prepaid cards, you are not borrowing money from anyone. It is your own money that you use to make purchases.
  • Prepaid cards do not have any impact on the credit score as you are using your own money.
  • These cards do not charge any interest.

How Can a Secured Credit Card Improve Your Credit Score?

Although secured, FD-based credit cards can be issued to you with a bad credit score, they play a huge role in building your credit history. When you get a secured credit card, it is more likely that you have a bad or no credit history. But after getting one, your credit score can increase drastically if you make payments on time.

Many people achieve a decent credit score within just six months by using a secured credit card responsibly. Your aim behind applying for a secured credit card should be building your credit score so that you can qualify for an unsecured or normal credit card.

Credit Limit of Secured/FD-Based Credit Cards

The credit limit of the secured credit cards is typically around 80-85% of the security amount you deposit to get the card issued. For example, if you have been issued a credit card against an FD of Rs. 25,000, then your credit limit will be around Rs. 20,000 to Rs. 21,250 only. It is set a bit less than the fixed deposit amount so that the card issuer has security in case you don’t pay back for the purchases you made using your secured credit card.

Eligibility Criteria For Secured/FD-Based Credit Cards

Secured Credit Cards usually do not have strict eligibility criteria. There are no specific criteria in terms of income to qualify for the secured credit cards as these are issued against a fixed deposit that acts as collateral. But in terms of age, your age should be more than 18 years or more than 21 years in some cases.

Who Should Apply for Secured/FD-Based Credit Cards?

Secured Credit Cards can be the best option for someone to start their credit journey. But, before you go for it, you should be aware of whether a secured card would be the right choice for you or not. The following points will help you understand the same:

  • A Secured Credit Card would be a great option for you if you have no credit history and you are finding it difficult to get an unsecured credit card. This will help you build your credit score so that you can get approved for premium cards later.
  • If you don’t have a source of income then also a secured credit card would be of great help to you. You can just open a fixed deposit account in a bank from which you want to have a credit card and avail of all the credit card benefits.
  • Students can also get a Secured Credit Card as they can’t get approved for an unsecured card without having an income source and a credit history.

Things to Keep in Mind When Getting a Secured/FD-Based Credit Card

Though Secured Credit Cards are the best option for everyone to start their credit journey, every individual needs to keep certain points in mind before getting a secured credit card. These points are mentioned below:

  • Secured Credit Cards may have a higher interest rate as the cardholders may be risky borrowers. However, if you use a secured card responsible for a few months, your card issuer may reduce the interest rate on your credit card as they will start trusting you then.
  • Secured Credit Cards have lower Credit limits, generally equal to or lower than the fixed deposit amount that they have collected from you. So, the higher the FD amount is, the higher will be your credit limit.
  • If you default your bill payments on a secured credit card, the card issuer might use your FD amount against the credit card bill payment. So, you should be very careful while using a secured card and try not to miss bill payments ever.

How To Apply For a Secured/FD-Based Credit Card?

Nowadays, most credit card issuers provide online as well as offline methods to apply for credit cards. You can apply for a secured credit card in India online as well as offline at your convenience. To apply offline, visit your nearest branch of the respective bank and open a fixed deposit account there if you don’t already have one. Make sure to carry the required documents like identity proof, address proof, etc, with you. You can also apply online through the respective bank’s official website as follows:

  • Visit the official website of the card issuer.
  • Search for the credit card of your choice under the ‘Cards’ section.
  • Click on apply now option.
  • Fill in all the required details and complete all the required formalities.

Pros & Cons of a Secured/FD-Based Credit Card

Everything has a positive as well as a negative side and so have secured credit cards. There are many advantages of using a secured credit card, but it can also be disadvantageous sometimes. refer to the following table to understand all the pros and cons of using a secured credit card:

Pros Cons
  • You don’t need income proof to apply for a secured credit card.
  • You don’t need a credit history to get approved for a Secured Credit card.
  • Secured Credit cards help you build your credit score from scratch.
  • Some secured Credit Cards have really good reward rates and benefits over other categories.
  • Secured credit cards generally have a higher interest rate compared to unsecured cards.
  • These cards have a lower credit limit, generally lower than the Fixed Deposit amount.
  • The FD amount can be used against your credit card bill when you fail to pay it off on time.

Bottom Line

If you are having a bad credit history or no credit history at all, the secured credit cards give you the best ever opportunity to build your credit score. Most of the secured credit cards come with exclusive rewards offers through which you can save on your spends.

Just make sure to make all the payments on time to make the best use of your secured credit card. Also, if you are having a FD-based credit card, don’t forget to share your experience with it below in the comment section.

FAQs:

A secured credit card is a card that is issued against a fixed deposit (FD) and the credit limit of the card is fixed as per the deposit. Also, these cards are generally issued without any requirement of income proof and a credit score.
The secured credit cards work just like the secured credit cards. You receive the monthly bills and the charges on the same are also almost same. The only difference is that, secured credit cards are issued against a fixed deposit and this deposit acts as a credit limit on the credit card.
If you have little or no income or you are someone who has a bad credit score then getting a secured credit card is a wise choice as they can be issued against a lower income and a bad credit score. Moreover, you can use these cards to improve your credit score.
Secured credit cards are a good choice for those who have little or no income or have a bad credit score. However, these cards generally offer a few features and benefits as compared to unsecured credit cards. Therefore, if you want to enjoy the privileges like airport lounge access, dining benefits, travel benefits, and much more then you should go with an unsecured card. But if you want to improve your credit score then go for unsecured cards.
The BoB Prime Credit Card, ICICI bank Instant Platinum Credit Card, and Kotak 811 #DreamDifferent Credit Card are some credit cards having no annual fee.
To get a higher credit limit with a secured credit card, you can get it issued against an FD amount equal to or more than the credit limit you want.
Yes, just like the normal credit cards, secured credit cards also charge interest on your card’s balance.
No, you don’t need any income proof for secured credit cards as these are issued against an FD that acts as a security amount for the card issuer.

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