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Federal BankIf someone has a low or no credit score, it is difficult or impossible to qualify for a generic credit card. Every credit card issuer looks for individuals with a 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 regular credit card with a higher credit limit and premium benefits, you can build a strong credit history or a high credit score using an FD-based credit card. To opt for a secured credit card, you would need to open a fixed deposit with the bank or NBFC, and against that, you shall receive a credit card. Customers can use this credit card and build up their credit history while earning rewards.
- IDFC FIRST WoW Credit Card
- OneCard Metal Credit Card
- Kotak 811 #DreamDifferent Credit Card
- Flipkart Axis Bank Credit Card
- HDFC Bank Millennia Credit Card
- SBI SimplySAVE UPI Rupay Credit Card
- YES Prosperity Rewards Plus/ACE Credit Card
- HDFC Bank MoneyBack Plus Credit Card
- SBI SimplyCLICK Credit Card
- ICICI Bank Coral Credit Card
- ICICI Bank Platinum Chip Credit Card
- Bank of Baroda (BoB) Prime Credit Card
- Axis Bank ACE Credit Card
- SBI Prime Credit Card
List of Best Secured/FD-Based Credit Cards in India
Thousands of people find it challenging 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 that 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:
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The IDFC First Wow credit card is an FD-based credit card and you must have a Fixed Deposit of at least Rs. 5000 to get this credit card. The card offers reward points on almost all purchases made by you, and the points are valid for a lifetime without any expiration 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.
- 4x RPs on all spends and reward points do not expire
- Up to 5% cash back 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 of complimentary roadside assistance
- No forex markup fees are charged on foreign currency spends
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One Card is an entry-level credit card issued by fintech startup FPL Technologies Pvt. Ltd. in partnership with its banking partners, including Federal Bank, BOB Financial, SBM Bank, and South Indian Bank. The card can be issued as both a secured credit card and an unsecured credit card. You earn Reward Points for all purchases made with One Card- 1 Reward Point per Rs. 50 spent and 5x Reward Points on the top two spend categories of the month.
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Kotak Mahindra Bank offers a secured credit card, the Kotak Mahindra Dream Different 811 Credit Card. This credit card provides great rewards to its members and is absolutely free for life. As a welcome gift, you get reward points which you can redeem quickly on the bank’s website. For every Rs. 100 you spend, you earn one reward point, and for all your online spending, you get two times the reward points. Additionally, you can earn exciting rewards and benefits under the milestone program. If you spend Rs. 75,000 or more in a year, you will receive a cashback of Rs. 750 and four complimentary PVR movie tickets.
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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. 600.
- Complimentary access to domestic airport lounges.
- Exciting dining discount offers.
- 1% fuel surcharge waiver.
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This credit card is named after the Millennial generation and offers straightforward benefits that are most suitable for young customers. You will receive 5% cash back on purchases made with popular brands and platforms such as Zomato, Flipkart, SonyLive, Swiffy, Myntra, and more. For all other purchases, you will receive 1% cashback. The cashback is given in the form of Cashpoints, which can be redeemed against your card statement. The value of 1 Cashpoint is Rs. 1.
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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 and save on all their spendings. With this card, earn up to 10 Reward Points for 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.
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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.
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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 offers the following benefits:
- 500 CashPoints as a welcome gift.
- 5X CashPoints for EMI transactions.
- 10X CashPoints on partner brands like Amazon, Flipkart and Swiggy.
- Up to 15% off on dining at over 2,000 premium restaurants.
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The SBI SimplyCLICK Advantage Credit Card is an FD-based credit card with exclusive benefits, the 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.
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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 and railway lounge access.
- Spend-based annual fee waiver.
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The ICICI Bank Platinum Card is a secured credit card that is issued against an FD of Rs. 20,000 or more. It comes with lots of benefits along with reward offers, entertainment & dining benefits, and many more.
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The Bank of Baroda issues the BoB Prime Credit Card with 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.
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The Axis Bank ACE Credit Card is another FD-based credit card issued by Axis Bank with the aim of providing 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.
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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.
What Are Secured Credit Cards?
Secured or FD-based Credit Cards are 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 issue 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 Rubyx credit cards in the attached 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 most incredible 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 waivers, zero liability protections, and a number of other benefits under short- and long-term offers.
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 massive role in building your credit history. When you get a secured credit card, it is more likely that you need a better 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 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 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 a secured credit card would also 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 they collected from you. So, the higher the FD amount is, the higher your credit limit will be.
- If you default on 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 to make sure to make bill payments.
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.
For those of you looking to apply for a secured credit card online can follow these steps.
- Compare different secured cards with CardInsider.
- Select the card most suited for you.
- Click on the “ApplyNow” option for the particular card of your choice.
- You shall be redirected to the official bank application page.
- Fill in all the required details and complete all the formalities.
- Submit your application.
- Wait for approval.
- Once approved, the card shall be delivered to your office or residential address.
Pros & Cons of a Secured/FD-Based Credit Card
Everything has a positive as well as a negative side, so we 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:
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Bottom Line
If you have a bad credit history or no credit history at all, secured credit cards give you the best opportunity to build your credit score. Most secured credit cards come with exclusive rewards offers through which you can save on your spendings.
Just make sure to make all the payments on time to make the best use of your secured credit card. Also, if you have an FD-based credit card, don’t forget to share your experience with it below in the comment section.
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