Credit Cards are of great use and can associate with becoming a helping hand in case of dire needs. Similarly, it is crucial that the credit card you own matches your daily needs. Because credit cards are more than just plastic money, they have a lot more than that to offer. Best features, crucial reward points, amazing perks, complimentary services, and membership packages are all there in an unsecured credit card. But to get these credit cards, you need to match the eligibility criteria which can differ according to the bank and the card.
People who somewhere lack in any of the eligibility criteria such as age, salary or credit score, etc. It matches all the eligibility criteria otherwise the application will have a higher risk of getting rejected. But that is for unsecured credit cards. There are two types of credit cards which are secured and unsecured. The major difference between a secured and unsecured credit card is that with an unsecured credit card, you won’t need collateral.
Secured Credit Cards, unlike unsecured credit cards, needs collateral in the form of a security deposit or fixed deposit. Secured credit cards are the best option for students, housewives, or people who are not eligible for a credit card due to any reason especially because of their salary. The collateral can be of any amount such as with SBI, you will only need to have a minimum of Rs. 25,000 as a security deposit. An excellent example of a secured credit card from SBI is SBI Card Unnati.
Unsecured Credit Cards are for those who match up with every eligibility criteria presented by the bank. But those who either do not have incomes or are unable to match up with eligibility criteria as per the bank, can also go ahead and apply for a secured credit card. This also means that you can get an SBI Credit Card without income.