Every individual has to maintain a high Cibil Score in order to get easy approval for any type of loan. Even if you are applying for a Credit Card, you should have a high Cibil Score. But sometimes the late debt repayment or running from your EMIs cost you your Cibil Score. Your score gets negative and you cannot apply for a credit card. But there is an option for you, known as the Secured Credit Card that is issued against the fixed deposit in the bank. These cards will not only help you to improve your credit score but also have exciting benefits. Therefore, you can explore the best secured credit cards in India issued by various banks. You must also explore the offers available on these credit cards.
Top 5 Best Secured Credit Cards
In the table given below, you can see the list of secured cards with their features. You must also see the fixed deposit you need to get these credit cards.
Exclusive Features of Secured Credit Cards
You have explored the best secured credit cards in India and now you must see the benefits of using a secured credit card. There are multiple reasons that you apply for these cards and see their features.
All the Secured Credit Cards are widely accepted across the world. You can make payments and buy products using these cards. All the issuers also allow the customer to withdraw cash from ATMs using the secured credit card.
Improves Credit Score
If you have a negative credit score then the secured cards are the best option to improve it. It will be difficult for you to get a credit card in low credit score but as the secured credit cards are issued against a fixed deposit, you can get quick approval for them.
The issuer easily approves the secured credit card because it is issued against a fixed deposit. If in case you are unable to repay the secured credit card bill then the bank might break your FD and recover the loss from it. Therefore, the approval of these credit cards is quick and fast.
Earn Reward Points
You can even earn thousands of reward points through these cards and redeem them at the reward point redemption website against gift cards and vouchers. There are also many other saving benefits available on this credit card.
You have seen the best secured credit cards in India and you can apply for any card as per your needs. These cards have unique features and benefits that will help you to save some extra bucks from monthly expenses. You can even cut off your fuel expenses because some credit cards have fuel surcharge waiver benefits. So, it is up to you which secured credit card you choose.
Frequently Asked Questions
1. Can I Apply for Multiple Secured Credit Cards?
Yes, you can apply for multiple secured credit cards but make sure that you have a Fixed Deposit with the same bank whose credit card you are applying for.
2. What are the documents needed for Secured Credit Card?
As secured credit cards are issued against fixed deposits, so you will not have to submit any documents because the banks already have your documents with them. You will only have to submit the Credit Card Application Form and apply for the card.
3. What is the minimum score needed for a Secured Card?
You will need a minimum Cibil Score of 750 or above to get quick approval for Secured Credit Cards. But these cards are issued against FD so the bank sometimes issues these cards at a low Cibil Score or without Cibil.
4. Can I improve my Credit Score with Secured cards?
Yes, you can improve your credit score with secured cards. Even if you have no Cibil then also you can apply for this card and get approval. Making bill payments of secured credit cards on time will improve your credit score.
5. What is the Credit Limit of the Secured Credit Card?
The credit limit of the Secured Card depends on the Fixed Deposit you have with the bank. Usually, you will get 80% to 90% of the fixed deposit as the credit limit and it might differ from bank to bank.