A secured credit card, as the name suggests, is secured by collateral (fixed deposit) that the customer has placed with the bank in lieu of getting approval for his/her card. Such a credit card is one of the best options for people without a good credit score or those who are new to credit. These credit cards are issued against fixed deposits and function in the same way as regular/unsecured credit cards. The only difference is that, in the case of secured credit cards, if the user defaults, the card issuer will recover the amount through the fixed deposit.
Best Secured Credit Cards in India for 2022
|Secured Credit Card||Annual Fee||Minimum FD Amount|
|Paisabazaar Step UP Credit Card||Nil (Rs. 200 Joining fee for Rs. 2,000 FD)||Rs. 2,000|
|SBI Card Unnati||Nil (Rs. 499 from 5th year)||Rs. 25,000|
|Axis Insta Easy Credit Card||Nil||Rs. 25,000|
|Kotak 811 #DreamDifferent Credit Card||Nil||Rs. 10,000|
|ICICI Bank Instant Platinum Credit Card||Nil||Rs. 30,000|
Paisabazaar Step UP Credit Card is one of the best credit cards suited for individuals with no or low credit history, which may make it difficult for them to qualify for a regular credit card. People who wish to earn rewards on their spending and grow their money at the same time should consider getting this credit card. The best thing about this credit card is that you get 100% of the FD amount as your credit limit and no documents are required for this credit card at all.
Joining Fee: Nil (Rs. 200 for Rs. 2,000 FD)
Renewal Fee: Nil
Minimum Fixed Deposit Amount: Rs. 2,000
Interest on Fixed Deposit: A comparatively higher interest rate of 7% on your fixed deposit.
Credit Limit: The credit limit for your Step Up card will be 100% of your fixed deposit amount. For instance, Rs.12,000 will give a credit limit of Rs.12,000.
Interest-Free Period: The interest-free grace period could range from 20 to 50 days
Rewards: 1 reward point on every Rs. 100 spent (4 Reward Points = Rupee 1)
Easy Approval: The approval process is fast and easier because the bank is already risk-free by accepting a security deposit from the borrowers
Digital Process: A hassle-free, completely digital process to get your secured credit card