Credit Card Against Fixed Deposit | FD Cards | How to Get Credit Cards on Fixed Deposit

What is a Credit Card against Fixed Deposit? A secured credit card is a type of credit card that you can get by putting down a fixed deposit with the bank. Instead of needing a stellar credit score or a high income, all you need is a minimum fixed deposit. But how does it work? When you open a fixed deposit with the bank and apply for a secured credit card, the amount in your FD account acts as collateral for the credit card. This means the bank gives you a credit limit based on a percentage of your fixed deposit amount. Now, what are the features of Credit Cards against Fixed Deposit? For starters, the minimum fixed deposit amount is usually affordable, ranging from Rs.10,000 to Rs.20,000. Plus, you enjoy a credit limit based on your FD amount, typically 75% to 85% of the deposit. But here's the best part - you still earn interest on your fixed deposit while using the credit card. Talk about a win-win! Now, where can you get these cards? Several banks in India offer secured credit cards, including State Bank of India, Axis Bank, Kotak Mahindra Bank, and more. Each bank has its own requirements and benefits, so it's essential to do your research. Who's eligible for these cards? While the minimum fixed deposit requirement varies from bank to bank, common factors include age and the tenure of the fixed deposit. So, whether you're a student, a freelancer, or someone looking to build credit, there's likely a secured credit card for you. How do you apply for FD based Credit Cards? If you're not already a fixed deposit accountholder, you'll need to open an FD account first. Then, you can apply for the secured credit card either in person at the bank or online through their website." And what documents do you need? Good news - if you already have an FD account, you don't need to submit additional documents. The bank will use the proofs you provided when opening the FD account. So, who is a Credit Card against Fixed Deposit suitable for? 1. People with low credit score or no credit history. 2. People who do not meet the income criteria. 3. People who have just started earning and looking to build credit history 4. People who are employed by organizations that are blacklisted by the lender or have a bad reputation. #creditcards #creditcardbenefits #fixeddeposit #fixed_deposit #personalfinance #financialliteracy #bankbazaar Visit this link for more information - https://bit.ly/432noCf Download our app now! Download our Android App - https://play.google.com/store/apps/de... Download our IOS App - https://apps.apple.com/in/app/bankbaz... Follow BankBazaar on social media: Instagram -   / bankbazaar   LinkedIn -   / bank_bazaar   Twitter -   / bankbazaar   Facebook -   / bankbazaar   Blog - https://blog.bankbazaar.com/?utm_sour...