Secured Credit Cards

Secured Credit Cards

A Secured credit card is backed by collateral. It is a must for the customer to share collateral with the bank instead of getting approval for such types of a credit cards. In these types of credit cards, collateral is the fixed deposit

The secured credit card functions in same as 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 his or her fixed deposit.

It is one of the best options for those who are willing to apply for a credit card with a bad credit score or those who are new to credit.

For whom it is the best option?

  • Individuals at entry-level jobs
  • Retired people with no fixed income
  • Individuals who are not qualified for unsecured cards
  • Individuals who do not have income proof, but need a credit card
  • Home-makers

The top secured credit cards come with perks that encourage healthy credit habits. Here is the list of Best Secured Credit Cards!

1. Axis Bank Insta Easy Credit Card

The Axis Bank Insta Easy Credit Card is issued against the cardholder’s fixed deposit. This card comes with a flexible credit limit and is the best option for converting purchases to EMI.

Annual Fee- NIL

Fixed deposit Requirement- Minimum Rs 25000

Features of Axis Bank Insta EMI card

  • Can get a credit limit maximum of 80% of fixed deposit principal value
  • Get a 15% discount at partner restaurants in India
  • Easily convert any of the transactions over Rs 2500 into EMIs
  • Get a 1% fuel surcharge waiver on fuel transactions in India

2. ICICI Bank Coral Credit Card

The ICICI Bank Coral Credit Card is one of the best credit cards for all those who are seeking benefits on lifestyle expenses. Customers can earn PAYBACK points and avail discounts on movies, dining, etc. Additional details are mentioned below.

Annual Fee: Rs 500

Fixed Deposit requirement- Rs 20,000

Main features of ICICI Bank Coral Credit Card

  • Earn up to 10,000 PAYBACK Points from ICICI Bank Rewards every anniversary year
  • Get 1 complimentary domestic lounge visit per quarter
  • Enjoy 2 complimentary movie tickets every month under the ‘Buy 1 and Get 1 Free offer on BookMyShow
  • Avail 15% discount on dining bills at over 2500+ restaurants across India

3. SBI Unnati Credit Card

The SBI Unnati Credit Card is best for those who are looking for a secured credit card for everyday purchases. The unique features and benefits available in SBI Unnati Credit Card make it stand from another similar type of credit card.

Annual Fee: NIL for the first 4 years

Fixed Deposit amount requirement- Rs 25000

Features of SBI Unnati Credit Card

  • Earn 1 reward point for every Rs.100 spent
  • Avail Rs. 500 cashbacks within 15 days of achieving annual spending of Rs. 50,000 and above
  • Enjoy a 1% fuel surcharge waiver for every purchase of fuel for the transaction range between Rs 500- Rs. 3,000
  • Easy credit card balance transfer to SBI Unnati Credit card, and avail SBI’s lower interest rates to repay in EMIs.
  • This card comes with an interest-free credit period of between 20-50 days on all purchases. The interest-free period is dependent on whether outstanding balances of previous months have been paid.

4. Kotak Bank Aqua Gold Credit Card

The Aqua Gold Credit Card from Kotak is an exclusive card designed to help you save money in the form of interest-free cash withdrawals, fuel surcharge waivers and the card comes free for life with no annual fees, which implies more savings. You can use up to 80% of the term deposit.

Annual fee- NIL

Minimum Fixed deposit requirement – Rs 25000

Features of Kotak Bank Aqua Gold Credit Card

  • Interest-free cash for 48 days.
  • Helps in building a good credit score
  • Cash advance fee of Rs. 300 per Rs. 10000 or part thereof
  • Fuel surcharge waiver on transaction amount from Rs. 500 to Rs. 3000.
  • Railway ticket booking surcharge is waived off up to Rs. 500.
  • Aqua shield – Get a cover of Rs. 50000 for 7 days if any fraudulent transactions happen.
  • Add on card for your family member with the same benefits as the primary card.

5. ICICI Bank Insta Platinum Credit Card

ICICI Bank Instant Platinum Credit Card is suitable for those who need an instant and free credit card. A customer can build and repair his/her credit score with a secured credit card against a fixed deposit.

Annual Fee- NIL

Fixed Deposit requirement- Rs 20,000

Features of ICICI Bank Insta Platinum Credit Card

  • Avail of a discount of up to Rs. 100 on booking of 2 movie tickets each month using BookMyShow
  • Earn 3 PAYBACK Points for each Rs. 100 spent on all purchases, except for fuel transactions
  • Get a 15% discount on dining at over 2600 restaurants through Culinary Treats Program
  • Make secure payments at retail outlets since it has built-in contactless technology
  • Avail of this credit card at a low-interest rate of just 2.49% per month

A secured credit card is a great tool for people with a low CIBIL score. It is useful when you want your spending under control.