Struggling with a poor Credit Score? A secured credit card can help you out! Offering easy approval, credit cards can lead to better loan terms and favorable interest rates over time. Not only that, they serve as excellent financial tools for those recovering from a CIBIL Score drop, help in building a positive credit history, promote disciplined spending habits, and provide access to various perks and rewards.
What Is A Secured Credit Card?
A secured credit card is a special type of credit card that requires a cash deposit from the cardholder. This deposit in the bank serves as collateral and establishes the credit limit for the card that the bank can issue. Unlike traditional credit cards, which are issued based solely on the cardholder’s credit history and score, secured credit cards offer a more accessible option for individuals with limited or poor credit.
Users can easily build positive financial habits by using a secured credit card. By making timely payments and staying within their credit limit, they can build a healthy Credit Score (above 700). Over time, this can also improve their creditworthiness and open doors to more favorable financial opportunities.
Here is a list of secured credit cards that you can get even with a low CIBIL Score –
The IDFC FIRST WOW! Credit Card is a premium offering that provides 4X transaction reward points, a 7.5% interest rate on fixed deposits, and never-expiring reward points. With competitive interest rates as low as 9% per annum, and discounts at over 300 merchants and 1500 restaurants, it’s perfect for upgrading your lifestyle. The card also features zero foreign exchange mark-up fees and credit shield protection against theft and fraud. Accessible to students, homemakers, and individuals with low CIBIL scores, it requires no income proof or extensive documentation, making premium credit cards accessible to all.
The AU Nomo Credit Card from AU Bank is a secured credit card designed for those new to credit or looking to build their Credit Score. Issued against a fixed deposit, it ensures security and offers a dual benefit system of earning rewards and accruing interest simultaneously. With the AU Nomo Credit Card, you can also enjoy 2 reward points for every ₹100 spent on retail purchases, domestic and railway lounge access, and milestone benefits. It also has a low Forex mark-up of 0.99% which makes it perfect for international spending. Available with a one-time fee of ₹199, it is a flexible and rewarding solution for establishing credit history.
The RBL Freedom Super Card is the ultimate lifestyle credit card for students and individuals with no credit history. With an annual fee of just ₹999, it offers 2,000 reward points as a welcome benefit, a 1% fuel surcharge waiver, and double points for every ₹100 spent. With this credit card, you can enjoy premium travel perks with four complimentary domestic airport lounge visits annually and a +1 offer on BookMyShow movie tickets. Tailored to enhance everyday experiences and help build your Credit Score, the RBL Freedom Super Card is your gateway to a rewarding lifestyle.
- Axis My Zone Easy
Perfect for those who are looking for a secured credit card against a fixed deposit (FD), the My Zone Easy Credit Card offers a combination of convenience, rewards, and exciting discounts for working professionals. Use this and you can enjoy a flat 25% cashback on movie ticket bookings, at ₹1,000 annually. You can also benefit from contactless payments for transactions up to ₹2,000 by simply tapping your card. If you need cash, you can withdraw up to 100% of your credit limit when necessary. Additionally, you can earn EDGE Reward points with every transaction and accumulate 4 points for every ₹200 spent. Redeem these points at any point for a wide array of 500 rewards.
- BoB Prime Credit Card
The Prime Credit Card by BoB Financial Bank is perfect for building your Credit Score from scratch. This secured card, requiring a ₹15,000 fixed deposit, offers lifetime free membership with zero annual fees. Using this credit card, you can enjoy rewards on various transactions, a 1% fuel surcharge waiver, and the ability to convert purchases over ₹2,500 into EMIs. Cardholders can also get up to 3 complimentary add-on cards for family members. With no income proof required, it is ideal for students and working professionals looking to build a positive credit profile responsibly.
Ideal for building your Credit Score in 2024, the ICICI Instant Platinum Credit Card is your golden ticket to a rewarding financial future. With no joining fee and a simple requirement of maintaining a ₹50,000 fixed deposit, this card offers unmatched benefits. Enjoy a 1% fuel surcharge waiver, 15% dining discounts, and 25% off on movie tickets via BookMyShow. Accepted at over 2 million outlets worldwide, it ensures global convenience. Plus, its built-in chip guarantees security against fraud. So if your goal is financial stability and abundant rewards, the ICICI Instant Platinum Credit Card is the perfect choice.
A perfect choice for students, homemakers, and new professionals embarking on their financial journey, the SBI Unnati Credit Card offers essential benefits like fuel surcharge waivers and cashback rewards. Accepted globally at over 24 million outlets, it ensures seamless transactions everywhere. With no annual fee for the first four years and easy Flexipay options, managing expenses becomes effortless. Earn rewards on every purchase and build your Credit Score wisely. Whether for everyday bills or larger purchases, the SBI Unnati Credit Card is designed to enhance your financial experience with simplicity and affordability.
- IDBI Imperium Credit Card
The IDBI Imperium Platinum Credit Card stands out as a secure and versatile financial tool, backed by a fixed deposit. With a credit limit linked to the deposit, users benefit from up to 85% utilization, including a generous 70% cash withdrawal limit. Earn 5000 delight points as a welcome gift, with 2 delight points for every ₹150 spent on shopping, movies, and travel. Partnered with VISA, the card offers exclusive discounts on car rentals, hotels, and more. Enjoy global acceptance, a 48-day interest-free credit period, and the flexibility to gift add-on cards, ensuring all family members share in its perks and rewards.
The Axis Bank Insta Easy Credit Card stands out with its unique feature of guaranteed approval against a fixed deposit with Axis Bank. This card offers a flexible credit limit of up to 80% of the deposited amount, allowing cash withdrawals up to the full credit limit. Cardholders benefit from an interest-free period of 50 days, along with dining discounts, fuel surcharge waivers, and eDGE Loyalty Rewards. Additional perks include shopping discounts on major platforms like Amazon and Flipkart, EMI options on various products, and substantial savings on travel bookings through partnered platforms like MakeMyTrip and Yatra. Responsible usage also helps individuals build their Credit Scores over time.
If you are a frequent traveler looking for convenient cash access and preferential interest rates, the Assure Credit Card by Bank of Baroda is for you. With an affordable monthly interest rate of 1.6%, the card extends a credit limit of up to 80% of the FD amount. Cardholders also get to enjoy the convenience of Insta Pay for online bill payments and earn 1 loyalty point for every ₹100 spent. Additional perks include up to 3 free add-on cards, waived annual fees on qualifying spends, and comprehensive personal accidental death coverage. Exclusive visa privileges with discounts on dining, shopping, and travel are also provided.
First-time credit card users aiming to build their credit score from scratch can consider the DCB PayLess Credit Card from DCB Bank. It leverages the customer’s fixed deposit as collateral which provides a higher credit limit of up to 90% of the fixed deposit amount. This feature makes it accessible to a broader audience, including those who may not qualify for traditional credit cards. Alongside attractive interest rates on overdue payments and benefits like zero fuel surcharge, balance transfer facilities, and cashback on initial spending, it allows consumers to save more and worry less. Not just that, the credit card also supports online utility bill payments without processing fees which enhances convenience and cost-efficiency for users.
Federal Bank offers a range of credit cards designed to cater to diverse spending habits and preferences. With options like Imperio, Celesta, and Signet, these cards come with compelling benefits. Enjoy lifetime free usage without any annual or joining fees, along with a competitive APR starting at 5.88% p.a. Benefit from a 1% fuel surcharge waiver, accelerated rewards points based on spending, and attractive joining perks such as airport lounge access and BOGO movie tickets. Federal Bank credit cards are accepted globally at over a million outlets. Additionally, individuals can transfer balances from other cards at lower interest rates, enhancing financial management options.
While these credit cards can help you build your Credit Score, it’s essential to use them responsibly. Make sure to pay your dues on time, keep your credit utilization low, and regularly monitor your credit report to ensure accuracy. If you’re unsure which credit card is right for you, consider consulting with a financial expert at Oolka. Oolka offers smart credit-building solutions and personalized consultations that can help you achieve a high Credit Score (above 700). Talk to an expert now!
Disclaimer
All information provided in this blog reflects the current features and benefits of the credit cards. Any changes or updates to the card’s features, terms, and conditions may occur over time. For the most accurate and up-to-date information, refer to its official websites or connect with their customer service representatives directly.
