5 Best credit cards against fixed deposits – all you need to know
5 Best credit cards against fixed deposits: Credit cards offered against the fixed deposits have become popular thanks to the hassle free requirements that do not make having good credit history compulsory to avail a credit card. Credit cards against fixed deposits are more secured from the banks perspective as they enjoy the lien right over your deposit to make good the short amount in case of default in honoring the credit card dues. Here are the best credit cards available in the market.
5 Best credit cards against fixed deposits
1. SBI Unnati credit card:
The main advantage of this card is no requirement to pay annual fees (Rs 499) for the first 4 years. This unique feature makes it stand out from the rest. Those without any credit history can avail this. This card will be available to all SBI customers provided they have a minimum fixed deposit of Rs 25,000 with the bank. One will be allowed to avail a credit of up to 80 per cent of the value of the fixed deposit up to a maximum limit of Rs 5 lakh. The requirement of minimum deposit will also be waived off after the person has used the card for a year and has built enough credit history. In case you want to take a credit card just to build up your credit history without worrying much about the annual renewal charges then this is the best choice.
2. Axis Insta Easy Credit Card:
This card will be available to all Axis customers provided they have a minimum fixed deposit of Rs 20,000 with the bank. However, there is a maximum limit for the deposit which is Rs. 25, 00,000. No extra charges will be levied on purchase transactions for up to 50 days. A minimum 15% offer will be available at the restaurants partnering with Axis bank. One will be allowed to avail a credit of up to 80% of the value of the fixed deposit principal amount. By spending through this credit card, one can avail eDGE Loyalty Rewards points for transactions and 500+ rewards and offers to redeem points.
3. ICICI Instant platinum credit card:
The unique feature of this card is Joining Fee and Annual Fee on the ICICI Bank Instant Platinum Credit Card is nil. All that you should have is a fixed deposit with ICICI. For every Rs. 100 spent, one would get 2 payback points. This card comes with an embedded microchip which provides additional security against counterfeiting and duplication of cards. Like Axis insta card, ICICI instant platinum credit card also offers minimum 15% off at over 800 leading restaurants across 10 cities in India. 1% fuel surcharge waiver can be availed on fuel transaction of maximum ₹ 4,000 at HPCL pumps when the Card is swiped on ICICI Merchant Services swipe machines.
4. Central Bank of India Aspire Credit Card:
The credit limit available on this card will be up to 80% of the fixed deposit amount. One should have a minimum fixed deposit of Rs. 10,000 and the maximum limit is Rs. 4 lakhs. Up to 55 days of credit-free card usage is available, post which an interest of 1.2% per month will be charged on unpaid amount. Anmol rewardz 1 point per Rs 100/- spent is available. Redemption value will be 30 paisa per point. No need to pay renewal fee, annual fee and issuing charges. This feature makes it stand out of all the other cards.
5. Kotak Mahindra bank- Aqua Gold Card:
The credit limit available on this card will be up to 80% of the fixed deposit amount. Up to 48 days of credit-free card usage is available, post which interest at 2.99% per month is charged on outstanding due amount. In case your Credit Card is stolen, you get a cover of Rs. 50,000/- against fraudulent usage up to 7 days pre-reporting. If you spend Rs. 1.5 Lakhs in a year, you would get 4 free PVR tickets or Cash Back of Rs. 750. Minimum deposit amount is Rs. 25,000. Annual and joining fee is Nil.