How To Get Credit Cards Against Fixed Deposit?

Highlights

  • These credit cards offer credit limit up to 90% of the fixed deposit
  • Build or repair your credit history with these cards

A credit card is generally an unsecured debt that gives the users an option to buy their favourite stuff online or offline on credit. Apart from that, a credit cardholder gets about 20-50 days of interest-free credit period. However, due to the lack of a good credit score, an unsecured credit card can be denied to you. Even when you don’t have a credit history, you would struggle to get an approval for an unsecured debt. And so, you need to submit a collateral such as fixed deposit to get a credit card. This is called a secured credit card and it comes with a lower interest rate compared to unsecured cards. You can easily apply for a fixed deposit-backed credit card either online or at the bank branch. And, if you are seeking a list of those cards to choose from, you can check all that in this article.

List of FD-Backed Credit Cards August 2018

Here’s a list of credit cards that come with a lien of fixed deposit.

SBI Advantage Plus Card

Offered against the fixed deposit at State Bank of India (SBI).

Benefits

  • Flexipay facility helps convert transactions worth ₹2,500 and more into EMI, an abbreviated form of Equated Monthly Installment
  • Up to 100% cash withdrawal limit
  • Credit card accepted at more than 1 million MasterCard or VISA ATMs globally
  • Facility to pay electricity bills, telephone, insurance and other utility bills
  • Get the outstanding dues of other bank’s credit card transferred to SBI Advantage Plus Card and pay them at a lower rate of interest via EMIs
  • Cash advance limit – up to 80% of the credit limit, subject to a maximum of ₹15,000 per day
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Fees & Charges

  • Annual Fee – ₹500
  • Renewal Fee – ₹500
  • Add-on Fee – NIL
  • Interest-free Credit Period – 20-50 days, applicable for retail purchases, if the outstanding balance of the previous month is paid in full
  • Finance Charges – Up to 2.25% per month from the date of the transaction
  • Late Payment Fee – ₹200-750
  • Cash Advance Fee – 2.5%-3% of the transaction amount, with a minimum of ₹300

SBI Card Unnati

Offered against a fixed deposit of ₹25,000 or more with SBI

Benefits

  • Annual fee waived for the first four years
  • Interest-free credit period of 20-50 days
  • Earn 1 reward point per every ₹100 spent
  • Earn a cashback of ₹500 on spending ₹50,000 or more in a year
  • Reward points redeemable against a wide range of gifts from the rewards catalogue
  • Get a fuel surcharge waiver for each transaction between ₹500 and ₹3,000 (exclusive of GST. wherever applicable, and all other charges)
  • Withdraw cash from more than 1 million VISA or MasterCard ATMs worldwide
  • Convert any transaction worth ₹2,500 or more in EMIs
  • Transfer the outstanding balance of other bank credit cards and pay the dues at a lower rate of interest via EMIs
  • Cash advance limit – up to 80% of the credit limit, subject to a maximum of ₹15,000 per day

Fees & Charges

  • Annual Fee – Waived for the first four years, ₹499 from 5th year onward
  • Finance charges on revolving credit – 2.50% per month
  • Finance charges on cash advance – 2.50% per month from the date of withdrawal
  • Cash advance fee – 2.5%-3% of the transaction amount, subject to a minimum of ₹300
  • Late payment fee – ₹100-750
  • Over limit charges – 2.5% of the over limit amount, subject to a minimum of ₹500

ICICI Bank Coral Credit Card

Offered against an ICICI Bank Fixed Deposit account

Benefits

  • 2X rewards on grocery, dining and supermarket spends
  • Earn 1 PAYBACK point for spending every ₹100 on insurance and utilities
  • Buy one and get one movie ticket free by booking it at bookmyshow.
  • Enjoy a minimum 15% savings at more than 800 restaurants via Culinary Treats Program
  • Get complimentary lounge access at airports

Fees & Charges

  • Joining Fee – ₹1,000
  • Annual Fee – ₹500 from second year onward
  • – Waived on spending more than ₹1.50 lakh in a year
  • Finance charges on revolving credit – 3.40% per month
  • Finance charges on cash advance – 3.40% per month from the point of instance
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ICICI Bank Instant Platinum Credit Card

Offered against a fixed deposit with ICICI Bank

Benefits

  • Reward points earned can be redeemed for cash
  • Every retail spend, except fuel, worth ₹100 to give you 2 PAYBACK points
  • Enjoy a discount of ₹100 on up to 2 movie tickets per month at bookmyshow
  • Get a minimum 15% discount on dining at over 800 restaurants via Culinary Treats Program

Fees & Charges

  • Joining Fee – NIL
  • Annual Fee – NIL
  • Finance charges on retail purchases – 2.49% per month, if the outstanding balance is not fully paid. No interest will be charged on making full payment on or before the due date
  • Finance charges on cash advance – 2.49% per month. Charges will be levied from the time of cash withdrawal from an ATM.

Axis Bank Insta Easy Credit Card

Offered against a fixed deposit with Axis Bank for a minimum value of ₹20,000

Benefits

  • Up to 100% cash withdrawals
  • Interest-free credit period of 50 days
  • Credit limit up to 80% of the fixed deposit value
  • Minimum 15% off on dining at partner restaurants in India via Dining Delights Program
  • Enjoy global emergency assistance services
  • Get 1% fuel surcharge waiver on refilling vehicle at petrol pumps for transactions worth ₹400-4,000

Fees & Charges

  • Joining Fee – NIL
  • Annual Fee – NIL
  • Finance charges on retail purchases – 2.50% per month on the unpaid balance
  • Finance charges on cash withdrawal – 2.50% per month from the time of withdrawal
  • Cash advance fee – 2.5% of the withdrawal amount, subject to a minimum of ₹250
  • Late payment fee – ₹100-700

YES Prosperity Reward Plus Credit Card

Offered against a minimum fixed deposit of ₹50,000 with YES Bank

Benefits

  • Earn 1250 reward points on spending a total of ₹5,000 within 30 days of the set up date
  • 100 reward points on making 4 transactions worth ₹500 or more within the statement cycle The offer is valid for 6 statement cycles only.
  • 500 reward points for each YES PayNow registration
  • Get 5 reward points per ₹100 spent on your birthday
  • Earn 3 reward points on every ₹100 spent on online and dining
  • 4 reward points to be credited on spending every 100 on international transactions
  • Earn 2 reward points on every ₹100 spent on all other spends
  • Reward points redeemable against an exclusive catalogue of products and air miles. 4 reward points equal to 1 JPMile
  • Get fuel surcharge waiver on vehicle refill at all fuel stations in India for transactions worth between ₹400 and ₹5,000
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Fees & Charges

  • First Year Membership Fee – ₹350, reversed on spending ₹7,500 within 90 days of set up
  • Renewal Membership Fee – ₹350, reversed on spending ₹25,000 within 12 months before renewal
  • Interest rate on revolving credit, cash advance and balance overdue – 2.40% per month for those having a salary or normal savings account with YES Bank
  • Interest rate on revolving credit, cash advance and balance overdue – 3.22% per month for those not having a salary or normal savings account with YES Bank
  • Other charges as applicable

Kotak Mahindra Bank Aqua Gold Credit Card

Offered against a fixed deposit with Kotak Mahindra Bank

Benefits

  • Credit limit – Up to 80%-90% of the fixed deposit, subject to a maximum of ₹12 lakhs
  • Interest-free cash advance for up to 48 days in a year
  • Get 4 free PVR tickets or a cashback of ₹750 on spending ₹1,50,000 in a year
  • Get a cover worth 50,000 against fraudulent usage of the stolen card up to 7 days pre-reporting

Fees & Charges

  • Joining Fee – NA
  • Annual Fee – NIL
  • Interest on revolving credit – 2.99% per month
  • Cash advance fee – ₹300
  • Late payment fee – ₹100-700
  • Over limit charge – ₹500

Note – Fees and charges mentioned across each credit card would also bear 18% Goods and Services Tax (GST)

What is the Credit Limit Offered on FD-backed Credit Cards?

These credit cards come with a credit limit at about 80%-90% of the fixed deposit. If you are a frequent shopper, you better have a greater fixed deposit surplus to enjoy the benefits of these cards at large.

How Do FD-backed Credit Cards Build or Repair Your Credit History?

These cards are an effective tool to build a credit history if someone does not have a repayment track. Also, those wanting to improve their credit score can rely on these cards to do the job. However, they must pay the card dues on time to improve their score.

Personal Loan Interest Rates August 2018
Bajaj Finserv10.99% - 16.00%
Fullerton India14.00% - 33.00%
HDFC Bank11.25% - 21.25%
ICICI Bank10.99% - 18.40%
IndusInd Bank10.99% - 16.00%
Kotak Bank10.99% - 20.99%
RBL13.00% - 18.00%
Standard Chartered Bank10.99% - 14.49%
Tata Capital10.99% - 18.00%
Home Loan Interest Rates August 2018
State Bank of India/SBI8.45% - 9.00%
HDFC8.70% - 9.40%
Bank of Baroda8.50% - 9.50%
LIC Housing8.45% - 8.90%
PNB Housing Finance8.99% - 10.75%
ICICI Bank8.55% - 8.80%
Axis Bank8.50% - 8.85%
Citibank8.85% - 9.65%
Indiabulls Housing Finance Limited8.70% - 9.85%
Kotak Bank8.65% - 8.75%
DHFL9.05% - 9.95%
Reliance Home Finance8.75% - 10.00%
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