Best Credit Cards Against Fixed Deposit

Credit Cards Against Fixed Deposit

A credit card is generally an unsecured debt that gives 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 the interest-free credit period. However, due to the lack of a good credit score, an unsecured credit card can be denied to you. And so, you need to submit collateral such as a fixed deposit to get a credit card. These cards are known as credit cards against fixed deposit 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 the best credit cards against FD to choose from, you can check all that in this article.

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    List of 7 Best Credit Cards Against FD October 2022

    Here’s a list of credit cards that come with a lien of fixed deposit and you can explore them in the table below. You can also see the credit limit of these cards that are given against the fixed deposit.

    Credit Cards Against Fixed DepositCredit Limit/Minimum FD NeededFees
    SBI Advantage Plus CardEnjoy a Credit Limit of up to 100% of the Fixed Deposit on this credit card.- Annual Fee – ₹500
    - Renewal Fee – ₹500
    SBI Card UnnatiMake a hassle-free withdrawal from the credit card of up to 80% of the credit limit.Annual Fee – ₹499 (from 5th Year)
    ICICI Bank Coral Credit CardYou will need a minimum FD of INR 30000 or more with a minimum tenure of 180 days to apply for this credit card.- Annual Fee – ₹1000
    - Renewal Fee – ₹500
    ICICI Bank Instant Platinum Credit CardA minimum FD of ₹20000 or more is needed with a minimum tenure of 180 days to apply for this credit card.NIL
    Axis Bank Insta Easy Credit CardGet a credit limit of 80% of the value of the fixed deposit.NIL
    YES Prosperity Reward Plus Credit CardA minimum Fixed Deposit of ₹30000 or more is needed to apply for this credit card.- Annual Fee – ₹350
    - Renewal Fee – ₹350
    Kotak Mahindra Bank Aqua Gold Credit CardEnjoy a credit limit of up to 80% to 90% of the Fixed Deposit on this credit card- Annual Fee – As per Bank’s Norms
    - Renewal Fee – NIL
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    Features and Benefits of Credit Cards Against Fixed Deposit

    Now here you can explore the features and benefits of these credit cards and make a choice among them to get the best deals and offers.

    SBI Advantage Plus Card

    This credit card is offered against the fixed deposit at the 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.
    • It is one of the best credit cards against FD because you will get up to the 100% cash withdrawal limit.
    • Credit card is 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 banks’ credit cards 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.

    Fees & Charges

    • 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 are 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

    • 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 on one of the best credit cards against a fixed deposit.

    Fees & Charges

    • Waive the fee by 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.

    ICICI Bank Instant Platinum Credit Card

    Offered against a FD with ICICI Bank.

    Benefits

    • Reward points earned can be redeemed for cash.
    • Every retail spend, except fuel, is 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
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    Fees & Charges

    • 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 FD with Axis Bank for a minimum value of ₹20,000

    Benefits

    • Up to 100% cash withdrawals against the credit limit.
    • Interest-free credit period of 50 days.
    • Enjoy a credit limit of 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 a 1% fuel surcharge waiver on refilling vehicles at petrol pumps for transactions worth ₹400-4,000.

    Fees & Charges

    • 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 fixed deposit with YES Bank

    Benefits

    • Earn 1250 reward points on spending a total of ₹5,000 within 30 days of the setup 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 online and on 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 spendings.
    • Reward points redeemable against an exclusive catalogue of products and air miles. 4 reward points equal to 1 JPMile.
    • Get a fuel surcharge waiver on vehicle refill at all fuel stations in India for transactions worth between ₹400 and ₹5,000.

    Fees & Charges

    • Reverse Membership Fee by spending ₹7,500 within 90 days from the card setup.
    • Reverse Renewal Fee by spending ₹25,000 within 12 months before renewal.
    • The interest rate on revolving credit, cash advance and balance overdue is 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 is 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.
    • It is also one of the best credit cards against fixed deposits because you will get an 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

    • 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 of 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 Credit Cards Against FD 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.

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