Many of you will surely agree on the fact that when it comes to buy today and pay tomorrow it has never been the mantra of Indians in general. Well, all thanks goes to the Ecommerce, along with the fact that carrying the plastic money is easy, hence this is the reason that the credit card usage has increased tremendously well over the years.
However, with that said, it would not be wrong to say that the bad credit score spoils the fun for those who find it difficult to get the hold of a decent credit card. But, nothing to worry as there are still some credit cards for such people to avail, and at the same time improve their credit score also.
Secured credit cards
If you are having a low credit score, there is no denying on the fact that owning a secured credit card is definitely a best option in order to boost your score. Moreover, all you need to do is just deposit the cash collateral that will form the credit line for your account. Well, the credit limit on the card issued against the collateral just like a fixed deposit. Yes, it is little below than the collateral amount. Generally, it is somewhere close to 80% of the collateral amount.
Benefits of secured credit cards
More to the point, as far as bank is concerned, there is no risk involved in case of the secured credit card. But, what all benefits will you get with a secured credit card.
Here are some reasons:
Zero debt
With secured credit cards the best thing is the fact that there is no risk involved of defaulting the payment as it is been provided against the collateral.
Rebuild your credit score
Smartly using and making payments towards the secured credit card on time automatically adds up in your credit score. Well, through this way, you will be able to get a good score so as to get the better deals on other credit cards or loans.
Where do you get these cards?
Well, it is a very good question. There are few banks that offer secured credit cards to those who are having low credit score. And, the best ones are:
- Axis Insta Easy Credit Card
Fees & Charges
Joining Fee:Rs.500
Annual Fee:Nil
Privileges of Axis Insta Easy Credit Card
- Earn 6 points on domestic spends for every Rs. 200 spent through your credit card
- Earn 12 points on international spends for every Rs. 200 spent through your credit card
- Earn 100 points on your first online transaction
- 5% fuel surcharge waiver on all fuel transactions
- Choose any limit up to 80% of the FD principal value
- Convert your transaction of INR 2,500 or more into EMI
Features of Axis Insta Easy Credit Card
- Highest Level of Security
- Upto 100% Cash Withdrawal
- Free credit period of up to 50 days
- Fuel Surcharge Waiver
- Credit Limit as high/ low as you want
- Guaranteed Approval
- Global Emergency Assistance
- Loyalty Rewards Program
- Convert purchases to EMI
- ICICI Bank Coral Credit Card
Fees & Charges
Joining Fee:Rs.1000+Taxes
Annual Fee:Rs.500+Taxes
Privileges of ICICI Bank Coral Credit Card
2X Cash rewards on dining, groceries and at supermarkets.
- Complimentary Provogue tie on joining.
- 2 complimentary domestic airport lounge visits per quarter
- 2 complimentary movies every month under the buy one get one offer through www.bookmyshow.com
- Earn 4 payback points on every Rs. 100 spent on dining, groceries and at supermarkets
- Minimum 15% savings on dining bills at over 800 restaurants across India through Culinary Treats Program
Features of ICICI Bank Coral Credit Card
- Unlimited Cash Rewards
- Payback Points
- Airport Lounge Access Privilege
- Savings on Fuel Purchases
- Offers on Dining, Wellness and Hotels
- SBI Advantage Plus Card
Fees and Charges
Joining Fee: Rs.500
Annual Fee:Rs.500
Add on Fee: Nil (per annum)
Privileges of SBI Advantage Plus Card
- Global acceptance
- Avail Encash facility
- Cash on the go
Features of SBI Advantage Plus Card
- Ready Cash
- Add-on Cards
- Easy Bill Pay Facility
- Cash on the Go
- Utility Bill Payment Facility
- Flexipay
- Easy Money Facility
- Balance Transfer on EMI
