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You must have seen your friends, colleagues & relatives use Credit Cards. But you are unable to apply for a Credit Card or your application is getting rejected for some reason. You don’t have to worry now as this article will present the easiest and the fastest way to own a credit card.
- 10 Precautions you must take to prevent Credit & Debit Card Frauds
- Know the Procedure to check PAN Card holder Address
What are the common causes for Rejection of a Credit Card Application ?
- Do not have Income Proof
- Additional Documentation not complete
- High Loan Balances
- Income is too low
- Having a limited Credit History
With the increasing use of plastic money in the form of Credit Cards, Some banks offer a unique credit card which has some extra benefits as well. Now you can have a Credit Card against a Fixed Deposit.
What are benefits and ease of owning a Credit Card Against Fixed Deposit ?
- No income Proof required
- No Additional Documents Required
- With a Fixed Deposit of just Rs.20000, you can own a Credit card
Credit Cards against Fixed Deposit from 4 leading Banks in India
ICICI Bank Coral Credit Card
For owning a Coral Credit Card from ICICI you must open a New Fixed Deposit or use your existing Fixed deposit. Your Credit Card will be issued against the Fixed Deposit. You can enjoy the interest of the Fixed Deposit as well as the Benefits of Credit Card.
Terms & Conditions :-
Minimum Tenure of Fixed Deposit : 6 Months
Minimum Fixed Deposit : Rs.20,000
Credit Limit : 85% of Fixed Deposit
Joining Fee : Rs.500
Axis Bank Insta Easy Credit Card
To get an Insta Easy Credit Card from AXIS Bank, you just need to walk in to any of the AXIS Bank Branch in India. Just Open a Fixed deposit or use your existing FD to get your Insta Easy Credit Card.
Terms & Conditions :-
Minimum Tenure of Fixed Deposit : 6 Months
Minimum Fixed Deposit : Rs.20,000
Maximum Fixed Deposit : Rs.25,00,000
Credit Limit : Choose any limit upto 80% of your Fixed Deposit
Joining Fee : Rs.500
SBI Advantage Plus Card
Open to any of the SBI Branches across India. Open a new Fixed Deposit or use your existing Fixed Deposit to get your SBI Advantage Plus Gold & More Credit Card. Check out the below mentioned Terms & Conditions to Get SBI Credit Card against Fixed Deposit.
Terms & Conditions :-
Minimum Tenure of Term Deposit : 6 Months
Minimum Term Deposit : Rs.20,000
Credit Limit : 70% of Term Deposit
Joining Fee : Rs.500
Annual Fee : Rs.500
ING Vysya Credit Card against Fixed Deposit (Note that ING Vysya is now Kotak Mahindra Bank)
You just need to walk in to a branch of Kotak Mahindra Bank in India. Apply for a Credit Card against a new Fixed Deposit or you can use your exiting Fixed Deposit.
Terms & Conditions :-
Minimum Tenure of Term Deposit : 1 Year with Auto Renewal
Minimum Term Deposit :
- Solaris Credit Card : Rs.20,000
- Galaxia Credit Card : Rs.1,00,000
Maximum Term Deposit : Rs.25,00,000
Credit Limit : Upto 80% of Fixed Deposit
Remember : Your Credit Card will be live only till you operate your Fixed Deposit. If you wish to close or stop using your credit card, do write an application to the branch manager and complete any other formalities. Clear all your dues before closing a Credit Card or else it will badly hit your CIBIL Score.
Hope you like to read about getting a Credit Card Against Fixed Deposit in India. If you have any queries, you can leave your comments below.
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