There are many options for a secured credit card in India, which can be beneficial and confusing. Having multiple options on your hands allows you to make a well-informed decision that’s good for your finances in the long run. However, the myriad of secured credit card types available now can make choosing the right one a daunting process.
To simplify your decision, here are some of the top options for a secured credit card in India:
One Credit Card
The One Credit Card is a smart option for the tech-savvy generation who likes saving money. Before applying, check out the features and benefits you can enjoy:
- Minimum Deposit: ₹5,000 to up to ₹1 Lakh
- Joining and Renewal Fees: No charges
- Interest Rate: Depending on your eligibility
- Easy EMI conversion of your purchases
- Get 5X reward points on your top two category spends
- Earn lucrative interest of 7.5% on your FD
ICICI Bank Instant Platinum Credit Card
This card aims to provide hassle-free credit to its customers so they can build their credit score. So, if that is your goal, then here are its features:
- Minimum Deposit: Starting ₹50,000
- Joining and Renewal Fees: Lifetime free Credit Card
- Interest Rate: Starting at 2.49% per month
- Minimum tenure: 180 days with auto-renewal
- Make contactless payments when shopping at retail outlets
- Earn 2 reward points on every ₹100 spent
- Enjoy 2.5% fuel surcharge waiver on all HPCL Petrol Pumps on transactions of up to ₹4,000
IDFC FIRST Bank Wow Credit Card
What makes the IDFC FIRST Bank Wow Credit Card a good option is that it offers many lifestyle perks with exclusive privileges. Take a look at these features:
- Minimum Deposit: As per the bank’s terms
- Joining and Renewal Fees: ₹200, exclusive of taxes
- Interest Rate: Varies depending on your age and occupation
- ATM withdrawal allows for ₹199 cash advance charge
- Discounts at 300+ merchants and 1500+ restaurants
- Earn up to 4X reward points on all your spends
Kotak 811 #DreamDifferent Credit Card
This secure credit card option has one of the best cashback programs in the market and a hassle-free application process. Check out its key details to compare with other credit card options:
- Minimum Deposit: ₹10,000 onwards
- Joining and Renewal Fees: Nil charges on joining and renewal
- Interest Rate: 3.50% per month
- Earn 2 reward points for every ₹100 online and 1 reward point on other spends
- Enjoy 48 days of interest-free period on cash advance
- Exclusive benefits with milestone programs
Bank of Baroda (BoB) Prime Credit Card
To get a secured credit card with the most savings, consider the Bank of Baroda Prime Credit Card. To decide, here are its features:
- Minimum Deposit: ₹15,000
- Joining and Renewal Fees: Nil
- Interest Rate: 3.25% per month
- Earn up to 2 reward points on every ₹100 spent
- EMI option on purchases over ₹2,500 for a tenure ranging from 6 to 36 months
- Zero liability on loss or theft
- 50 days of interest-free credit period after shopping
Things to Remember When Applying for a Secured Credit Card
Deciding the best credit card depends on your goals and repayment capacity. Here are some essential facts you must keep in mind:
- Check the credit limit offered; some issuers offer 100% of the FD as the credit limit.
- You can increase the credit limit over time by increasing the FD amount.
- Most issuers offer this credit card without income proof.
- Issuers have a minimum fixed deposit tenure, so check you before you apply.
- Always read the terms and conditions carefully.
- Check the interest rates, fees, and other charges before making a decision.
- Choose a card with low costs to maximise your savings and benefits.
- Evaluate the reward points system according to your spends to get the maximum benefits.
After comparing all your options, you can easily decide which card is ideal to manage all your financial needs. Remember, thorough research on credit card types will allow you to select the most affordable option. This is important, as it helps make payments on time and build a good credit score.
Once you are ready to upgrade to a regular credit card, the One Credit Card is a suitable option that you can consider. This card offers up to 5X rewards on top two spends, lets you convert big-ticket purchases into easy EMIs, and provides exclusive dining and shopping perks.
What’s more, you can track your credit card expenses while being able to spend confidently, thanks to its robust mobile application. Apply now and enjoy these exciting benefits all in one place!
