An individual’s credit score plays a crucial role in successfully availing a credit card. Hence, every credit card issuer seeks individuals with good credit scores. However, credit scores can only be built if you have obtained advancements, which is why credit card issuers have introduced secured credit cards in the market.
A secured credit card is favoured by payment and used as collateral. Such cards are usually offered to individuals with no or limited credit history. To apply for a credit card, either secured or unsecured, one must carefully choose a lender offering the maximum benefits.
Top Financial Institutions Offering Secured Credit Cards
Usually, financial institutions offer secured credit cards to customers to build their credit profiles. This credit card is provided only after a specific amount is paid to the financial institutions, and that amount acts as a credit card limit. Secured credit cards come with varied features and benefits and are offered to customers who do not have a sufficient credit history.
Nonetheless, to apply for a secured credit card, customers need to check out different financial institutions offering:
1. SBI Advantage Plus Card
This card is one of the best secured credit cards in the market. This card provides exclusive benefits to regular credit cards and utilised domestically and internationally. Here are some of the features and benefits of this credit card:
- Extended credit allows customers to pay off the minimum amount and carry over the balance amount at a low-interest rate. Moreover, the cash withdrawal limit is up to 100% credit limit.
- Card users can transfer the credit from other credits at minimal processing fees.
- This card can be utilised at more than 1 million mastercard or Visa ATMs worldwide
- Using the benefit of the Flexi pay option, transactions can be converted into EMIs
2. Axis Insta Easy Credit Card
This Axis Insta credit card comes with a considerable credit limit and offers fuel surcharge waiver. The features and benefits include:
- Card holders can get a credit limit of up to 80% of their fixed deposit
- Get a fuel surcharge waiver of 1%
- You can withdraw up to 100% of credit limit
- This card brings a platinum chip along with it
- You can avail 15% discount on dining at partner restaurants
- If your transactions exceed Rs. 2, 500, you can transfer them into flexible EMIs
3. Bank of Baroda Prime Credit Card
Interested customers can apply for a credit card from this financial institution. It is issued against a fixed deposit of Rs. 15, 000 and above. Nonetheless, here are the features and benefits of this card:
- Customers can enjoy up to three-lifetime add-on cards for their spouse, children, and siblings above 18 years
- The annual charge for this credit card is zero
- Card holders can enjoy interest-free credit for up to 50 days from the purchase date
- For every Rs. 100 spent, you can receive 4 reward points
- You can also avail of free personal accident insurance coverage and secure your family’s finances
- Reward points can be redeemed as cash and other options at the customer’s convenience
- Customers can enjoy a fuel surcharge waiver at all petrol pumps across the country for making transactions of Rs. 400 and Rs. 5, 000
4. IDBI Bank Imperium Platinum Credit Card
This VISA-branded secured credit card is provided against a fixed deposit. Here is the list of features and benefits:
- You can withdraw cash up to 70% of a credit limit
- This credit card is accepted in more than 29 million outlets globally, and around 9 Lakhs Indian merchants
- You can get up to 48 days of interest-free credit on purchases and manage payment at your convenience
- You can get 500 delight points as a welcome bonus
- For every Rs. 150 you spend on travel, movies or shopping, you will receive 2 delight points
- You can enjoy free delight points for making single transactions of Rs. 1, 500 within a month of car issuance
5. YES Prosperity Rewards Plus Credit Card
This card offers lifestyle benefits, additional reward points and other advantages. Some of the features and benefits include:
- YES Bank’s card protection plan offers necessary coverage in case of card theft, loss, fraud or emergency
- Credit shield coverage is extended in case of accidental death of the primary card holder
- You can get 12, 000 bonus points on spending Rs. 3.6 Lakhs annually
- For every Rs. 200 spend on certain categories, you can receive 2 reward points
- For making transactions between Rs. 400 – Rs. 5, 000 at petrol pumps across the country, you will get a fuel surcharge waiver of 1%.
Hence, if you are planning to apply for a credit card, explore the aforementioned financial institutions and select the one that offers the best deals in varied categories. Moreover, you can apply for a secured credit card to boost credit score as well.