Best Secured Credit Cards

Created on 28 Sep 2023

Wraps up in 5 Min

Read by 4.7k people

Updated on 29 Nov 2023

Who does not want to secure themselves? Me, you, everyone wants a sense of security and the same is the case with banks. When they are giving out credit, they also want to secure them.
And, that is why they introduced secured credit cards.

What are secured credit cards?

Secured credit cards are a type of credit card that requires you to deposit a certain amount of money as collateral with the bank or the credit card issuer. This amount is usually equal to or a percentage of your credit limit. For example, if you want a secured credit card with a limit of ₹10,000, you may have to deposit ₹10,000 or ₹5,000 as collateral.

The collateral acts as a security for the bank in case you default on your payments. If you fail to pay your dues, the bank can use the collateral to recover the outstanding amount. However, if you pay your bills on time and in full, you can enjoy the benefits of a secured credit card without any risk.

Why should you get a secured credit card?

Secured credit cards are ideal for people who have no or low credit history or score. If you are new to credit or have a poor credit score due to past mistakes, you may find it difficult to get approved for a regular or unsecured credit card. A secured credit card can help you build or improve your credit score by reporting your payment history to the credit bureaus.

Now, let us explore some of the best secured credit cards.

Best Secured Credit Cards

1. IDFC FIRST Bank Wow Credit Card

If you want a credit card that is easy to get and use, you can try the IDFC FIRST Bank Wow Credit Card. It is a card that you can get by having a fixed deposit of at least ₹5,000 in the bank as a security. 

You can spend up to 90% of that amount on your card. You also get some amazing benefits like 5% cash back on your first EMI purchase within 90 days, a 1% fuel surcharge waiver on fuel transactions with the maximum benefit being capped at ₹200 per month, 20% off at many restaurants, and insurance for accidents up to ₹2,00,000. And the best part is that you can use this card anywhere in the world without paying any extra fees i.e., there is no foreign transaction fee.

To get this card, all you need is to be an Indian citizen who is 18 years or older and have a fixed deposit of ₹5,000 or more.

2. Kotak 811 #DreamDifferent Credit Card

Do you want a credit card that lets you #DreamDifferent? Then you should check out the Kotak 811 #DreamDifferent Credit Card. 

It is a card that you can get by having a fixed deposit of at least ₹10,000 in the bank as a guarantee and getting a card with a credit limit of 90% of your deposit. You also get some great perks like no extra charges on fuel and railway tickets, free cash withdrawals, easy approval, and cashback when you reach certain milestones. You also get a welcome gift of 500 reward points, a 1% fuel surcharge waiver, discounts on IRCTC and Indian railway bookings, and free PVR movie tickets when you spend ₹75,000 or more in a year. 

To get this card, all you need is to be an Indian resident who is 18 years or older and have a fixed deposit of ₹10,000 or more.

3. Axis Bank My Zone Easy Credit Card

Do you want a credit card that helps you build your credit and gives you rewards? Then, you should try the Axis My Zone Easy Credit Card.

It is a card that you can get by having a fixed deposit (of at least ₹20,000) in the bank as a security. You can use your card for shopping and get 4 reward points for every ₹100 you spend. You also get 25% off on movie tickets, 15% or more on dining out, and a 1% fuel surcharge waiver and cash withdrawals. This card comes at a reasonable fee, as you only have to pay ₹500 once when you join and every year after that. This card is perfect for you if you are new to credit or want to manage your expenses better.

To get this card, all you need is to be an Indian resident who is 18 years or older and have a fixed deposit of ₹20,000 or more.

4. ICICI Bank Instant Platinum Credit Card

Do you want a credit card that is easy to get and saves you money? Then, you should definitely look at the ICICI Bank Instant Platinum Credit Card. 

It is a card that you can get by having a fixed deposit (of at least ₹20,000) in the bank for at least 180 days as a security. You can use your card for anything and get reward points for every purchase. You also get discounts on dining and movies, a fuel surcharge waiver, and low-interest rates on unpaid balances. The best part is that you don't have to pay any joining or renewal fees for this card. This card is great for you if you love movies and shopping. You can get 25% off on movie tickets when you book at least two tickets in one go on BookMyShow.

To get this card, all you need is to be an Indian resident who is 18 years or older and have a fixed deposit of at least ₹20,000 with a minimum tenure of 180 days.

5. Bank of Baroda (BoB) Prime Credit Card

Do you want a credit card that is easy to get and free to use? Then, you should consider the Bank of Baroda Prime credit card. 

It is a card that you can get by having a fixed deposit in the bank as collateral. You can use your card for anything and get 4 Rewards for every ₹100 you spend. These Rewards are like 1% cashback that you can use for many things, like shopping and gift vouchers. You also get a 1% fuel surcharge waiver on fuel transactions between ₹400 and ₹5,000, up to ₹250 per month.

To get this card, all you need is to be an Indian resident who is 21 years or older and have a fixed deposit of at least ₹15,000.

Conclusion

We hope you found this blog informative about secured credit cards and how they can benefit you. Secured credit cards are an excellent way to build or improve your credit score. They offer you a credit limit based on your fixed deposit amount and come with a range of benefits such as cashback, discounts, rewards, and insurance. You can select from a variety of secured credit cards available in India to find the right fit for your needs and preferences.

To use your secured credit card effectively, it is crucial to pay your bills on time, keep your credit usage below 30%, and monitor your credit score and report regularly. A secured credit card can help you achieve your financial goals, so don't hesitate to apply for one today and secure your future.

If you want to find the best-secured credit card for you, you can go to Select by Finology, where you can find, compare and apply for the card that is perfect for you.