Do you want to flaunt a card in your pocket to seamlessly meet your financial needs? If so, rely on the multiple credit card advantages. Moreover, smartly using it can also improve your CIBIL score and enhance your chances of loan approval.

Sometimes, people fail to meet the eligibility criteria for getting a credit card. In such situations, they can apply for secured options. It’s about getting a credit card against your fixed deposit account. Jump into this article to learn more about them.

Benefits of Credit Cards Against FD

Are you not too sure about choosing a fixed deposit-based credit card? Learning about its benefits below might help you make up your mind:

• Easy Approval: You don’t need to show any credit history or proof of income to get these special credit cards. So, getting approval for them is easy. Even students can think about applying for them.
• Establish Credit History: Do you want to create a strong financial record? Use your credit card with a sense of responsibility. As a result, your credit score will go higher and showcase you as a reliable borrower.
• FD Interest: You will have to use your FD as collateral to get these credit cards. But it won’t prevent your fixed deposit account from generating returns as usual.
• Lower Fees: Banks usually charge a minimal joining and yearly fee for these credit cards. In fact, you don’t need to worry about joining or annual fees at all when you obtain a credit card against your fixed deposit from IDFC FIRST Bank.

Eligibility Criteria

If you want a credit card against FD, try to fulfil the following requirements:

• Age: The bank specifies the age bracket. You will have to be at least 21 to get a credit card. If you want to know about the upper limit, it’s 65 years in most cases.
• Fixed Deposit Account: It’s a no-brainer that you need an FD account in the issuing bank to get these cards. What happens when you don’t have an existing one? Simply create one before submitting the credit card application.
• Minimum FD Amount: Banks have specified the balance in an FD account to get a credit card against it. A minimum of Rs 10,000 is enough to get your IDFC FIRST WoW credit card.

Application Process

Are you wondering how you can get a credit card against fixed deposit? Follow these steps:

1. Create your fixed deposit account with the bank issuing these cards.
2. Fill out an application form to get your secured credit card.
3. Submit KYC documents to complete your application for a credit card against a fixed deposit.
4. Let the bank verify and approve your application.

Wrapping Up

People who have just started earning will largely benefit from credit cards against FD. Moreover, these are suitable for individuals who are unable to meet the eligibility criteria for obtaining an unsecured credit card. If you are one of them, apply for these credit cards today.