Get a Credit Card against Fixed Deposit

Get a Credit Card against Fixed Deposit

Though it could be easy for salaried employees to get a credit card with no credit history, self-employed persons will have to discover other ways to get one.Most banks and NBFCs now offer secured credit cards against fixed deposits. Still,you may have to uphold a minimum deposit as long as the creditor demands you to. The credit limit on your credit card may be defined to a percentage of the fixed deposit made by you.  
For an instance: If you hold a Fixed Deposit of Rs.80000, then you might get a credit card with an upper limit of Rs.60000, which is 75% of your FD amount.Once, you have established a decent track record of credit conduct for a year or so, the bank might waive off or lower the minimum fixed deposit range.The finest thing about getting a card against your fixed deposit is that your Fixed Deposit will endure to gain interest and you can spend on your credit card. On the other hand,ensure to make your pay credit cards payments on time to make certain you build your credit score.

Leave a Reply

Your email address will not be published. Required fields are marked *