Best Secured Credit Cards

Card Insider Brodcast

Thinking of applying for a credit card but worried that you won’t get one probably because you have a low or no credit score. Then you don’t have to worry about this because credit card issuers introduced a complete chain of secured credit cards to meet this requirement. Now the question is What are secured credit cards and how are they different from other credit cards? Secured Credit Cards are issued against the fixed deposit. You need to maintain a fixed deposit for a certain period with the bank in order to become eligible to get a credit card.

Fixed deposits act as collateral, saving the credit card issuers from the loss in case the cardholder defaults on the payment of credit card bills. Some of the famous secured credit cards are SBI SimplyClick Credit Card, SBI SimplySave Credit Card, ICICI Bank Coral Credit Card, and the list goes on. You can check the complete list on https://cardinsider.com/best-secured-credit-cards-in-india/.

Before applying for a credit card you need to analyze some parameters like your needs, spending habits, financial stability, etc. Once everything is clear you can proceed further to apply for a credit card. If you are a first-time credit card user then you should begin your credit journey with secured credit cards or lifetime free credit cards. Just bear in mind you need to keep your credit card dues clear all the time and maintain a low credit utilization ratio in order to build a good standing account. If you default on the payment of the secured credit card bills then the credit card issuers will deduct the amount from your secured credit card.

If you do not wish this to happen then use your credit card more wisely. Secured credit cards are best suited for building a good credit score with time. Once you are familiar with the credit card working and can manage a credit card without any collateral then you can apply for the upgraded credit cards.