Credit Card Against Fixed Deposit

The banks have now-a-days come up with a novel concept-Credit card against Fixed deposits.  Notwithstanding the good or bad credit history the client has, the banks could sanction such credit card to the client in exchange of minimum documents. In return, the client gets the facility of short-term liquidity. Almost all the banks have now come up with the facility of such credit cards against fixed deposits.

List of 5 Banks offering Credit Card Against FD

Let’s know about some of the best credit cards against fixed deposits given by the leading banks in the country.

1) SBI Advantage Premium Credit Card

When you have fixed deposit in the State Bank group, you could use this credit card across 3,25,000 outlets  across the nation.

Features

  1. You could maintain flexibility in repayment of the sum taken by you.
  2. Apart from this, you could pay the lowest amount in one month and the rest amount could get carried forward to the succeeding month with lowest interest of 2.55% in every month.
  3. The card gives credit free period up to 50 days.
  4. You could withdraw cash completely by 100% from the limit set by SBI.
  5. If you have outstanding amount, you could transfer credit from other credit card to this credit card at minimum processing fees.
  6. You could get supplementary cards along with this card for other family members.

2) SBI Advantage Plus Credit Card

As a slightly different credit card against fixed deposits, you could have up to 85% of the amount of your fixed deposit as credit.

Features

  1. Joining Fee is Rs 500 and additionally will have to pay Annual Fee which is Rs 500
  2. Based on this, your family members could get add-on cards.
  3. You could make payments of your utility bills by making use of this card.
  4. Total grace period to pay the Credit Card Bill is 50 days which is good enough.
  5. If you fail to pay the due amount then will have pay 2.25% rates on monthly basis.
  6. The pending credits of other credit cards could get transferred to this credit card.
  7. You could choose the option of paying back in easy installations.

3) Axis Bank Credit Card 

Going great by its name “Insta-easy Credit Card” , you need to have minimum of Rs 20,000 as fixed deposit for this Credit Card. Please note that there will be initial joining Fees for this Credit Card that is of Rs 500 for the first year.

Features

  1. You need not have to submit income, address, and address for getting this card.
  2. You could simply take this card at a nominal fee of Rs 500.
  3. The charges payable are 2.50% interest per month.
  4. This is a highly protected card with in-built platinum chip.

4) Aspire Credit Card from Central Bank of India

If you have Fixed Deposit with Central Bank of India then you can easily apply for the credit card. The bank issues it solely against the term deposits in the bank.

Features

  1. It has in-built EMV chip for providing security.
  2. As a customer, you could take loan up to 80% of the term deposit.
  3. The bank charges 1.20% interest per month.
  4. There is no requirement for CIBIL check.

5) ICICI Coral Credit Card

ICICI Bank gives Coral Credit Card to its customers, who have fixed deposits with it.

Important aspects of Coral Credit Card

  1. For availing the facilities of Coral Credit Card, you need to become more than 18 years of age.
  2. As a customer with fixed deposits in the bank, you need to have minimum 20,000 cash as fixed deposit.
  3. For this, you would need to pay a special fee of Rs 500, however time to time the ICICI bank bring offers in which they dont charge any joining fees.
  4. Annual Fees is Rs 500 but that also can be waived if you spend Rs 1,25,000 or more.
  5. Same as others banks, who can get 80% of the credit card limit based on the Fixed Deposit amount.

Bonus Tip – IDBI Bank Credit Card 

The IDBI bank recently started offering Credit Card to its customers who having saving or current account in their bank. There are basically 2 ways to get Credit Card from IDBI:

  1. Based on Fixed Deposit (You can check IDBI latest FD rates here)
  2. Based on IT Returned File Report
  • Joining Fees: Rs 500
  • Annual Fees: Rs 500

However Annual Fees can be waived if spend more than Rs 50,000 on annual basis.

So, what are you waiting for, go ahead and apply for the Credit card!!