Repayment: You are required to make timely payments on your credit card balance each month. You can use this card for various transactions, just like a regular credit card, including making purchases, paying bills, and withdrawing cash from ATMs. For example, if you deposit INR 50,000, your credit limit might be INR 40,000 to INR 45,000.Ĭard Usage: Once your fixed deposit is in place, you’ll be issued a credit card with the assigned credit limit. The fixed deposit acts as security for the credit card issuer, reducing their risk.Ĭredit Limit: The credit limit on your secured credit card is usually a percentage (example: 80-90%) of the fixed deposit amount. The amount you deposit as collateral will determine your credit limit on the card. This type of credit card is typically designed for individuals with limited or poor credit histories, making it easier for them to access credit and improve their creditworthiness.įixed Deposit: To obtain a credit card against a fixed deposit, you first need to open a fixed deposit account with the issuing bank. What is a Credit Card Against Fixed Deposit?Ī credit card against fixed deposit, often referred to as a “secured credit card,” is a financial product that allows individuals to obtain a credit card by pledging a fixed deposit with a bank or financial institution.
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |