Many people often go to the bank for credit cards and the bank does not give the card. But if you have got FD done in any bank, then you can take credit card immediately on the basis of it.
Despite having an account in the bank, many times people are unable to get credit cards and they keep going round the banks. If the same is happening with you then there is no need to worry now. Because now many banks are giving credit cards on the basis of Fixed Deposit (FD). If you have got FD done in any bank then you can take advantage of this facility.
Credit cards available on the basis of FD are also considered better than other credit cards and the interest rate is also being told less in this. People with low credit score can also get this card. Let us tell you about the features and benefits of this credit card.
Credit card making process
FD based credit cards are given only to those people who have FD in the bank. The limit of this credit card is also decided on the basis of FD. The bank records the amount of FD as security, so people with low credit score can also take this card. Many banks are offering this credit card. These include State Bank of India, ICICI, Axis Bank etc. Every bank has different rules for the card.
Advantages of FD based credit card
There are many benefits of FD based credit cards. You do not have to provide documents for this card and it is easily available. Shopping, paying bills etc with this credit card will help you in improving your credit history and credit score. Along with this, the interest rate on this card is also low. If you have got an FD in the bank and want to take this card, then you can contact your bank.
