Discover the top 5 secured credit cards in India for 2024! Learn how these cards can help you build or rebuild your credit score effortlessly.
For individuals looking to build or rebuild their credit score, secured credit cards are an excellent starting point. Backed by fixed deposits, these cards are accessible, require minimal documentation, and help establish a strong credit profile. Here’s a look at the top secured credit cards in India for 2024, curated for their unique benefits and ease of application.
SBI Unnati Credit Card
Fixed Deposit Requirement: Minimum ₹25,000 with SBI.
Fees: No annual fee for the first 4 years.
₹499 + GST annual fee from the 5th year onwards.
Features: 1 Reward Point per ₹100 spent (exclusions apply).
1% fuel surcharge waiver for transactions between ₹500 and ₹3,000.
₹500 cashback on annual spending of ₹50,000 or more.
Ideal For: Beginners looking to establish a credit history with basic rewards.
IDFC FIRST WoW Credit Card
Fixed Deposit Requirement: Minimum ₹10,000.
Fees: Lifetime free card with no joining or annual fees.
Features:
Up to 4X Reward Points (1 RP = ₹0.25; no expiry).
1% fuel surcharge waiver.
Zero forex markup fees for international transactions.
₹2 lakh personal accident cover.
Easy EMI options for transactions above ₹2,500.
Ideal For: Cost-conscious users who prefer cashback and fee-free transactions.
Axis My Zone Credit Card
Fixed Deposit Requirement: Typically ₹20,000 with Axis Bank.
Fees: Annual fee of ₹500 (waived on annual spends above ₹2,00,000).
Features:
Cashback on movie tickets via BookMyShow.
Up to 4X rewards on select categories like dining and shopping.
Access to select airport lounges.
Ideal For: Entertainment and dining enthusiasts.
HDFC Regalia First Credit Card
Fixed Deposit Requirement: Minimum FD required with HDFC Bank.
Fees:
Annual fee of ₹1,000.
Features:
4 Reward Points per ₹150 spent.
Complimentary airport lounge access.
Discounts on dining and travel.
Ideal For: Travelers looking for a premium secured card.
Axis Insta Easy Credit Card
Fixed Deposit Requirement: Minimum FD of ₹20,000 with Axis Bank.
Fees:
No joining or annual fees.
Features:
Credit limit up to 80% of FD value.
1% fuel surcharge waiver on ₹400–₹4,000 transactions.
Up to 100% cash withdrawal of credit limit.
15% discount at partner restaurants.
Chip-and-PIN security and EMI conversion options.
Ideal For: Beginners seeking a fee-free secured credit card with dining and fuel benefits.
Rupicard
Fixed Deposit Requirement: Typically linked to a basic deposit.
Fees:
Low or no annual fees for the first year.
Features:
Customizable reward categories like groceries or travel.
Cashback options across utilities and daily expenses.
Ideal For: Users seeking flexibility in choosing rewards.
Why Choose Secured Credit Cards?
Secured credit cards are a lifeline for people with limited or no credit history. By linking your card to a fixed deposit, you enjoy:
- Guaranteed Approval: Minimal risk for banks ensures easier eligibility.
- Credit Building: Regular payments are reported to credit bureaus, helping improve your score.
- Flexible Spending: Use your card like any other credit card and earn rewards in the process.
How to Pick the Right Secured Credit Card?
When choosing a secured credit card, consider:
- Fixed Deposit Requirement: Opt for a card that matches your financial capacity.
- Rewards and Benefits: Look for cards with perks that align with your spending habits.
- Fees: Compare annual fees and additional charges to maximize value.
Final Thoughts
Building a credit score in 2024 doesn’t have to be difficult. These top secured credit cards provide an accessible way to establish financial credibility while enjoying a range of benefits. Whether you’re a first-time cardholder or looking to improve your credit, these cards can help you achieve your financial goals with ease.
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