About Secured CC's

[Trehre]

Just a question on secured cc's in general

Do you still get regular interest payouts with this like a generic FD?
or would both the principal and accrued interest be locked until you cancel the card?

Couldn't find any definitive answer as everyone advertises it as you still earn interest. nothing on payouts.
Primarily looking at the Stable money CC and Niyo SBM CC.

Thanks in advance 🙂

 

[aishwarya]

Just a question on secured cc's in general

Do you still get regular interest payouts with this like a generic FD?
or would both the principal and accrued interest be locked until you cancel the card?

Couldn't find any definitive answer as everyone advertises it as you still earn interest. nothing on payouts.
Primarily looking at the Stable money CC and Niyo SBM CC.

Thanks in advance 🙂

You'll get interest, but won't be able to withdraw it, both interest and principal are in auto renewal mode.

 

[Dr.AMAN]

Just a question on secured cc's in general

Do you still get regular interest payouts with this like a generic FD?
or would both the principal and accrued interest be locked until you cancel the card?

Couldn't find any definitive answer as everyone advertises it as you still earn interest. nothing on payouts.
Primarily looking at the Stable money CC and Niyo SBM CC.

Thanks in advance 🙂

Dont know about SBM bank but for IDFC Wow CC, u have to choose the 1yr FD by default if u want the wow CC. Whatever interest rate is apppicable for 1yr FD will apply to u too. U will get the interest at the end if 1 yr and only the Principal will get renewed again (no quarterly interest payout option). If u want to break the fd u will have to cancel the Wow card first. I guess the same may apply to other banks' secured CCs too

 

[aishwarya]

Dont know about SBM bank but for IDFC Wow CC, u have to choose the 1yr FD by default if u want the wow CC. Whatever interest rate is apppicable for 1yr FD will apply to u too. U will get the interest at the end if 1 yr and only the Principal will get renewed again (no quarterly interest payout option). If u want to break the fd u will have to cancel the Wow card first. I guess the same may apply to other banks' secured CCs too

Not for Kotak 811, at the time I applied in 2022, they didn't allow me to interest payout

 

[aishwarya]

Dont know about SBM bank but for IDFC Wow CC, u have to choose the 1yr FD by default if u want the wow CC. Whatever interest rate is apppicable for 1yr FD will apply to u too. U will get the interest at the end if 1 yr and only the Principal will get renewed again (no quarterly interest payout option). If u want to break the fd u will have to cancel the Wow card first. I guess the same may apply to other banks' secured CCs too

But this is new info to me that IDFC wow is allowing payouts, I'll use this

 

[Trehre]

Dont know about SBM bank but for IDFC Wow CC, u have to choose the 1yr FD by default if u want the wow CC. Whatever interest rate is apppicable for 1yr FD will apply to u too. U will get the interest at the end if 1 yr and only the Principal will get renewed again (no quarterly interest payout option). If u want to break the fd u will have to cancel the Wow card first. I guess the same may apply to other banks' secured CCs too

Interesting. IDFC is on the table now.

Good to know only the principal gets renewed

 

[Tejo]

Just a question on secured cc's in general

Do you still get regular interest payouts with this like a generic FD?
or would both the principal and accrued interest be locked until you cancel the card?

Couldn't find any definitive answer as everyone advertises it as you still earn interest. nothing on payouts.
Primarily looking at the Stable money CC and Niyo SBM CC.

Thanks in advance 🙂

I have experienced with onecard sbm and supercard utkarsh .... they are not at all giving any option, by default its re-invest ob maturity date

When I take icici platinum secure card, I created fd with monthly payout, then i applied fd cc from app.

so just going with normal secured cards which lien existing fd and give card are best. HDFC provides, all variant on fd. You can also try axis, indus

 

[Tejo]

Dont know about SBM bank but for IDFC Wow CC, u have to choose the 1yr FD by default if u want the wow CC. Whatever interest rate is apppicable for 1yr FD will apply to u too. U will get the interest at the end if 1 yr and only the Principal will get renewed again (no quarterly interest payout option). If u want to break the fd u will have to cancel the Wow card first. I guess the same may apply to other banks' secured CCs too

my idfc ac was closed, I paid via kotak for wow, in fd advise it shows "interest pay mode : re-invest"

 

[Dr.AMAN]

my idfc ac was closed, I paid via kotak for wow, in fd advise it shows "interest pay mode : re-invest"

I closed my wow CC 6 months back and got the payout option. Dont know if they have changed it now. But frankly Wow card has lost its charm. Getting only 0.65% CB and 6% interest rate is very bad. Better to get Supermoney FD card to get atleast 1% cb. For specifically zero forex cards better to go for scapia, neo, Uni gold, Fi etc

 

[Dr.AMAN]

Interesting. IDFC is on the table now.

Good to know only the principal gets renewed

Bro take it with a pinch of salt. As @Tejo has already pointed out thag now IDFC has removed this payout option. I dont want to test out personally in my IDFC app otherwise there will be a Cibil enquiry as soon as I click on the FD Card option. The FD interest rate is also very low now in IDFC

 

[Trehre]

Bro take it with a pinch of salt. As @Tejo has already pointed out thag now IDFC has removed this payout option. I dont want to test out personally in my IDFC app otherwise there will be a Cibil enquiry as soon as I click on the FD Card option. The FD interest rate is also very low now in IDFC

Oh, I was told there's no cibil hit with a secured card.

 

[Dr.AMAN]

Oh, I was told there's no cibil hit with a secured card.

U Dont need a cibil score. But they will do a cibil hit as a routine procedure as soon as u click in the Apply now button in IDFC App

 

[Trehre]

U Dont need a cibil score. But they will do a cibil hit as a routine procedure as soon as u click in the Apply now button in IDFC App

I see. thanks for the heads up.