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Best Secured CC for new user ?
- Thread starter pra1968
- Start date
Better way to open his credit history is to get an add on
I got an add-on at the age of 18 years 1 month and that's more than enough for 3-4 years
After that deep credit history all banks would beg to issue their credit cards if you meet the income criteria
HazelBlotch
TF Select
Which banks report to cibil for add on user?
gabzvee
TF Buzz
Are you sure about this?
I researched online and it seems in India the add-on card holder's credit history isn't affected. Only the primary card holder's.
I've had an addon card with my dad for 7yrs now, but only got a OneCard (secured) 6 months ago, and my credit history is only 6 months
akshayhs
TF Legend
Considering your son is 22 and you being a responsible dad, it's better to get an add-on card under one of your cards and giving it to him especially if he is not earning yet.
That way, your son gets to use it responsibly you knowing how much expenditure is incurred on that card.
That way, your son gets to use it responsibly you knowing how much expenditure is incurred on that card.
HazelBlotch
TF Select
Let's be real, 22 is pretty old, he's not a child anymore. He has to learn how to take care of his own finances
akshayhs
TF Legend
Ideally not starting with a credit card. It can get pretty addicting. Especially when you start initially. I agree he's not a child.
My add-on was with AmEx and it is the oldest one
I guess AmEx does it differently but alas ending the relationship because AmEx isn't for offline
Addon card usages is not reported to Cibil or any other bureaus.
Only primary card is reported
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Last I checked min. 5K and can get 100% limit, and can use for wallet loading, ATM withdrawl without extra charges .
1% reward rate.
Thank you for your suggestion.
But when I file form online...
My pincode is not serviceable......
I would refute that statement as my AmEx add-on is the oldest enquiry and account in my CIBIL and Experian
Not sure about Amex , but add-on cards are not reported to Cibil , and the usage of add-on is directly linked to primary , any default on add-on is reported to primary holder credit report . So in Amex add-on is a separate limit given or it’s shared with primary ?
If a separate limit is given then it would get reported to credit bureaus most likely
Limit is shared with primary but AmEx has reported it as a separate card (with 10% limit of the primary card holder)
Most likely because i got the add-on after sometime my father got the card
My city has Kotak....Features
Credit Card with interest free cash and up to 80% limit on term deposit is the best thing to go for. Apply for Aqua Gold Credit Card at Kotak Bank in 3 easy steps. Click here to know more about the card and to apply for Aqua Gold Credit Card from Kotak Mahindra Bank to avail benefits.www.kotak.com
Similarly good card with decent milestone benefits and other features somewhat equal to IDFC bank.
Min. FD: 6000 (for account holders), 11000 (for non-account)
Limit: Upto 90%
Can get 1% on annual spends of 75K along with normal reward rate, no charges for ATM withdrawl, wallet loading.
Good one to begin with and if Kotak servicing in your location + decent FD rates for now.
Which card you suggest....
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