kiwi195
TF Premier
@TiVoGlObE Kindly update the list
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List of Banks which report Secured Credit Cards Accurate to CICs
My SBM bank co-branded OneCard still reflects as just credit card
Upon raising this with both SBM bank and OneCard they replied that because my credit limit is more than my FD amount they are correctly reporting it as just credit card rather than Secured Credit Card!
This is even legal? A secured card should be a secured card only.. just because they gave me more limit than the FD amount doesn't mean it's become an unsecured card. Any thoughts?
Attachments
TiVoGlObE
TF Select
A secured card should have a limit equal to or less than the collateral you have given to bank. Which in your case is not since the limit is higher than FD so it seems only fair on banks end to have it reported as unsecured. Don't forget these rules are not created by banks but RBI so they are just being complaint with established framework.
If its that important, get your limit reduced to equal or below your FD amount. or get a special FD (minimum 10k I guess) & get a secured card
bing1309
TF Premier
Banks weird behaviors. If you have secured fd card as your first card getting a card of unsecured is difficult but once you have an unsecured credit of even 25k and later on you have lakhs of fd based credit banks are ready to give you unsecured nearly matching fd based. But note only multiple fd in lakhs if found.
