Need a credit card for my Father

[prankster]

My father is a farmer, age 62, holds a bank account in SBI.
Tried getting the Kisan Credit Card but the manager mentioned a condition that the customer needs a Crop Loan to apply for this card.
I'm fine with a small FD for getting a CC.
What other options are available?

 

[Anupama_Jha]

My father is a farmer, age 62, holds a bank account in SBI.
Tried getting the Kisan Credit Card but the manager mentioned a condition that the customer needs a Crop Loan to apply for this card.
I'm fine with a small FD for getting a CC.
What other options are available?

Why are you taking cc for him? If you see, on almost every bank's eligibility criteria mentions min 18/21 - max 60/65 age. Citing, he doesn't have any prior cibil score, it's even more difficult for getting unsecured cc.

Anyway, the least amount for FD Cc is 5k, go with IDFC WOW.

 

[prankster]

He's looking to park some money, and CRED mint makes sense for a short period but CRED needs a CC to get started.

 

[Anupama_Jha]

He's looking to park some money, and CRED mint makes sense for a short period but CRED needs a CC to get started.

Cred MINT for 12% annual returns?

Is it secured by DIGC?

Ur thoughts on cred mint, Mobikwiwk xtra, bharatpe 12%, etc @SSV @vaibhav111 @Vasuki @TechnoFino

 

[Aditya12]

Cred MINT for 12% annual returns?

Is it secured by DIGC?

Afaik not only it is not secured via dicgc, it’s very risky too. I’d prefer large cap MF over it. Or short term funds the aim is to get higher interest than FD. Can easily get 12%.

Update - Can also look at FD via small finance bank. Can get around 9% secured via digcg

 

[SSV]

Ci don't prefer anyred MINT for 12% annual returns?

Is it secured by DIGC?

Ur thoughts on cred mint, Mobikwiwk xtra, bharatpe 12%, etc @SSV @vaibhav111 @Vasuki @TechnoFino

I don't prefer any of these

 

[RAMESH BABU N]

I suggest that

1. You can opt for an add-on card for him, if you have any credit card.

2. Being a farmer n senior citizen, avoid giving unwanted headache of dealing with private lenders n NBFCs or Apps. Let him keep his funds in FDs in nearby bank branches.

 

[vaibhav111]

Cred MINT for 12% annual returns?

Is it secured by DIGC?

Ur thoughts on cred mint, Mobikwiwk xtra, bharatpe 12%, etc @SSV @vaibhav111 @Vasuki @TechnoFino

In the forum I came to know about p2p, I knew about credit mint but never invested and probably would never invest in p2p cause of risk. Take fd root cause that safer.

 

[vaibhav111]

He's looking to park some money, and CRED mint makes sense for a short period but CRED needs a CC to get started.

They are so many thing he can invest in why p2p to begin with? Cause it easier cause of few click through the app. Only invest if you or your father understand the risk.

 

[prankster]

I understand the risk, I have myself invested in P2P via cred and they have delivered as promised for over 2 years now. Plus they don't deduct TDS. And it didn't even get reported in my AIS(although at some point I think they will)

 

[Vasuki]

Cred MINT for 12% annual returns?

Is it secured by DIGC?

Ur thoughts on cred mint, Mobikwiwk xtra, bharatpe 12%, etc @SSV @vaibhav111 @Vasuki @TechnoFino

Depends on how much money
If it's less than lakh that's fine u can take risk
If there is liquidity in the fund
If more than lakh
Do fd
Rn Indusind has 8.9% intrest rate

 

[m4b]

Cred MINT for 12% annual returns?

Is it secured by DIGC?

Ur thoughts on cred mint, Mobikwiwk xtra, bharatpe 12%, etc @SSV @vaibhav111 @Vasuki @TechnoFino

afaik it comes under AIF which is unregulated as of now.
The higher the risk, the higher the reward.
I know some people's money got stuck in growpital.
I know some insider things about invoice discounting as well.
No investing instrument under AIF is secured.

 

[m4b]

afaik it comes under AIF which is unregulated as of now.
The higher the risk, the higher the reward.
I know some people's money got stuck in growpital.
I know some insider things about invoice discounting as well.
No investing instrument under AIF is secured.

But some wintwealth bonds are secured, you may try
Otherwise good startups in invoice discounting for short term.

 

[Vasuki]

My father is a farmer, age 62, holds a bank account in SBI.
Tried getting the Kisan Credit Card but the manager mentioned a condition that the customer needs a Crop Loan to apply for this card.
I'm fine with a small FD for getting a CC.
What other options are available?

Do fd in icici 50 k + & get icici platinum chip card
Sbi u can do 1+ lakh & get a cc
Axis bank u can do 1+ lakh

What's the long term goal it depends which bank u should start with

 

[Vasuki]

He's looking to park some money, and CRED mint makes sense for a short period but CRED needs a CC to get started.

Do fd in indusind bank
9 % for senior

Don't F**k up for extra else put money in debt mutual fund