Understanding the Power of Secured Credit Cards: Leveraging Your FD

[MudraMantra]

Greetings everyone,

I have a question regarding my credit card usage. Over the past decade, I've been using unsecured credit cards and currently hold more than 20 of them in my portfolio. My CIBIL score fluctuates between 785 to 798.

I'm considering applying for a secured credit card backed by an FD. Would this decision potentially improve my CIBIL score? Additionally, if pursuing this option proves beneficial, I would appreciate recommendations for reputable secured credit cards.

Please feel free to share your insights and experiences to help me make an informed decision. Thank you.

 

[TiVoGlObE]

Unverified List of Banks reporting Secured Cards as : -

Secured
1. ICICI
2. Yes Bank
3. SBM (Paisa bazaar Step up)
4. Kotak

Unsecured
1. HDFC
2. Rbl
3. SBM (One Card)
4. BoB
5. IDFC
6. IndusInd
7. PNB

Confirmation Pending
1. SBI
2. Axis

This list is not updated, Latest list posted on new thread, pls share details over there.

 

[aniruddhaadhe]

Unverified List of Banks reporting Secured Cards as : -

Secured
1. ICICI
2. Yes Bank
3. SBM (Paisa bazaar Step up)
4. Kotak

Unsecured
1. HDFC
2. Rbl
3. SBM (One Card)
4. BoB
5. IDFC
6. IndusInd
7. PNB

Confirmation Pending
1. SBI
2. Axis

Details are collated basis confirmations & experiences shared by members here so far.

Nice bro. Plz keep up the work by more research here on technofino.
I too want this list.
But I am on the other side of this coin. I have good mix credit lines, home, auto, gold etc. and cibil 810.
My current goal is to get higher CL in unsecured CC. So plan is to opt for a secured cc from a bank who show it as unsecured cc 😜😂😅

there is already a good amount FD sitting idle. 😆

#Technofino #crazyGoals🤞🏼

 

[ccdc]

under 25 be like....where is FD...where is FD...I want fd

 

[TiVoGlObE]

Nice bro. Plz keep up the work by more research here on technofino.
I too want this list.
But I am on the other side of this coin. I have good mix credit lines, home, auto, gold etc. and cibil 810.
My current goal is to get higher CL in unsecured CC. So plan is to opt for a secured cc from a bank who show it as unsecured cc 😜😂😅

there is already a good amount FD sitting idle. 😆

#Technofino #crazyGoals🤞🏼

Excellent idea, keep us posted on your experience. These kind of 💡 is why I come to this forum 😂

Btw moved this list to another thread. Will keep updating it over there

 

[Arkapal Sen]

Unverified List of Banks reporting Secured Cards as : -

Secured
1. ICICI
2. Yes Bank
3. SBM (Paisa bazaar Step up)
4. Kotak

Unsecured
1. HDFC
2. Rbl
3. SBM (One Card)
4. BoB
5. IDFC
6. IndusInd
7. PNB

Confirmation Pending
1. SBI
2. Axis

This list is not updated, Latest list posted on new thread, pls share details over there.

1yr past..what is cyrrent status of this?

 

[GTSaketh]

Unverified List of Banks reporting Secured Cards as : -

Secured
1. ICICI
2. Yes Bank
3. SBM (Paisa bazaar Step up)
4. Kotak

Unsecured
1. HDFC
2. Rbl
3. SBM (One Card)
4. BoB
5. IDFC
6. IndusInd
7. PNB

Confirmation Pending
1. SBI
2. Axis

This list is not updated, Latest list posted on new thread, pls share details over there.

How can you allow this? Isn't it wrong to report it as unsecured. Did nobody tried to dispute it through CIBIL?

 

[RAMESH BABU N]

Did nobody tried to dispute it through CIBIL?

Generally speaking, secured CCs are the stepping stones to build credit scores - till you get a good/great job with a decent enough salary so that banks would not think twice before giving their good/top tier/premium cards - in an unsecured way.

So, if any bank is showing any secured CC as unsecured CC - why would anyone complain ?

And, one more thing.

Do not apply for a secured CC online as they offer FD rate which is generally lower than their regular FDs.

First do FD at the best possible rate. Then go to the branch and apply for the card - offline - by giving details of the FD to mark a lien on it.

 

[Lobogris]

This is an excellent thread. I have had fairly substantial amounts in FDs for years and never really utilised them. I could have even gotten Infinia via FD a few years ago when they offered it if I had thought about this.

 

[GTSaketh]

Generally speaking, secured CCs are the stepping stones to build credit scores - till you get a good/great job with a decent enough salary so that banks would not think twice before giving their good/top tier/premium cards - in an unsecured way.

So, if any bank is showing any secured CC as unsecured CC - why would anyone complain ?

I heard secured loans helps with good cibil score (not that i care much). i thought it might be same case with secured cards.

And, one more thing.

Do not apply for a secured CC online as they offer FD rate which is generally lower than their regular FDs.

First do FD at the best possible rate. Then go to the branch and apply for the card - offline - by giving details of the FD to mark a lien on it.

Oh yeah i definitely do not do that or suggest someone to do so, i was just looking at stable money FD card which provides 8% interest rates with good offers on it's card. So i was just researching a little bit about secured cards. I Myself got a kotak secured as my first credit card before i got my unsecured credit cards.