HDFC Credit Cards Issued Against FDs
If you are looking for a way to build or improve your credit score, you might want to consider getting a secured credit card. A secured credit card is a type of card that requires you to deposit a certain amount of money as collateral, which then becomes your credit limit. This way, you can use the card as a regular credit card, but with a lower risk of defaulting or overspending.
One of the banks that offers secured credit cards in India is HDFC Bank. HDFC Bank has a range of secured credit cards that are issued against fixed deposits. Fixed deposits are savings accounts that offer higher interest rates than regular savings accounts but with a fixed tenure and a penalty for early withdrawal.
HDFC Bank's secured credit cards have various features and benefits, such as:
No income proof required: You don't need to submit any income documents to apply for HDFC Secured Credit Cards. All you need is a fixed deposit with HDFC Bank of at least Rs. 10,000.
Flexible repayment options: You can choose to pay the minimum amount due, the total amount due, or any amount in between on your HDFC Secured Credit Card. You can also convert your purchases into easy EMIs with attractive interest rates.
Reward points and cashback: You can earn reward points on every Rs. 150 spent on your HDFC Secured Credit Card, which can be redeemed for gifts, vouchers, air miles, and more. You can also get cashback on select categories such as fuel, groceries, and bill payments.
Complimentary insurance cover: You can get a complimentary insurance cover of up to Rs. 50 lakh on your HDFC Secured Credit Card, which includes accidental death, fire and burglary, and liability cover.
Lounge access and travel benefits: You can enjoy complimentary lounge access at select domestic and international airports with your HDFC Secured Credit Card. You can also get discounts on hotel bookings, flight tickets, car rentals, and more with HDFC Bank's travel partners.
Lifestyle benefits: You can get access to exclusive offers and discounts on dining, shopping, entertainment, wellness, and more with your HDFC Secured Credit Card. You can also avail of zero liability on lost or stolen cards, free add-on cards for your family members, and 24x7 customer care support.
To apply for an HDFC Bank secured credit card, you need to have a fixed deposit account with the bank, with a minimum amount of Rs. 25,000 and a maximum of Rs. 10 lakhs. The fixed deposit should have a tenure of at least 6 months and should not be linked to any other account or product. You also need to fill up an application form and submit your KYC documents.
The HDFC Bank secured credit cards are:
HDFC Secured Credit Cards are a great way to enjoy the convenience and security of a credit card, while also improving your credit score. Here are some of the best HDFC Secured Credit Cards:
HDFC Bank Regalia Credit Card:
HDFC Regalia First Credit Card is a secured credit card that can be issued against a fixed deposit (FD) in HDFC Bank. This card offers benefits such as reward points, lounge access, travel insurance, and discounts on dining and shopping. The card also has a low annual fee and interest rate, making it suitable for people who want to build or improve their credit score. HDFC Regalia First Credit Card is a convenient and rewarding option for those who have an FD account with HDFC Bank.
Joining and Annual Fees: INR 100/-
Interest Rate: 3.60% p.m. 43.20% p.a.
Welcome Benefit: Enjoy Zomato Gold complimentary Membership for a Year that offers - A complimentary dish on every visit at a Gold food partner restaurant or 2 complimentary drinks at select Zomato partner restaurants. This membership can be availed after spending Rs.75,000 within the first 3 months of getting your new Business credit card.
Special Feature: Missing of Connecting International Flight: Cover of upto INR 25,000.
HDFC MoneyBack Credit Card:
HDFC Moneyback Credit Card is a secured credit card that can be issued against a fixed deposit (FD) account with HDFC Bank. This card offers cashback rewards on eligible purchases, fuel surcharge waiver, zero liability on lost card, and revolving credit facility. The card is ideal for people who want to build or improve their credit score, as the FD acts as a collateral and reduces the risk of default. The card also has a low annual fee and interest rate compared to other credit cards.
Joining/Renewal Membership Fee – Rs. 500/- + Applicable Taxes.
Interest Rate: 3.6% per month (43.2% per annum)
Welcome Benefit: 500 Cash Points (applicable only on payment of membership fee)
Special Feature: Every quarter, get a gift voucher worth Rs. 500 on spends of Rs 50,000.
HDFC Bank Titanium Credit Card:
HDFC Titanium Times Credit Card is a secured credit card that is issued against a fixed deposit (FD) account. This card offers benefits such as reward points, discounts on dining and movies, and low interest rates. To apply for this card, you need to have an FD account with HDFC Bank with a minimum amount of Rs. 25,000. The credit limit of the card will be 85% of the FD amount. This card is suitable for people who want to build or improve their credit score while enjoying some perks.
Joining/Renewal Membership Fees: ₹ 500/- plus Applicable Taxes
Interest Rate: 3.6% per month i.e. 43.2% annually
Welcome Benefits: Welcome vouchers worth 5000* across shopping, apparel, dining, and many more categories.
Special Feature: Users will be eligible for Complimentary Annual Times Prime Membership.
Conclusion:
HDFC Secured Credit Cards issued against FD are a great option for people who want to build or improve their credit score, enjoy various benefits and rewards, and have a backup source of funds in case of emergencies. These cards are easy to apply for and have low fees and interest rates. They also come with features like zero liability, revolving credit, fuel surcharge waiver, and more. If you are looking for a secured credit card that suits your needs and budget, you can check out the different options offered by HDFC Bank and choose the one that works best for you.
About HDFC Credit Cards:
HDFC Credit cards are one of the most popular and convenient ways to pay for your purchases. HDFC offers a range of credit cards to suit different needs and preferences of customers. Whether you want to earn rewards, cashback, travel benefits, or enjoy premium features, HDFC has a credit card for you. HDFC credit cards also come with attractive interest rates, flexible repayment options, and security features to protect you from fraud and misuse. HDFC credit cards are easy to apply for and manage online. You can check your eligibility, compare different cards, and apply for the one that suits you best. You can also track your transactions, pay your bills, and redeem your rewards online. HDFC credit cards are designed to make your life easier and more rewarding.
FAQs:
Q: What is an HDFC Bank Secured Credit Card issued against FD?
A: It's a credit card backed by your existing Fixed Deposit (FD) with HDFC Bank. This allows you to build your credit history even if you don't have sufficient credit score or haven't had a credit card before.
Q: Who is eligible for this card?
A: Indian residents with an active FD of at least ₹10,000 in their HDFC Bank account are generally eligible. Specific requirements may vary, so check with HDFC Bank directly.
Q: What is the credit limit on this card?
A: The credit limit typically ranges from 75% to 90% of your FD value. For instance, an FD of ₹50,000 might offer a credit limit of ₹37,500 to ₹45,000.
Q: Are there any annual fees or charges?
A: Yes, annual fees and other charges like processing fees and late payment charges may apply. Check the detailed fee schedule with HDFC Bank for your specific card variant.
Q: How can I use this card?
A: You can use it for online and offline purchases wherever VISA/MasterCard is accepted, similar to any regular credit card.
Q: What happens to my FD when I get this card?
A: Your FD remains intact and earns interest as usual. The bank places a lien on your FD, essentially holding it as collateral in case you cannot repay the credit card debt.
Q: What happens if I miss payments on the card?
A: Missing payments can negatively impact your credit score and lead to additional late payment charges. If the outstanding balance remains unpaid, HDFC Bank might liquidate your FD (partially or fully) to recover the dues).
Q: Can I close the card and get my FD back?
A: Yes, you can close the card after settling any outstanding dues. Your FD will be released from the lien and returned to you once the bank processes your closure request.
Q: Can I upgrade to a regular credit card later?
A; Yes, depending on your repayment history and credit score, you might be eligible to upgrade to a regular, unsecured credit card in the future.
Q: Where can I learn more about this card?
A: Visit the HDFC Bank website or contact their customer service for detailed information, eligibility criteria, and specific terms and conditions.