How to Get Credit Card without Income Proof

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Издатель Dec 7, 2022

1. What is a Credit Card against Fixed Deposit?
As the name suggests, a credit card against FD is issued by the bank to a customer in exchange for an FD that he pledges as collateral/security for the card. It is ideal for customers who do not have a credit history or have a low credit score*. Banks and financial institutions offer secured credit cards to customers looking to build their credit profile and who have an FD account with the bank.

Note: A credit score is a number that represents a consumer's creditworthiness i.e. their capability of repaying the money. The number falls in the range of 300 and 850. The higher the score, the higher the chances of the consumer getting a loan with favorable terms and conditions.

2. How does FD act as collateral to avail a secured credit card?
Generally, banks and financial institutions offer credit cards to customers based on their past credit history, income level, and other such factors. Such credit cards are unsecured in nature (meaning they are not backed by collateral or security which can be attached in case the cardholder defaults on the credit card payment). However, in the case of a credit card against a fixed deposit, you only require a fixed deposit account with the bank. This can act as collateral or security and the customer can borrow money despite low credit scores or unstable income. After issuing such a secured credit card, the bank puts a lien (a claim or a legal right) on the FD till the credit card is returned by the customer.

Read More(Source): ETMoney - https://bit.ly/3Fpj1qK

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