Advice needed: Credit Card against FD
- 1622
- 27
-
- Last Comment
Asking for a friend. Which bank issues credit card against FD and then removes the lien over FD after say 6 or 12 months, if timely payments are made, thereby converting the secured card into normal unsecured card? The purpose currently is to build a good credit score.
Thanks in advance.
- Sort By
Go for axis bank. They are good in this line
Do they give Ace Credit Card against FD?
axis fd based cc:
https://www.axisbank.com/retail/cards/credit-ca...
Not sure what will it convert to if lien is removed.
Another fd based cc is icici platinum chip cc with insta fd savings account but they won’t removed lien.
I will suggest also get a kotak 811 account and keep it active with some regular transactions like cc bill payments. It may trigger cc offer.
Thank you.. karma given!!
Im also using icici fd based credit card from past 6 months. Bro can you please tell me that what is Lien.?
Lien is a term used in fin sector, meaning it’s like a collateral. And the cc is issued against it so that if in case you default, bank has the right to recover their amount from that fd which is under lien.
Not recommended
@JonSnowLongclaw Secured card is never converted into unsecured card even when lien is removed . In cibil it will always be reported as secured
I had Kotak Aqua Secured card, and it isnt shown as a secured one. Don’t know how other banks report.
Also, why does it matter how it is reported? If the FD funds are freed up, isnt that everything?
BoB or K811 are good choice
^^Cibil score
Does CIBIL treat secured and unsecured cards differently?
For suppose we take an fd based cc and after a year or so we eventually close fd and submit cc. this means we are closing down our first credit card which again impacts CIBIL. its all loop!! round and round
I hv taken Pinnacle cc against FD, Earlier they said lien will be removed after 1 year reviewing usage and re Payment but they haven’t removed lien. I hv filed consumer case for refund of one time fees charged and removal of Lien.
@nimod @guest_999 @Joe @ F7-Dimer-Primer @26GURGAONBOY @Simbha3 @Roro1305 @dealdimer99 @drupal @_One_Miller_
Dimers, please help! LTF cards would be preferred.