Advice needed: Credit Card against FD

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Deal Newbie
JonSnowLongclaw

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.

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Deal Cadet Deal Cadet
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Go for axis bank. They are good in this line

Deal Subedar Deal Subedar
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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.

Deal Subedar Deal Subedar
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JonSnowLongclaw wrote:

Do they give Ace Credit Card against FD?

Axis Flipkart and Myzone are available against FD. Ace is not available against FD. Axis removes the lein based on the relationship between 6-12 months. Sometimes it is automatic and sometimes you have to convince the branch manager.

The FD based cards are LTF as long as you hold them. Axis gives 80% of FD amount as credit limit.

ICICI, BOB and SBI also offer credit card against FD.

You can also try getting IDFC one card through the flipkart paylater method.

Deal Newbie Deal Newbie
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nimod wrote:

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!!

Deal Newbie Deal Newbie
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F7-Dimer-Primer wrote:

Axis Flipkart and Myzone are available against FD. Ace is not available against FD. Axis removes the lein based on the relationship between 6-12 months. Sometimes it is automatic and sometimes you have to convince the branch manager.

The FD based cards are LTF as long as you hold them. Axis gives 80% of FD amount as credit limit.

ICICI, BOB and SBI also offer credit card against FD.

You can also try getting IDFC one card through the flipkart paylater method.

Thank you mate!! Karma given

Deal Cadet Deal Cadet
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Im also using icici fd based credit card from past 6 months. Bro can you please tell me that what is Lien.?

Deal Lieutenant Deal Lieutenant
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Sahil_AgR wrote:

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.

Deal Cadet Deal Cadet
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F7-Dimer-Primer wrote:

Axis Flipkart and Myzone are available against FD. Ace is not available against FD. Axis removes the lein based on the relationship between 6-12 months. Sometimes it is automatic and sometimes you have to convince the branch manager.

The FD based cards are LTF as long as you hold them. Axis gives 80% of FD amount as credit limit.

ICICI, BOB and SBI also offer credit card against FD.

You can also try getting IDFC one card through the flipkart paylater method.

Does axis Flipkart gives rewards for wallet load?

Deal Lieutenant Deal Lieutenant
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F7-Dimer-Primer wrote:

Axis Flipkart and Myzone are available against FD. Ace is not available against FD. Axis removes the lein based on the relationship between 6-12 months. Sometimes it is automatic and sometimes you have to convince the branch manager.

The FD based cards are LTF as long as you hold them. Axis gives 80% of FD amount as credit limit.

ICICI, BOB and SBI also offer credit card against FD.

You can also try getting IDFC one card through the flipkart paylater method.

Does ICICI remove lien after a certain time ?
And it’s the decision of branch manager/ or any other criteria?

Deal Newbie Deal Newbie
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Topsey wrote:

Does ICICI remove lien after a certain time ?
And it’s the decision of branch manager/ or any other criteria?

From what I am told by the fellow dimers, its a no. Axis does that. Want to know about other banks as well

Deal Cadet Deal Cadet
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4V35H wrote:

Does axis Flipkart gives rewards for wallet load?

Only millennia DC/CC gives 1% back on wallet load

Deal Cadet Deal Cadet
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@JonSnowLongclaw Secured card is never converted into unsecured card even when lien is removed . In cibil it will always be reported as secured

Deal Cadet Deal Cadet
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BoB or K811 are good choice

Deal Newbie Deal Newbie
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SastaRaju wrote:

@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?

Deal Cadet Deal Cadet
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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

Deal Subedar Deal Subedar
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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.

Deal Subedar Deal Subedar
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F7-Dimer-Primer wrote:

Axis Flipkart and Myzone are available against FD. Ace is not available against FD. Axis removes the lein based on the relationship between 6-12 months. Sometimes it is automatic and sometimes you have to convince the branch manager.

The FD based cards are LTF as long as you hold them. Axis gives 80% of FD amount as credit limit.

ICICI, BOB and SBI also offer credit card against FD.

You can also try getting IDFC one card through the flipkart paylater method.

Where is the option to get IDFC one card through the flipkart paylater method ? I couldn’t find

Deal Subedar Deal Subedar
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4V35H wrote:

Does axis Flipkart gives rewards for wallet load?

No Rewards for Wallet load and no reward on Fuel Payment

Deal Cadet Deal Cadet
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JonSnowLongclaw wrote:

Does CIBIL treat secured and unsecured cards differently?

Yes one is secured loan other is unsecured
Mix of both is req to maintain high score

Missing