I was planning to Take BOB, FD based Credit card as most of the Banks wont do a CIBIL check
while issuing FD based Credit Card (Please correct me If i am wrong)
Leaving this CIBIL hassle.. and only concentrating on the benefit part for FD based Cards.
1.FD cards are not high on rewards in terms of points compared to the Paid variants
2.FD based cards are low value for your money in case of BOB and SBI CC
Let me explain you how
I am comparing BOB Easy Card (Fees of Rs.500/Year with Spend Based Waiver) With BOB Prime Card (FD Based)
If I do an FD in BOB account for 15k for 5 years with Quaterly compounding , the interest i will get is – 4,517.47 (5.3% FD Rate)
However if the same amount i will keep in Suryodaya Small Finance Bank , the interest i will get is – 7,563.96 (8.25% FD Rate)
Now SSFB is not a cooperative bank like PMC Bank , so upto 5 Lakh FD your money is safe as guaranteed by RBI and Govt. Of India
So the Difference is = 3046,
so even i i consider paying the card fees for 5 Years I still make a loss of Rs.546
(Though Fees waiver for this BOB card is available on minimal spend of Rs.35k / year)
I have not yet compared the points values that i can accumulate over both the cards.
If you can help on the same Its is highly appreciated.
Also Similar Comparison of SBI Credit Card and any other Bank Providing FD based cards are most welcome.
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