Is It Worth To Take FD Based Credit Cards (Even If You Can Get Better Card W/o FD, With a Fees)

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Our Banking , CC and Financial Experts.. Apke Vichar ?

For people like you, who already have a cibil / good credit score, fd based cc don’t make sense.
Fd based cc is beneficial only in two categories:
1) initializing credit history for people without income proof.
2) improving a bad credit history.

If anyone can suggest anything else, please comment

Great initiative +1

I dont have a fd based card bro.. but from my limited understanding,, I would say go for unsecured cards for credit history sake

Personal view- fd card only when require to build cibil score from Zero. If getting another card. I will take that card with yearly spend based waiver. 35k in a year is easily achievable.
Can anyone confirm if BOB provide card on card basis? Will take lowest variant just for offers in Amazon/Flipkart.

Never applied FD based card, But got credit cards for my Mom and wife. Both are not earning.
Wife received LTF CC offer from Kotak 811 (zero balance account) and Mom received LTF cc from Axis bank (10k Min Balance) both of them got limit > 1L.
Now their credit profile is built with good credit score.

In this case both Mom and wife didn’t had CIBIL history, But they made entry in CIBIL post card issuance.

In your case if you don’t have credit history you can follow above approach to build one.
If you have bad credit rating then FD based card is better.

Initial FD Cards are good for getting decent credit limits (new cards via card-on-card basis) for those w/o any Income proof / ITR (Not sure anything has changed now but this used to be the case sometime back…even students managed to get cards with lakhs+ limit on multiple cards)
Apart from this..i don’t think there is any other benefit for FD-Based cards (You can even build your credit portfolio w/ PayLater accounts these days like ICICI PayLater,…)

Alternatively one could opt for the pre-approved credit cards from banks like ICICI/SBI/HDFC for savings bank account holders (If you maintain a lakh or two in your account, you can get a pre-approved card w/ 1L+ limit & subsequently use this card to apply another cards)

Not worth at all. Earning or saving through CC is unreliable and not real like equity/MF returns.
These companies or banks will one day surprise you with change in rewards structure(when u least expect like HDFC changed during lockdown)
Get those cards which u are now eligible for and look for upgrades.

Mine is a different issue altogether, so kindly hear me out & suggest me should i opt for credit card ie unsecured one
My annual spendings are 10lakh+ 95%Online
CIBIL 780+
My debit card has an emi limit of 1.5lakh(both at merchant ie Amazon, Reliance digital, Sangeetha, Big bazaar etc & conversion of spends above 5k to emi) But NOT NO COST EMI
My rewards are 0.5:%,on all spends convertible to gift cards with never expiring
Never had a credit card, not received a pre-approval offer approved also
I can repay my EMIs via debit card also so 0.5% cb also applies on EMIs also
Conversion of spends costs 14.5%/anum
EMI at merchants cost 11.99 /anum
No rollover/credit free period available
No annual DEBIT CARD charges /No processing fee on conversion
Zero balance account with 80000 CREDIT LINE
15 off on select Restaurants
4Domestic lounge access /yr free

So, keeping in mind above context, Should I apply for CREDIT CARD, if Applied & got one what more benifits would be available
Kindly could anyone help me out with going ahead
I appreciate your time and effort to help me with the process
Thank you in advance

@beastboy Apart from all the answers you got, I just want to emphasize on one thing; your question where you tried to justify the FD in same bank as CC vs a small finance bank wrt fd interest vs annual fee → Most of us already have some amount of FD in major banks like SBI, HDFC, Axis, ICICI, etc. (basically the big ones), so if you are getting CC based on an existing FD, then perfectly fine, you are not losing anything; however if you are dedicatedly investing in FD just to get a CC, then it makes sense only if u want to get your first cc, or build your cibil score…

@beastboy congratulations deal captain

@beastboy I concur the sugesstion given by @BlueFlash here

https://www.desidime.com/discussions/is-it-wort...

Answer is in your question.

Can anyone tell me how to get pre approved icici card. I had opened insta account (not fd one) with 10k average balance. And i can maintain more than a lakh average balance. Any info is highly appreciated. Thanks.

My first SBI card is based on FD. After that I have applied for ICICI and Kotak. Both are issued( but I have used icici and Kotak during offers only because rewards program is very worst) after that I have closed SBI Credit Card and withdraw FD. Surprisingly I visited Metro Wholesale in my area and there I have applied for SBI Card again. SBI SimplyClick card issued successfully. I don’t know about ICICI AmazonPay, rewards wise SBI SimplyClick is best in my view.

Better to take Credit Card without any Fixed Deposit in my view.

I have taken SBI simply click & ICICI platinum CC against FD, just to build better cibil score. I have also told my friend who is shopaholic to make payments of his orders by using my CC whenever he shops online.
By this way I will have a solid credit CC statements & credit score (only bill paid on time.) This process will take at least 6 to 12 months for those who has no cibil score.
If you utilise very less your credit card & thinking to apply another CC by your existing CC, I don’t think credit cards companies would be interested approve card based on your existing CC.
I will get my ICICI credit card closed after next year & will re-apply for amazon ICICI credit card after 3 months post closure of ICICI card. I have heard if you instantly apply for new credit card after closing your existing CC from same bank, chances of rejection will be high.

It will be better to keep FD in india post office for better return & interest will be tax free if accumulated interest earns on FD surpasses 10K.

What is the procedure followed by icici bank when someone applied for apay card and he is an existing icici customer….earlier I was not an icici customer and they physically collected my documents.Now I have opened an account in icici so will they follow the same procedure?

Suppose FD based Credit card’s Credit limit is 15k. I want to purchase product worth 20k then How can purchase using this credit card?
Is there any workaround?

My thought – If Advance payment of 5k is done for credit card then Credit limit will go up to 20k. Will it really works?

@beastboy what’s up bro?

Guys, any idea if BoB has any LTF CCs ? Also does the secured FD based BoB (Prime for example) get’s the lien removed after say a year of usage ?
@nimod @Atlantic @rohan8397 @guest_999 @_One_Miller_ @getready @F7-Dimer-Primer @Simbha3 @beastboy @Tejaa @rogerthat (sorry for the spam tags)

@BlueFlash no idea about BoB