Getting First Credit Card

Getting First Credit Card

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I am thinking to get my first credit card.

Considering my income and my status as Student, none of the CC issuers accept my CC application. That’s why I am thinking to opt for ‘Secured Card’ i.e. Credit Card against FD

So, after doing some research, I chose ‘Axis Insta Easy Credit Card’
https://www.axisbank.com/retail/cards/credit-ca...

Benefits :
1. No Annual Fees
2. Joining Fees Rs. 500 waived off if purchase of Rs. 5,000 or more made in first 45 days.
3. Minimum FD Requirement: Rs. 20,000 (compared to Rs. 25,000 of others)

Why am I getting a CC?
1. Making EMIs on most of the online transaction.
2. To improve my credit score.

I need review of this card if any dimer is using it. I’d get it probably after 2 months.

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@GoogleCA wrote:

@A2Zdeals wrote:

@GoogleCA wrote:

@A2Zdeals wrote:

@GoogleCA wrote:

@saurabh1
Check PM


@saurabh1

Check DCB Payless card also


Link?

http://www.dcbbank.com/cms/showpage/page/dcb-pa...


AFAIK DCB EMI option is not available on mostvof the websites. One may convert purchases into EMI later.


And that would attract more charges.

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@A2Zdeals wrote:

@Magus
@DealSeeker


@saurabh1 Contact @Tejaa. He very recently went through the same process of researching and acquiring secured credit card(s). So he is most likely the person with the most up-to-date information on secured credit cards. https://cdn1.desidime.com/assets/textile-editor/icon_smile.gif

Also, when you do complete your education and join a job (hopefully soon https://cdn2.desidime.com/assets/textile-editor/icon_wink.gif ), you can refer to the credit card discussion in the thread by @PaytmKaPoojari. Ref: http://www.desidime.com/forums/dost-and-dimes/t...

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Also consider SBI student plus advantage card..
Card against FD..

Tejaa
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@saurabh1
Go with icici, With icici 85% of the amount of the Fixed Deposit will be issued as credit limit
There are two option go with the first one :
1) Instant Platinum Credit Card :
Earn reward points and redeem for cash (3 reward points per 100 spent)
No joining fees
No annual fees
Link : https://www.icicibank.com/Personal-Banking/card...

2)ICICI Bank Coral Credit Card :
Joining Fee: ₹ 500
Complimentary airport lounge access courtesy Visa
Link: https://www.icicibank.com/Personal-Banking/card...
Cc: @DealSeeker @ursvaru1244

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@Tejaa wrote:

@saurabh1
Go with icici, With icici 85% of the amount of the Fixed Deposit will be issued as credit limit
There are two option go with the first one :
1) Instant Platinum Credit Card :
Earn reward points and redeem for cash (3 reward points per 100 spent)
No joining fees
No annual fees
Link : https://www.icicibank.com/Personal-Banking/card...

2)ICICI Bank Coral Credit Card :
Joining Fee: ₹ 500
Complimentary airport lounge access courtesy Visa
Link: https://www.icicibank.com/Personal-Banking/card...
Cc: @DealSeeker


@Tejaa can these be applied online or offline only? Any additional details?

Tejaa
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@GoogleCA wrote:

@Tejaa wrote:

@saurabh1
Go with icici, With icici 85% of the amount of the Fixed Deposit will be issued as credit limit
There are two option go with the first one :
1) Instant Platinum Credit Card :
Earn reward points and redeem for cash (3 reward points per 100 spent)
No joining fees
No annual fees
Link : https://www.icicibank.com/Personal-Banking/card...

2)ICICI Bank Coral Credit Card :
Joining Fee: ₹ 500
Complimentary airport lounge access courtesy Visa
Link: https://www.icicibank.com/Personal-Banking/card...
Cc: @DealSeeker


@Tejaa can these be applied online or offline only? Any additional details?


You can obviously apply online, icici will give you a option to opt for CC while opening a FD just select “yes”
i just did this and got my cc with in 10 days

“Or” if you already have a FD with them, then go to “service request” section in internet banking then click on “Get a credit card against FD” and submit the request

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Any such credit card with Lounge Access?

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@saurabh1

Welcome to the world of credit cards https://cdn2.desidime.com/assets/textile-editor/icon_toungueout.gif

Against popular perception by masses that that credit card is the gateway of financial distress, i would say if used responsibly, Credit card’s are a very useful and handy tool that not only gives you flexibility of part payment( EMI) but also builds your credit history. Just one advice, make it a practice to pay full payment towards amount due each month. Don’t fall into minimum amount due trap. If there is a planned big purchase, use the merchant EMI option with low interest rates. I’m sure you know all these.

Now coming to Axis bank, Credit cards business for Axis bank is very small compared to say some banks like Citi whose major revenue comes from CC. As a result, offers on Axis CC are very less. Merchant tie ups are less. But Axis bank is trying hard to gain some traction in Credit card business. Axis bank is not particularly known for customer service, be it over the phone support or offline support from branches. They will definitely give you a run around in case you end up in problems. HDFC and ICICI fares a little better when it comes to customer service.

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I have the same query, is there any secured credit card with decent reward points allocation?

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do we have to maintain min. monthly average balance(10000) after FD of 20000-25000 or they dont have any relation?
be it in axis or icici

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@ashu45 wrote:

do we have to maintain min. monthly average balance(10000) after FD of 20000-25000 or they dont have any relation?
be it in axis or icici

S just now i went to bank ,to get this card we have to have savings account and we should do 20fd and average balenece should be 10k in savibg account

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@ursvaru1244 wrote:

@ashu45 wrote:

do we have to maintain min. monthly average balance(10000) after FD of 20000-25000 or they dont have any relation?
be it in axis or icici

S just now i went to bank ,to get this card we have to have savings account and we should do 20fd and average balenece should be 10k in savibg account


Which bank did you go to?

Tejaa
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@ashu45 wrote:

do we have to maintain min. monthly average balance(10000) after FD of 20000-25000 or they dont have any relation?
be it in axis or icici


“Yes” only if you open a saving account to link your FD with it, even few branch offers zero balance account for keeping a FD worth 50k or more (After maturity of your FD this account will be back to normal)

But @tycoon says “to get a Secured Credit Card of Axis or ICICI, you don’t need to have their savings account too. You can have their standalone credit card account against FD too.. It means you need not have Axis account to get their credit card against FD.”

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One more thing I want to ask here is, if I make a FD with Axis for ₹20,000 my credit limit would be ₹16,000. In such a case, can I make a purchase of ₹22,000 on EMI from Amazon, Flipkart, etc. ?

CC: @Tejaa @DealSeeker @cybertechie

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m using axis bank cc against fd.. 50000fd for 1 year they give 40000 limit …opened fd in 22march the next day they provide insta easy card which activated in 8 hrs…
after 4-5 month of usage ….suddenly a msg from axis bank that u lien has been removed from fd….. the next day i visit branch the beautiful mam say we rcived mail u can break fd any time and ur cc will work.. i also confirm with axis cc then i break my fd rcvd intrst also….now m using axis cc… https://cdn3.desidime.com/assets/textile-editor/icon_lol.gif https://cdn3.desidime.com/assets/textile-editor/icon_cool.gif https://cdn1.desidime.com/assets/textile-editor/icon_biggrin.gif .
sorry for bad english.

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@saurabh1 wrote:

One more thing I want to ask here is, if I make a FD with Axis for ₹20,000 my credit limit would be ₹16,000. In such a case, can I make a purchase of ₹22,000 on EMI from Amazon, Flipkart, etc. ?

CC: @Tejaa @DealSeeker @cybertechie


There would be over limit charges if you exceed your credit limit. Please go through the link below. It clearly explains over limit charges and penalties imposed for such transactions.

https://www.axisbank.com/xmlapplication/persona...

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@saurabh1 wrote:

One more thing I want to ask here is, if I make a FD with Axis for ₹20,000 my credit limit would be ₹16,000. In such a case, can I make a purchase of ₹22,000 on EMI from Amazon, Flipkart, etc. ?

CC: @Tejaa @DealSeeker @cybertechie


no i tried at amzon . but transcation failed..

Tejaa
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@gagan5859 wrote:

m using axis bank cc against fd.. 50000fd for 1 year they give 40000 limit …opened fd in 22march the next day they provide insta easy card which activated in 8 hrs…
after 4-5 month of usage ….suddenly a msg from axis bank that u lien has been removed from fd….. the next day i visit branch the beautiful mam say we rcived mail u can break fd any time and ur cc will work.. i also confirm with axis cc then i break my fd rcvd intrst also….now m using axis cc… https://cdn0.desidime.com/Placeholders/No-Image-Available.png https://cdn0.desidime.com/Placeholders/No-Image-Available.png https://cdn0.desidime.com/Placeholders/No-Image-Available.png .
sorry for bad english.

Axis is best in such cases https://cdn1.desidime.com/assets/textile-editor/icon_biggrin.gif

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i have to pay tax or return file if my annual cc bill is more than 2 lakh ?? @Tejaa @DealSeeker

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@gagan5859 wrote:

m using axis bank cc against fd.. 50000fd for 1 year they give 40000 limit …opened fd in 22march the next day they provide insta easy card which activated in 8 hrs…
after 4-5 month of usage ….suddenly a msg from axis bank that u lien has been removed from fd….. the next day i visit branch the beautiful mam say we rcived mail u can break fd any time and ur cc will work.. i also confirm with axis cc then i break my fd rcvd intrst also….now m using axis cc… https://cdn3.desidime.com/assets/textile-editor/icon_lol.gif https://cdn3.desidime.com/assets/textile-editor/icon_cool.gif https://cdn1.desidime.com/assets/textile-editor/icon_biggrin.gif .
sorry for bad english.


Do you have savings account with Axis?
When the lien on FD was removed, what was the credit limit on CC?
When the lien was marked on FD, did you receive any interest on your FD?

Missing