5 Credit Cards with Bad Credit Score

If you have bad credit score it becomes very difficult to qualify for the credit card. You have to either improve your credit score or submit the collateral to avail credit card. The card available against collateral or against fixed deposit is popular as “Credit Cards with Bad Credit Score” or Credit Card against Fixed Deposit (Secured Credit Cards).

Apart from bad credit score credit cards against fixed deposit are suitable for –

  • The people who are facing a challenge to opt for the credit card due to poor salary.
  • The people looking for add-on credit cards.
  • The people who are online shopper and habitual for keeping multiple credit cards.

If you are falling in any of the category mentioned above, here is a list of 5 Credit Cards with Bad Credit Score that you can opt for.

Also Read – 7 Best Free Credit Card India

5 Credit Cards with Bad Credit Score

  1. SBI Advantage Plus Card

SBI Advantage Plus is one of the globally accepted cards that helps you to improve your credit history. This card is offered against the fixed deposit. You can avail up to 85% credit limit against FD amount. The key features and benefits details of SBI Advantage Plus card is given below.

Key Features and Benefits

  • Improvement in Credit history to avail loan in future.
  • Flexipay facility to covert transaction to EMI.
  • Cash withdrawal ATM up to 100%.
  • Credit limit up to 85% of FD amount.
  • Global acceptance of card.

Fees and Charges

  • Annual Fee – Rs.500 + GST
  • Renewal Fee – Rs.500 + GST
  • Finance charges – Up to 2.25% per month or 27% per annum, from the transaction date
  • Late payment – Up to Rs.750
  1. SBI Unnati Card

SBI Unnati Card is a card with no annual fee. It is a secure credit card which can be issued with a fixed deposit of Rs.25000 and above. No annual fee is applicable for this card up to first four years. Key features and fee applicable to this card are given below.

 Key Features and Benefits

  • No annual fee for first four years.
  • Fuel surcharge waiver for the transaction between Rs.500 to Rs.3000.
  • Balance Transfer EMI facility available.
  • Flexipay option similar to SBI Advantage Plus card.

Fees and Charges

  • Annual Fee – NIL for the first four years
  • Renewal Fee – Rs.499 + GST (Fifth Year Onwards)
  • Finance Charges – Up to 2.5% per month

bad credit score

  1. Axis Bank Insta Easy Credit Card

Axis Bank Insta Easy Credit Card is one of the best credit cards for a person with bad credit score. Axis Bank Insta Easy Credit Card can be issued with minimum documentation. The minimum fixed deposit requirement for Axis Bank Insta Easy Credit Card is Rs.20000. Key Features and fee applicable to this card are given below.

Key Features and Benefits

  • Credit limit is up to 80% of fixed deposit amount.
  • You can avail a minimum 15% discount by using this card.
  • This card offers global emergency assistance.
  • You can avail 1% fuel surcharge waiver by using this card.
  • This card also offers multiple rewards.

Fees and Charges

  • Annual Fee – NIL
  • Renewal Fee – NIL
  • Finance Charges – Up to 2.5% per month
  1. ICICI Bank Coral Credit Card

ICICI Bank Coral Credit Card is provided against income proof or against the fixed deposit. This card is best suited for salaried people or people with bad credit history. If you opt for this card against fixed deposit you need not submit any income documents. Key features and applicable fee on this card is given below.

Key Features and Benefits

  • Double the rewards on dining, groceries at the supermarket.
  • Payback point on every Rs.100 spent on utility and insurance.
  • 15% saving on dining via culinary treat program.
  • 50% discount on joining fees.

Fees and Charges

  • Annual Fee – Rs.500 + GST
  • Renewal Fee – Rs.500 + GST
  • Finance Charges – Up to 2.49% per month
  1. Kotak Mahindra Aqua Gold Card

Kotak Mahindra Aqua Gold Card provides interest-free cash up to 80% of term deposit amount. This card is a unique combination of affordable and easily accessible cash all over. Key features and fee detail of this card is given below.

Key Features and Benefits

  • Credit Limit up to 80% of term deposit amount.
  • Fuel surcharge waiver benefits.
  • Credit card insurance up to Rs.50000.
  • Credit Card balance transfer facility available.
  • Minimum TD amount required is Rs.25000

Fees and Charges

  • Annual Fee – NIL
  • Renewal Fee – NIL
  • Finance Charges – Up to 2.99% per month

Over to you

You can easily get credit card against fixed deposit irrespective of your credit history. This does not mean that you should opt for the credit card. Apply and use the credit card if it is absolutely necessary. Usage of these type of credit card will surely improve your credit history. However, you need to make sure that you pay credit card dues on time else bank will deduct a due amount from the fixed deposit.

Article by Raviraj

Raviraj is the man behind moneyexcel.com. He is graduate in finance, engaged in blogging since 6 years. Moneyexcel blog is ranked as one of the Top 10 Personal Finance Blog in India. He is not affiliated with any financial product, service provider, agent or broker. The purpose of this blog is to spread financial awareness and help people in achieving excellence for money. Please note that the views expressed on this Blog/Comments are clarifications meant for reference and guidance of the readers to explore further on the topics. These should not be construed as investment advice or legal opinion.

Subscribe to Blog

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Leave a Reply

Your email address will not be published. Required fields are marked *