Here are the steps on how to get a secured credit card:
Choose a secured credit card. There are many different secured credit cards available, so it's important to compare your options before you apply. Consider factors such as the security deposit required, the annual fee, any fees for late payments or over-the-limit transactions, and any rewards or benefits that are offered.
Meet the eligibility requirements. Most secured credit cards require a minimum credit score of 600 or 620. However, some cards may be available to people with no credit history or bad credit. Be sure to read the terms and conditions of the card carefully to understand the eligibility requirements.
Apply for the card. Once you've chosen a secured credit card, you can apply online or by phone. You will need to provide your personal information, such as your name, address, and Social Security number. You may also need to provide proof of income.
Make a security deposit. If you are approved for the card, you will need to make a security deposit. This deposit will be held by the issuer of the card and will serve as collateral in case you default on your payments.
Use the card responsibly. Once you have received your secured credit card, it's important to use it responsibly. Make your payments on time and in full each month. This will help you build a positive credit history.
Here are some additional tips for getting a secured credit card:
Be prepared to provide proof of income. Some issuers may require proof of income, such as a recent pay stub or tax return.
Consider a card with a low annual fee. Annual fees can add up over time, so it's important to choose a card with a low annual fee.
Look for a card with rewards. Some secured credit cards offer rewards, such as cash back or points, which can help you save money.
Don't overspend. It's important to use your secured credit card responsibly and not overspend. Only charge what you can afford to pay off in full each month.
With responsible use, a secured credit card can help you build a positive credit history and improve your chances of getting approved for an unsecured credit card in the future.
Here are some of the best secured credit cards in India:
CredEasy Secured Credit Card: This card requires a minimum security deposit of Rs. 10,000 and offers a credit limit of up to Rs. 2 lakh. It also offers rewards of 1% cashback on all purchases.
CredEasy Secured Credit Card
SBI Card EasyCard: This card requires a minimum security deposit of Rs. 5,000 and offers a credit limit of up to Rs. 1 lakh. It also offers rewards of 1% cashback on all fuel expenses.
SBI Card EasyCard
Axis Bank Secured Credit Card: This card requires a minimum security deposit of Rs. 2,000 and offers a credit limit of up to Rs. 50,000. It also offers rewards of 1% cashback on all online transactions.
Axis Bank Secured Credit Card
ICICI Bank Secured Credit Card: This card requires a minimum security deposit of Rs. 5,000 and offers a credit limit of up to Rs. 2 lakh. It also offers rewards of 1% cashback on all grocery expenses.
ICICI Bank Secured Credit Card
HDFC Bank Secured Credit Card: This card requires a minimum security deposit of Rs. 5,000 and offers a credit limit of up to Rs. 2 lakh. It also offers rewards of 1% cashback on all utility bill payments
HDFC Bank Secured Credit Card
I hope this helps!