A secured credit card allows you to build your credit score from the ground up, so it’s advisable to choose the best secured credit card in India to improve creditworthiness. Before going further, understand how FD-backed credit cards differ from non-secured credit cards listed in the table below:
| Secured Cards | Regular Credit Cards |
| Require a fixed deposit as collateral, so there is a lower risk of default for the credit card company | No deposit required, so a higher risk of default |
| The credit limit is determined by the FD amount | The credit limit is decided by age, salary, and other factors |
| Offered to people with a poor credit score to build their creditworthiness | Offered to people with a good credit score, otherwise you’re ineligible |
| Has a lower interest rate | Has a higher interest rate |
| May have limited offers and features | May have higher rewards and benefits |
| Usually has lower or no joining/annual charges | May have higher joining/annual charges |
Factors to Consider Before Choosing a FD-Backed Credit Card
To determine which secured credit card is best for you, consider these tips.
- Consider the Deposit Amount
The fixed deposit serves as collateral for your FD credit card. Some cards have a minimum deposit, while others don’t. The FD amount determines your credit limit, so pay attention to this factor.
- Choose a Card with a Lower APR
Even if the card is secured, the issuer charges you interest on any outstanding balance. Thus, opt for a card with a lower annual percentage rate (APR). Hence, knowing what APR is in a credit card is essential to avoid paying high interest.
- Look for Rewards and Benefits
Some cards provide cashback, rewards, or discounts suitable for your lifestyle. For example, the One Credit Card offers 5X monthly rewards on your top two spending categories. This will help you get the most value on eligible transactions.
- Check Approval Timelines
Many credit card companies offer instant approval. Look for a card with a simple approval process. All you need to do is meet the fixed deposit requirement and apply!
- Make Sure It Helps You Builds Your Credit Score
Choose a card that will help improve your credit score by making it easy for you to monitor transactions and pay bills. Some cards have apps that send you payment reminders and also caution you to stick to your budget when you set spending limits.
Top 5 Secured Credit Cards in India in 2024
If you’re looking for the best secured credit card in India, here is a table with the top options in 2024.
| Card name | Fees | Minimum FD Amount | Features |
| One Credit Card | No annual or joining fees | ₹5,000 |
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| SBI Card Unnati | Joining and annual fee: ₹499 (free for the first 4 years) | ₹25,000 |
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| IDFC FIRST WOW! Credit Card | Joining and annual fee: ₹199 plus GST | ₹10,000 |
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| Kotak 811 #DreamDifferent Credit Card | No annual or joining fees | ₹10,000 |
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| ICICI Bank Instant Platinum Credit Card | No annual or joining fees | ₹50,000 |
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Among all these options, the One Credit Card is popular since it is easy to get it by booking an FD of just ₹5,000. You can enjoy many benefits while receiving interest of up to 7.5% on your FD. You can also get a credit limit of 100% of your FD amount.
This metal credit card is also free of annual or joining charges. The One Credit Card is known for its fantastic 5X reward program, where you can earn accelerated points on any of your top two spending categories. What’s more, you can monitor your budget and receive instant alerts through its app. Apply now and explore the benefits of the One Credit Card!
