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Secured Credit Cards and their Features

  • Highlights

  • Access a secured credit card by pledging collateral

  • The value of the collateral determines your credit limit

  • Use a secured credit card to build your credit score

  • Opt for SuperCard when transitioning to an unsecured card

When used wisely, a credit card boosts your purchasing power and helps you maximise savings. This negates the common misconception about credit cards being bad for you as it is your usage that determines your credit card experience. So if you’re wondering how to get a credit card that is feature-packed, start by learning about the stringent eligibility criteria that can impact your application’s approval.

If you’re new to credit or have been irresponsible with it in the past, then you may not be eligible to apply for a traditional credit card. However, you can obtain a secured credit card which serves a similar purpose and has a higher chance of approval. This type of credit card is designed to help you learn how to manage credit or rebuild your credit score. Read on to know more about it.

Additional Read: Procedure to Change Credit Card Pin Number

What is a secured credit card?

Credit card companies issue this type of a credit card only against collateral. Typically, issuers sanction a credit card in your name against investments such as Credit card against fd, while banks may issue one against the savings account you hold with them.

Additional Read: Check credit card balance

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Here the amount you maintain as savings, or have invested, determines the credit limit you will be able to use. While simply offering collateral does not guarantee approval, it certainly aids your application.
Now that you have an understanding of what a secured credit card is, take a look at its features.

Features of Secured Credit Card

Accepted in-store and online

When it comes to making purchases, a secured credit card is no different from its unsecured counterpart. It is widely accepted at most stores and is suitable for online purchases too. However, it is especially important to monitor the amount you spend as defaulting on payments will cost you the collateral.

Carry high annual percentage rates

Due to the fact that a secured credit card is mainly issued to those who have a low credit score, it carries higher risk from the issuer’s point of view. To put it into perspective, note how regular, unsecured credit cards are also issued at a high rate to those with a less-than-ideal credit score. Thus it’s no surprise that secured cards come with heftier operational fees.

May not offer the same benefits as unsecured cards

While a secured credit card functions like a traditional credit card, it may not offer you the same add-on benefits. This is because the rewards are given to you in lieu of your creditworthiness.

Aid in the transition to unsecured credit

A secured credit card is best used to build your credit score. Since you are required to make periodic payments to clear the balance, it counts as credit repayment. As a result, these payments help you improve your eligibility for an unsecured credit card over time.

Additional Read: How to Read Credit Card Statement

Once you do build your score, transition to a feature-rich unsecured credit card such the Bajaj Finserv RBL Bank SuperCard. Apart from being one of the best international credit cards in India, it gives you the power of 4 cards in 1. You get access to some of the best offers on entertainment, travel and leisure purchases, and can earn reward points on every transaction. Furthermore, this credit card also doubles up as an EMI card, letting you split any purchase over Rs.3,000 into easy EMIs.

When you’re contemplating how to get a credit card, remember to check your pre-approved offer from Bajaj Finserv to see the customised deal that you are eligible for. This way you can get access to the SuperCard even faster!

Additional Read: National Common Mobility Card

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