Many Indians do not know the value of Credit Cards and Credit History these instruments help you build. SBI Cards which took the lead in issuing cards trimmed accounts as defaulters numbers rose. Now SBI Cards has taken a different approach - SBI Secured Credit Cards
How to get Secured Credit Card ?
In order to establish good credit history, you need to have some form of Loan Payment Track record. Secured Credit Card helps in this regard. It is an instrument issued against a Fixed Deposit [FD] that you give to the bank. Suppose you give a Fixed Deposit of Rs 50,000, then bank will issue a Secured Credit Card tied to this FD but with limit of just Rs 40,000 or less.
Secured Credit Cards function as normal credit card and you also get to Build Credit History.
SBI now has around 8% of their customers on secured cards platform and is encouraging more customers to opt for the same.
