Has a bank rejected your credit card application because of a low credit score? Or, have you avoided taking a credit card due to high interest rates? Now, you can try out security-backed credit cards or a credit card issued against fixed deposits (FDs).
Options: Credit card companies such as ICICI Bank, SBI Cards and Axis Bank offer these products to its customers.
“This scheme was rolled out to bring down high delinquency (non-performing loans) rates. It is a win-win situation for both banks as well as the customers. While banks can ensure low default rates due to collateral of FDs, customers who were not eligible before for a credit card, can now get one,” said an official of ICICI Bank.
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