There are so many types of credit cards available that you’re often spoilt for choice. But what if you are new to credit or have a low credit score? There is no need to stress, as you can opt for a secured credit card. 

Simply enjoy all perks of a regular credit card and build your credit history with the secured credit card. What’s more, the application process of a secured card is as simple as that of unsecured cards. Find out more!

How to Apply for a Secured Credit Card

Here are some easy-to-follow tips you can follow when choosing a secured card. 

Assess the Card’s Features and Benefits 

The first step to choosing the best card option is to know your requirements and understand why you need a card. Once you assess your needs, opt for a card that matches your lifestyle requirements. 

Compare various credit card types based on their perks, and select one that best fits your needs. For instance, if you’re looking for a card only to boost your credit score, you can choose one with minimal perks. 

However, if you are someone who flies frequently, get a secured card with exclusive travel perks. Simply put, gauge your needs and your card’s features before applying for one. 

Compare the Best Option 

Once you know your card’s features and benefits, you can easily choose some of the top card options. Here’s a list of parameters that you need to watch out for before selecting a secured card:

  • Relaxed eligibility criteria 
  • Offers maximum credit limit against your fixed deposit amount
  • Helps you earn attractive interest on the fixed deposit 
  • Provides the best reward program, discounts and offers
  • The card issuer must levy nominal fees and charges
  • The minimum deposit amount required must be low
  • Zero annual or joining fees, reducing your borrowing costs
  • Easy and simple application process, preferably online
  • Minimal documentation

Keeping these points in mind, you can easily select the best secured credit card in India

Eligibility Criteria 

After shortlisting some of the best options, check the eligibility criteria on the issuer’s website. This is a crucial step, as all issuers have different criteria for card applicants.  

Thanks to digital advancements, you can check these parameters from the convenience of your home. Here are some common criteria:

  • Anyone over the age of 18 years can apply for a secured credit card in India.
  • Students, housewives and self-employed individuals without a steady income can apply for a secured card, provided they meet the issuer’s requirements.

Apply Online 

Once you have checked the eligibility criteria, you can apply for your preferred card in the following way:

  • Visit the issuer’s website and click on ‘Apply Now’ 
  • Fill in the application with your personal details, such as your name, date of birth, mobile number, residential address, etc.
  • Complete your online verification process
  • Check the offer you’re eligible for
  • Add your preferred FD amount and make the FD payment
  • Complete the KYC process

Once done, you will get your secured credit card and your fixed deposit details from the issuer. Remember, the application process varies from one issuer to another. 

Why Should You Apply for a Secured Card?

Here are some reasons to apply for a secured credit card and the benefits you can enjoy:

  • A secured credit card is an easier option than an unsecured card, with easy-to-meet eligibility criteria
  • Using this credit card, you can easily build a credit history over time, making you eligible for a regular credit card
  • You can enjoy all the regular credit card facilities, such as reward points, discounts, cashback, etc. 
  • Most issuers allow you to apply for a secured card without income proof, making it accessible to people without a steady income source 
  • Get up to 90-100% of your fixed deposit amount as the credit limit, enabling you to manage unexpected or planned financial requirements

However, you need to be responsible by paying your bills on time and using the card only when required. Any delay in your bill payment can affect your credit score and increase your borrowing costs.

Considering these factors, you can choose your ideal secured credit card. One such option is the One Credit Card, which is suitable for all your needs. You can get this card by booking an FD with a minimum deposit of ₹5,000.  

Moreover, you get 5X rewards on the top two categories and several dining and shopping offers. You can also conveniently monitor your spends, redeem your rewards and plan your finances with the One Credit Card app. Apply online to get started on your credit card journey!