What are secured credit cards? 3 key scenarios when you should consider applying for them

Have you ever come across someone who is not eligible for a credit card because they have a poor or no credit history to build credit. Those who are not aware – secured credit cards are offered against the collateral of a fixed deposit which is opened in the same bank. Some examples of secured credit cards: I. SBI Card Unnati: This zero fee card can be opened with a lien on cardholder's fixed deposit opened with SBI of ₹25,000 or more. ICICI Bank's Coral Credit Card Against Fixed Deposit: This card can be issued against ICICI Bank Fixed Deposit of ₹50,000 or more, with a minimum tenure of 180 days. No credit history: When you do not have a credit score because you don't have a history of bill payments and credit cards, you have no choice but to apply for a secured credit card.