Banks love salaried people, they know these are the people who are going to get money regularly and that is the reason, the process for getting any services from bank is pretty easy,fast and hassle free for working people. While on the other hand businessman (small to medium/ startup) and students face challenges in getting credit cards from bank, for banks if anyone wants a credit card, he or she should have ability to payback the purchases he made from credit card, for salaried people there seems to be no issue as every month there account is credited with money. But students or businessman has no regular income source to show off, I am not saying it is not at all possible to get credit card without strong repayment skills, but bank has its own process and rules to give it. I will tell you the quickest,easiest and fastest way to get credit card in India from any bank, does not matter whether you are student or housewife or businessmen with no regular income source.
I am assuming that you do not have sound bank balance but you are in requirement of credit card, actually credit card is the thing which gives you freedom to purchase and a grace period of upto 55 days, at times credit card are so useful that it can come out as life saver. I see people saying, its better not have credit card. these are the people who spend out of the box and when bill arrives, blame credit card by saying – i wish i would have not used it. You have to know your limitation and paying ability before making purchases, the credit card normally gives you good limit, that does not mean you spend upto the higher limit, if you are able to payback go for it, if not sitback and control your expenses.
Getting Credit Card on Fixed Deposit (FD).
Yes, you heard it correctly, getting credit card was never easy if bank have not provided this option. This is the best possible way yo get credit card , without much documentation. The best part is the bank has nothing to do with your business, all they want is – you enroll for minimum FD of 25 Thousand (depends from bank to bank) and you will get credit card against it instantly. No matter you are an student, business man, housewife, low salaried person this offer is open for everyone. Currently ICICI and Axis Bank are the two who are offering this service.
Why Credit Card Against FD?
This is because there exsist people who need credit card, but does not comply with bank policies to get it, So banks are issuing it on behalf of FD as security.
What is the benefit ?
You use credit card, pay bills regularly. This is actually what you wanted. But banks are not sure if you will really payback the bills made against purchases. So if you failed to payback after the grace period followed by recovery time, The bank will get money out of your FD.
Will i get Same FD Interest Rates?
Yes, this FD is not different from traditional one, You will still get Market Interest Rate.
There exists several other methods which we aren’t discussing today, but for those who always dreamed about getting a credit card, but failed to convince bank and slapped by there difficult process. This is the way. Deposit Amount and use credit card worry free. Do let me know if you know any other way to get credit card easily.