What Banks Easy to Get Credit Card
Having a bad credit score can be a strenuous task to correct. However, there are methods that can be used to replenish your score. Secured credit cards are one of the easiest cards to get and are also ideal to enhance your credit score. Some of the best credit cards for bad credit in the country are mentioned below.
SBI Advantage Plus Credit Card
This SBI credit card is accepted globally and is offered against fixed deposits. Up to 85% of your total fixed deposit amount can your credit limit.
Key features of SBI advantage plus
- Enjoy cash withdrawal from several ATMs across the globe.
- Apply for add on cards for spouse, siblings, children or parents.
- Convert your SBI Advantage Plus Credit Card spends into EMIs with Flexipay.
Fees and charges
- Annual fee: Rs.500
- Renewal fee: Rs.500 p.a.
- Add on charges: Nil
- Interest charges: 2.25% per month or 27% p.a.
- Late payment charges: Up to Rs.750 depending on the spend amount
SBI Unnati Credit Card
One of the key features of this SBI Unnati Credit Card is the absence of an annual fee. This card is a secured card that can be obtained against a fixed deposit of above Rs.2.5 lakh.
Key features of SBI Unnati
- Contactless transactions can be made using this card.
- Enjoy cash withdrawal from several ATMs across the globe.
- Apply for add on cards for spouse, siblings, children or parents.
- Convert your credit card spends into EMIs with Flexipay.
- No annual fee for the first four years.
Fees and charges
- Annual fee: Nil for the first for years
- Renewal fee: Rs.499 from the 5th year onwards
- Add on fee: Nil
- Interest charges: 2.50% per month or 30% p.a.
- Minimum amount due: 5% of the total outstanding amount
Axis Bank Insta Easy Credit Card
This Axis Bank Insta Easy Credit Card can be availed on your salary or fixed deposit. With minimal documentation, this card is apt for people trying to enhance their credit score.
Key features of Axis bank Insta Easy Credit Card
- Get a credit limit up to 80% of your FD.
- 1% fuel surcharge waived on all fuel transactions.
- Cash withdrawal of up to 100% of credit limit.
- No joining fee or annual fee.
Fees and charges
- Joining fee: Nil
- Annual fee: Nil
- Add on charges: Nil
- Interest rate 2.50% per month or 34.49% p.a.
- Late payment fee: Up to Rs.700
Kotak Mahindra Aqua Gold Credit Card
This Kotak Mahindra Aqua Gold Credit Card is one of the best credit cards in the country for easily accessible and affordable cash. The Aqua card can be availed on FDs, and up to 80% of the fixed deposit amount can be obtained as credit limit. Furthermore, it is also one of the cards that can be used to revive low credit scores.
Key features of Kotak Mahindra Aqua Gold Card
- Interest free cash for up to 48 days throughout the year.
- Fuel surcharge waiver on fuel transactions above Rs.500 up to Rs.3,500.
- Railway surcharge waiver on transactions in IRCTC website for a maximum of Rs.500.
Fees and charges
- Joining fee: Nil
- Annual fee: Nil
- Add on charges: Nil
- Interest rate 2.99% per month or 35.88% p.a.
- Late payment fee: Up to Rs.700
- Over limit charge: Rs.500
HDFC Money Back Credit Card
The HDFC Money Back Credit Card can be availed on your salary. The ease of obtaining this card makes it a good option for people trying to improve their credit scores. Some of the details of the card are mentioned below.
Key features of the HDFC Money Back Card
- Earn 2 reward points for every Rs.150 spent.
- Convert spend to EMIs using SmartEMI.
- No lost card liability after reporting loss of the card.
Fees and charges
- Joining fee: Rs.500
- Annual fee: Rs.500
- Add on charges: Nil
- Minimum amount due: 5% of total outstanding
- Late payment fee: Up to Rs.750
- Over limit charge: Rs.500 minimum
FAQs on 5 Best Credit Cards for Poor Credit
- For how many years does CIBIL keep a record of its defaulters?
CIBIL records of all defaulters will not be permanent, and you can recover from your low CIBIL Score if there is any default. The records are maintained for 5 to 7 years, and after this time period, the records will not adversely affect your credit score.
- How important is CIBIL score to get a credit card?
The score requirements for a credit card can vary from one bank to another. You should note that a CIBIL score is not the only criteria to get a credit card. With a high CIBIL score, your application can still be rejected due to factors like age, banking relationship, income level, and type of employment.
- Are there any loans I can apply for if I have a low CIBIL score?
Although most loans cannot be availed with a low CIBIL score, you can get a loan with a higher interest rate charged if your credit score is low.
- Is the CIBIL TransUnion the only credit bureau in the country?
There are two other credit reporting agencies in -Experian India and Equifax India.
- What is the ideal credit score to get a credit card?
The closer your credit score is to 900, the better is your chance to get a credit card.
- What can be considered as a good credit score?
Credit score may vary based on the credit rating company. The credit report and score will provide you with an indication of whether you have a good or bad score. A good score with a particular assessor will more likely to have a good score with another assessor.
- What are the factors that are included in the calculation of credit score?
There are a few factors that are considered while calculating an individual's credit score. Primarily, the account information that includes information of credit cards and loans, the public records containing information pertaining to tax lien and bankruptcy, and the hard inquiries made by your lenders will be accountable for the calculation of credit score.
- What is the significance of credit score range?
The credit score range can vary depending on the assessor, however, the value will represent the same level of creditworthiness. The credit score summary will also indicate the health status, it will tell you if a particular score is excellent, good, average, or poor.
Source: https://www.bankbazaar.com/credit-card/best-credit-cards-for-poor-credit.html
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