What is HDFC Secured Credit Card?
HDFC Bank is one of the leading banks in India and offers a wide range of financial products and services to its customers. Among its offerings is the HDFC secured credit card, a type of credit card that is designed to help people with limited or poor credit histories to build credit.
A secured credit card is a type of credit card that requires the cardholder to make a deposit as collateral for the credit line. The deposit serves as a security measure for the credit issuer and reduces the risk of default. The credit limit of the card is usually equal to the amount of the deposit, and the cardholder can use the card just like a regular credit card to make purchases and payments.
The HDFC secured credit card is designed for people who have limited credit histories, low credit scores, or no credit history at all. By making timely payments and using the card responsibly, cardholders can build their credit over time and eventually qualify for unsecured credit cards.
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Benefits of HDFC Secured Credit Card
One of the key benefits of the Secured credit card is that it can help cardholders build their credit history. HDFC Bank reports the cardholder’s credit activity to the credit bureaus, which can help improve their credit score over time. This is particularly important for people who are new to credit or have a poor credit history.
Another benefit of the secured credit card is that it offers a lower interest rate compared to other credit cards. The interest rate is usually around 2.99% per month, which is lower than the interest rates offered on other credit cards. This can help cardholders save money on interest charges and fees.
The secured credit card also comes with other benefits, such as cashback rewards, discounts on dining and shopping, and travel benefits. Cardholders can earn rewards points on their purchases, which can be redeemed for cashback, discounts, or other rewards.
Apply for HDFC Secured Credit Card
To apply for an HDFC secured credit card, the applicant must first make a deposit with HDFC Bank. The deposit amount usually ranges from Rs. 5,000 to Rs. 1,00,000, depending on the credit limit desired. Once the deposit is made, the card is issued, and the cardholder can start using it to make purchases and payments.
HDFC Officciall Website – https://www.hdfcbank.com/personal/pay/cards/credit-cards
Conclusion
The HDFC secured credit card is a great option for people with limited or poor credit histories who want to build their credit. The card offers a lower interest rate, rewards, and other benefits that can help cardholders save money and improve their credit score over time. With responsible use, cardholders can eventually qualify for unsecured credit cards and enjoy even more benefits.
FAQs – Frequently Asked Questions
Q. How does an HDFC secured credit card work?
A. The cardholder must first make a deposit with HDFC Bank. The deposit amount usually ranges from Rs. 5,000 to Rs. 1,00,000, depending on the credit limit desired. Once the deposit is made, the card is issued, and the cardholder can start using it to make purchases and payments.
Q. What is the credit limit for HDFC secured credit card?
A. The credit limit of the HDFC secured credit card is usually equal to the amount of the deposit made by the cardholder.
Q. How can I apply for an HDFC secured credit card?
A. To apply for an HDFC secured credit card, you can visit the HDFC Bank website or visit a branch in person. You will need to provide personal and financial information, as well as make a deposit to secure the credit line.
Q. What are the benefits of an HDFC secured credit card?
A. The HDFC secured credit card offers a lower interest rate compared to other credit cards, rewards, and other benefits that can help cardholders save money and improve their credit score over time. Cardholders can earn rewards points on their purchases, which can be redeemed for cashback, discounts, or other rewards.
Q. Who is eligible for an HDFC secured credit card?
A. How can I improve my credit score with an HDFC secured credit card?The HDFC secured credit card is designed for people who have limited credit histories, low credit scores, or no credit history at all.
Q. How can I improve my credit score with an HDFC secured credit card?
A. By making timely payments and using the card responsibly, cardholders can build their credit over time and eventually qualify for unsecured credit cards. HDFC Bank reports the cardholder’s credit activity to the credit bureaus, which can help improve their credit score over time.