Axis Bank is one of the leading banks in India that offers a wide range of financial products and services to its customers. One of its popular offerings is a credit card against a fixed deposit (FD). This type of credit card is known as a secured credit card, where the credit limit is determined by the amount of the fixed deposit. The Axis Bank Credit Card against FD is an excellent option for those who have a low credit score or no credit history. By pledging their fixed deposit account, they can get a credit card with a credit limit that is usually higher than what they would get with an unsecured credit card. This type of card also comes with several benefits and features.
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Axis Bank Credit Card against FD
Axis Bank offers credit cards against fixed deposits (FD) as collateral. When you apply for a secured credit card, you will have to open an FD account with Axis Bank and provide a certain amount as collateral. The credit limit on the card will be a percentage of the FD amount that you have deposited. The advantage of Axis Bank Credit Card Against Fixed Deposit is that it can help you build or improve your credit score. Since the card is secured by your FD, the bank takes on less risk and is more likely to approve your application even if you have a poor credit history.
By using the card responsibly and making timely payments, you can demonstrate creditworthiness to the credit bureaus and improve your credit score. Axis Bank offers several credit cards against FD, such as the Axis Bank Insta Easy Credit Card Against Fixed Deposit, Easy Credit Card, and Vistara Credit Card. Each card has different features and benefits, so it’s important to compare them and choose the one that best suits your needs. You can visit the Axis Bank website or contact their customer service for more information on their credit card offerings.
How to Apply for Axis Bank Credit Card Against Fixed Deposit?
Applying for an Axis Bank FD Credit Card is a straightforward process. Here’s a step-by-step guide on how to apply for an Axis Bank credit card against a fixed deposit:
1. Open a Fixed Deposit Account
The first step is to open a fixed deposit account with Axis Bank. You can do this by visiting the nearest Axis Bank branch or through their online portal.
2. Choose the Credit Card
Once the fixed deposit account is created, you need to choose the credit card that you want to apply for. Axis Bank offers a range of credit cards with various benefits and features.
3. Submit Application Form
To apply for the Axis Bank Fixed Deposit Credit Card, you need to fill in the application form, which is available at the Axis Bank branch or online. You will need to provide personal details such as name, address, income, and other relevant information.
4. Submit Fixed Deposit Documents
As this is a secured credit card, you will need to submit the documents related to the fixed deposit account, such as the FD receipt or certificate.
After submitting the application form and fixed deposit documents, Axis Bank will verify the information provided by you. They may also contact you for further information or documents if needed.
6. Credit Card Issuance
Once the verification process is complete, and all the documents are in order, the credit card will be issued against the fixed deposit account.
Benefits of Axis Bank FD-backed Credit Card
There are several benefits to having an Axis Credit Card Against FD. Here are some of the primary benefits:
- High Credit Limit: A fixed deposit-backed credit card offers a higher credit limit than a regular credit card as the credit limit is based on the amount of the fixed deposit. This means you can enjoy a higher credit limit without having to submit income documents.
- Easy Approval: Since the credit card is backed by a fixed deposit, the approval process is much easier and faster. As long as you have a fixed deposit account with the bank, you are eligible to apply for the credit card.
- Interest-free Credit Period: With an FD-backed credit card, you can enjoy an interest-free credit period of up to 50 days. This means you can make purchases without paying any interest if you pay the outstanding amount in full by the due date.
- No Income Documents Required: You do not need to submit any income documents to get an FD-backed credit card as the credit limit is based on the amount of your fixed deposit.
- Improve Credit Score: An FD-backed credit card is an excellent way to build or improve your credit score as long as you make timely payments and use the card responsibly.
- Reward Points: Axis Bank fixed deposit-backed credit cards offer reward points for every purchase you make using the card. These reward points can be redeemed for a variety of products and services.
In conclusion, an Axis Bank fixed deposit-backed credit card is an excellent option for those who want to enjoy the benefits of a credit card without having a high credit score or income documents. With a higher credit limit, easy approval process, and interest-free credit period, this type of credit card is ideal for those who want to build their credit score while earning reward points. Stay tuned to MoneyCompass for more credit card related articles.