Curated By: Business Desk
Last Updated: February 20, 2024, 12:16 IST
The card is ideal for folks, who’re new to credit score or have problem accessing conventional bank cards, due to their low credit score scores.
Using a secured bank card might help people improve their CIBIL/credit score scores and construct a credit score historical past.
While it’s normally straightforward for employed people to get a bank card, these with poor or no credit score historical past might face rejections. In such situations, a secured bank card linked to a set deposit (FD) is usually a helpful various. This choice is very helpful for folks with low CIBIL/credit score scores who battle to acquire conventional bank cards. Fixed deposits supply assured returns and function collateral for secured bank cards. Using a secured bank card might help people improve their CIBIL/credit score scores and construct a credit score historical past.
Various banks have completely different minimal quantities wanted to open a set deposit (FD) for secured bank cards. Today, we’re presenting a bank card choice you could get with only a Rs 2,000 FD. It’s referred to as the Step-Up Credit Card.
Step Up Credit Card
The Step Up Credit Card is a secured bank card provided by SBM Bank (India) Limited, with Paisabazaar serving because the co-branded associate. This card is offered in trade for a set deposit (FD) opened with SBM Bank. Additionally, customers obtain an annual rate of interest of 6.50 per cent on their FD.
It is aimed toward people who find themselves new to credit score or have problem accessing conventional bank cards due to their low credit score scores. It’s additionally a very good choice for patrons who can’t get a bank card due to their credit score historical past or the place they reside.
Here are the principle highlights of the Step UP bank card:
Flexible credit score restrict
Digitized software course of with zero contact
No becoming a member of payment (besides Rs. 200 for Rs. 2,000 FD)
No renewal payment
Assists in constructing a stable credit score rating
Eligibility Criteria
In India, bank cards are offered by banks in opposition to fastened deposits, however solely to particular person residents who maintain such deposits. But sure people will not be eligible to avail of this facility:
Hindu Undivided Family (HUF)
Minors (below 18 years previous)
Foreign nationals
Third events
Partnership companies
Trusts
Societies
Depositors of tax-saving FD
Depositors of NRI fastened deposits
How to Use a Step-Up Credit Card to Build Credit Score?
Begin utilizing your Virtual Step UP Credit Card for on-line purchases to start out constructing your credit score rating.
Use your bodily Step UP card for offline transactions after receiving it to earn additional reward factors and advantages.
Ensure well timed cost of your Step UP Credit card invoice to enhance your credit score rating.
When you attain 75% of your Step UP Credit Card credit score restrict, take into consideration growing your credit score restrict.
