Step-by-step guide: Apply for a secured credit card

Are you looking to build your credit score and gain control of your finances? Look no further! A secured credit card can be your ticket to financial security in today's fast-paced world. Whether you are a first-time credit card applicant or someone with a less-than-ideal credit history, a secured credit card provides a valuable opportunity to establish and improve your creditworthiness.

Let's explore a few key credit card features, who is eligible to apply, and go through a step-by-step guide on how to apply for a secured credit card online. 

What are secured credit cards?
 

Secured credit cards require a deposit as collateral in the form of cash. This deposit is security for the credit card issuer, reducing the risk of lending to individuals with little or no credit history. 

The credit card features are similar to traditional ones, such as the ability to make purchases, build a credit history, and enjoy benefits like fraud protection and access to credit education resources. These cards are particularly beneficial for individuals with limited or no credit history.

Benefits of secured credit cards
 

Unlock the benefits of secured credit cards, designed to help you establish or improve your creditworthiness. Let's take a look at the key credit card benefits below - 

· Credit building 
 

Secured credit cards provide a valuable opportunity to build or improve credit history by demonstrating responsible borrowing and repayment behaviour

· Financial flexibility  
 

You can improve your credit score, opening doors to other financial opportunities, such as obtaining loans, mortgages, or unsecured credit cards with higher credit limits and better terms

· Security 
 

They require a cash deposit as collateral, providing a sense of security to the credit card issuer. This security enables individuals with a limited credit history or a low credit score to access credit

· Worldwide acceptance 
 

They are widely accepted, just like unsecured credit cards, allowing users to purchase online, in stores, and during domestic and international travels

· Credit limit control 
 

The credit limit of a secured credit card is typically equal to or slightly higher than the deposit made by the cardholder. This allows you to control your spending and prevent excessive debt accumulation

· Credit card features 
 

The features are similar to unsecured credit cards, including making purchases, paying for expenses, and withdrawing cash from ATMs. Some cards may offer additional perks, such as rewards programs or cashback options

· Credit education 
 

Many secured credit card issuers provide access to credit education resources, including tools and tips to help you understand and improve your credit habits. This educational support can empower you to make informed financial decisions and develop healthy credit practices

Difference between secured and unsecured credit cards - 

What are the eligibility criteria for secured credit cards?
 

Here are some common eligibility criteria for secured credit cards in India -

· Age 
 

 You must be 18 to apply for a secured credit card

· Employment
 

 To be eligible, you must have a steady income source, such as a job or business

· Security deposit 
 

 You must make a security deposit, which starts at Rs 2,000 and goes higher, depending on the issuer

· Credit history  
 

Some issuers may check your credit history, and you should have a credit score of 700 and more

· Resident status 
 

 You must be a resident of India to apply for a secured credit card

· KYC documents 
 

 You must submit Know Your Customer (KYC) documents, such as proof of identity, address, and income

FIRST WOW! Credit Card and its benefits
 

FIRST WOW! - a secured credit card that offers all the benefits of an unsecured credit card without any joining or annual fees. Here are some of the benefits of using FIRST WOW! Credit Card - 

· Get a generous credit limit of at least 100% of your fixed deposit value, surpassing industry standards

· Earn 4X rewards on every purchase you make using the card, maximising your benefits

· Benefit from a competitive interest rate of 6.75% per annum on your fixed deposit, helping your money grow

· Enjoy hassle-free international travel with zero forex mark-up fees on transactions, saving you money

· Access an array of enticing perks, including over 300 merchant offers and a tempting 20% discount at 1,500+ restaurants

· Need cash? Withdraw 100% of your fixed deposit value while still earning uninterrupted interest

· Say goodbye to high-interest rates, and carry-over balances start at a mere 9% per annum, ensuring affordability

In addition to these, the FIRST WOW! Credit Card also comes with welcome benefits. It offers easy and convenient EMIs, balance transfer privileges, and more. With FIRST WOW!, you can enjoy all the perks of an unsecured credit card while having peace of mind with a fixed deposit-backed card.

How to apply for a secured credit card online?
 

If you want to apply for a secured credit card with IDFC FIRST Bank, here are the steps you can follow -

· Visit the IDFC FIRST Bank website and go to the FIRST WOW! Credit Card page

· Read through the credit card's features, benefits, and eligibility criteria to ensure that you meet all the requirements

· Click the 'Apply Now' button to start the application process

· Fill in the application form with personal and financial details, including your name, address, income, and employment details

· Choose the fixed deposit amount you wish to link with your secured credit card

· Submit your application and wait for a confirmation message from IDFC FIRST Bank

· Once your application is approved, you must open a fixed deposit account with IDFC FIRST Bank and deposit the required amount

· Your credit limit will be determined based on the fixed deposit amount

· Your secured credit card will be issued and delivered within a few days

Applying for a secured credit card with IDFC FIRST Bank is simple. By following these steps, you can enjoy all the benefits of an unsecured credit card without worrying about meeting strict eligibility criteria or paying high fees.

Conclusion
 

If you are self-employed and looking for a way to manage your finances and build a credit history, a secured credit card like the FIRST WOW! Credit Card can be a helpful option.

With this card, you can enjoy all the regular credit card benefits, even if you do not have a steady source of income or a great credit score. Plus, there are no annual or joining fees to worry about. The credit card offers features like low-interest rates and much more.

So why wait? Learn how to apply for the FIRST WOW! Credit Card today and start taking control of your finances right away!

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.