Best 5 Credit Cards for Poor Credit
If you have a low credit score, getting a credit cards can be difficult, There are methods that can be used to replenish your score. Some credit card are designed specifically for people with poor or limited credit history. Secured credit cards are among the easiest to get — and they can actually help rebuild your credit over time. With responsible use, these cards offer a simple way to improve your score and regain financial confidence.
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 Rs.25,000 and above.
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 four 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
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
IDFC FIRST WoW Credit Card
The WoW credit card is provided to individuals who do not have a credit history. The credit card is offered to everyone and comes with a guaranteed approval. A higher interest rate can be earned against the FD account.
Key Features of the IDFC First WoW Credit Card
- Reward points can be redeemed at any given time online.
- No income proof needs to be provided.
Fee and Charges
- Joining Fee: Nil
- Annual Fee: Nil
ICICI Bank Instant Platinum Credit Card
In case you want a free and instant credit card, you can opt for the ICICI Bank Instatnt Platinum Credit Card. You must have an FD account of Rs.50,000 and above to apply for the card.
Key features of the ICICI Bank Instant Platinum Credit Card:
- Earn 2 reward points for every Rs.100 spent on retail purchases.
- Earn 1 reward point for every Rs.100 spent on insurances and utilities.
Fee and Charges
- Joining Fee: Nil
- Annual Fee: Nil
Kotak811 Dream Different Credit Card
You must have a term deposit with Kotak Mahindra Bank to apply for the Kotak811 Dream Different Credit Card. Up to 90% of the term deposit may be provided as the credit limit.
Key features of the Kotak811 Dream Different Credit Card:
- Earn 4 reward points for every Rs.100 spent online.
- Earn 1 reward point for every Rs.100 spent offline.
Fee and Charges
- Joining Fee: Nil
- Annual Fee: Nil
SBM Bank Rupicard
The SBM Bank Rupicard is a credit card that helps in building your credit score. You will need to have a FD with the bank to apply for the card.
Key features of the SBM Bank Rupicard:
- No proof of income needs to be provided.
- No credit score check is done.
Fee and Charges
- Joining Fee: Nil
- Annual Fee: Nil
FAQs on Best 5 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.
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