Secured Cards
Backed by a deposit, no credit history needed
-
A credit card
-
A limit
-
Interest continuing
-
Credit reporting
Find your card
What Our Plans Cover
-
A credit card secured by your fixe...
-
A limit of typically 80 to 90 per...
-
Interest continuing to accrue on t...
-
Credit reporting of all payments
-
Rewards on eligible spending at mo...
Who Can Consider This Plan?
- Indian resident, generally aged 18 and above
- Proof of enrolment in a recognised institution, for student cards
- A fixed deposit with the issuer, for secured cards
- PAN and completed KYC
- A co-applicant or guardian, at some issuers
What May Not Be Covered?
- A limit above the funding percentage of your deposit
- Release of the deposit while the card is active
- Any benefit if you revolve a balance
- Premium benefits, which secured cards do not carry
- Automatic upgrade, which depends on your conduct
Always check the policy wording before you commit.
Why Choose Wealth & Covers?
- Expert advice to choose the right plan
- Plans from leading credit cards companies
- Hassle-free process and documentation
- End-to-end support, including claim assistance
- Dedicated relationship manager
- Expert Guidance Personalised advice from experienced credit cards professionals.
- End-to-End Support From choosing the right plan to claim assistance, we are with you always.
- Claims Assistance Hassle-free claim support to ensure you get what you deserve.
- Transparent Process Clear information, easy documentation and a hassle-free experience.
Overview
A secured credit card is issued against a fixed deposit you place with the issuer. The deposit acts as security, so approval does not depend on income or credit history, and the limit is typically eighty to ninety per cent of the deposit.
Because it is secured, it is available to people conventional cards decline — students, new earners, people rebuilding after a poor credit record, and anyone without a documented income. That accessibility is its purpose.
The important point is that it reports exactly like an ordinary card. Payments are recorded, history is built, and after twelve to eighteen months of clean conduct most issuers will offer an unsecured card and release the deposit. Meanwhile the deposit continues earning interest.
Who should consider it
Anyone declined for a conventional card. Students and new earners without income documentation. Anyone rebuilding credit after a default or settlement. Homemakers and others without a documented income of their own.
Benefits
- Approval does not depend on income or credit history
- The deposit continues earning interest throughout
- Reports to credit bureaus exactly like an unsecured card
- Usually upgraded to an unsecured card after clean conduct
- Low or no annual fee on most secured cards
- A practical route to rebuilding a damaged credit record
What is included, and what is not
Read the right-hand column first. It is the one that tends to surprise people later.
Included
- A credit card secured by your fixed deposit
- A limit of typically 80 to 90 per cent of the deposit
- Interest continuing to accrue on the deposit
- Credit reporting of all payments
- Rewards on eligible spending at most issuers
Not included
- A limit above the funding percentage of your deposit
- Release of the deposit while the card is active
- Any benefit if you revolve a balance
- Premium benefits, which secured cards do not carry
- Automatic upgrade, which depends on your conduct
Terms vary between providers and between plans from the same provider. The offer document you receive is what governs — we will walk you through it before you commit.
How it works with us
- 1 We explain how credit reporting works first A first card sets a pattern that follows you for years. Understanding what is being recorded matters more than the reward rate.
- 2 A small limit, deliberately A low limit on a first card is a feature. It contains the damage while the habit is forming.
- 3 Eligibility route chosen A student card against enrolment, or a secured card against a deposit. Which applies depends on your situation.
- 4 Application with the right documentation Enrolment proof, KYC, and a deposit for a secured card. Prepared once so the application is not declined on paperwork.
- 5 Auto-debit in full, set up on day one The single most important step. Paying in full automatically is what makes a card build credit instead of debt.
Important considerations
The things a brochure tends to leave out. Read these before you decide.
- This is the most reliable route to building or rebuilding credit history. Approval does not depend on your record, and the reporting is identical to an ordinary card.
- Your deposit keeps earning interest. The card costs you the annual fee, if any, rather than the return on the money.
- Use a small proportion of the limit and pay in full. Utilisation and payment history are the two largest factors in your score.
- After twelve to eighteen months of clean conduct, ask about an unsecured card. Most issuers will offer one and release the deposit.
- Revolving a balance on a secured card is as expensive as on any other. The security protects the issuer, not you.
Documents required
- PAN card
- Aadhaar or other identity proof
- Address proof
- Proof of enrolment — college ID or admission letter
- Fixed deposit receipt, for a secured card
- Recent passport-size photograph
- Parent or guardian documentation, where they are a co-applicant
Frequently Asked Questions
Who is a secured card for?
Anyone a conventional card would decline — students, new earners without income documentation, homemakers, and people rebuilding after a default or settlement. Because the deposit provides the security, approval does not depend on your income or your credit record.
Do I lose the interest on my deposit?
No. The deposit continues earning interest throughout, and it is simply held as security. The card costs you the annual fee, if any, rather than the return on the money — which is what makes this an inexpensive way to build credit.
Does it build credit history like a normal card?
Identically. Payments are reported to the credit bureaus exactly as with an unsecured card, which is the entire point. Twelve to eighteen months of paying in full on time builds a genuine record.
When can I get an unsecured card?
Most issuers will offer one after twelve to eighteen months of clean conduct, and release the deposit at that point. It is worth asking rather than waiting to be offered — the upgrade is frequently available before it is proposed.
Is the interest lower because it is secured?
No. Revolving a balance on a secured card costs the same as on any other, around thirty-six per cent a year. The deposit protects the issuer, not you, and paying in full remains the whole discipline.
Want a shortlist instead of a catalogue?
Tell us the situation and an advisor comes back with two or three options that actually fit — and names what each one gives up.