For the modern consumer, having access to credit is essential for meeting various expenses with maximum value on each rupee they spend. Rewards programmes, cashbacks, discounts, offers: all of these make using credit cards well worth their while. Some financial experts will tell you that if you’re not using a credit card to pay for things, you’re missing out on a lot of value for your hard earned money. However, obtaining a credit card can be challenging, especially for individuals with limited to no credit history, no prior or present work experience or income.
Fortunately, there are many types of credit cards available and Kotak811 offers a solution that bridges this gap by providing a credit card against fixed deposits (FD): a no ifs no buts kind of way to access credit and build a solid financial foundation. The card is called the DreamDifferent Credit Card and comes with plenty of benefits.
Benefits of a Credit Card Against FD with Kotak811
- Assured and Secured Access to Credit
Kotak811 offers a credit card against FD, providing a secured credit option for individuals who may not qualify for traditional unsecured credit cards. By pledging a fixed deposit as collateral, applicants can secure a credit card and enjoy the benefits of credit card usage without the need for a credit score or income documents.
- Guaranteed Approval, Always
Unlike traditional credit cards that require a thorough credit check and documentation, a credit card against FD offers guaranteed approval. Since the credit limit is secured by the FD, there’s no risk for the issuer. This makes it a cakewalk for applicants to qualify, apply, and access credit cards.
- No Income No Worry
One of the significant advantages of a credit card against FD is that it doesn’t have any income requirements. Whether you’re a student, homemaker, or self-employed individual with irregular income, you can still apply and qualify for a DreamDifferent Credit Card by opening an FD as collateral.
- Build Credit History Step by Step
For those looking to establish or improve their credit history, a credit card against FD provides an excellent opportunity. By using the card responsibly and making timely payments, cardholders can demonstrate creditworthiness and gradually build a positive credit profile. The card more or less assures responsible use by limiting the monthly credit limit to 90% of the deposit’s value.
- Continue to Earn Interest on the FD
As customers continue to use their card responsibly and pay their monthly bills, their FD continues to grow through the power of compound interest. The interest rate on the FD is set before it is opened, as is the fixed tenure over which it will earn the same. This is the predominant factor behind so many investors preferring FDs as safe, assured, and secured options.
Features of Kotak811’s Credit Card Against FD
It’s Free: For Life
Kotak811 offers a lifetime free credit card against FD, eliminating the need for annual fees or charges. Cardholders can enjoy the benefits of credit card usage without worrying about additional expenses.
Set Your Own Credit Limit
The credit limit of the card is determined based on the value of the pledged FD. Cardholders can access up to 90% of their FD amount as the credit limit, providing flexibility and convenience in managing expenses.
Reward Points and Benefits
Cardholders earn reward points on every transaction made using the credit card against FD. These reward points can be redeemed for a variety of benefits, including cashback, gift vouchers, and merchandise, enhancing the overall value of the card.
Interest-Free Cash Withdrawals:
With Kotak811 credit card against FD, cardholders can enjoy interest-free cash withdrawals for a specified period, providing liquidity and financial flexibility when needed.
Eligibility Criteria
Age Requirements
Primary cardholders must be within the age bracket of 18 years to 75 years. Add-on cardholders should be 18 years and above.
Resident of India
Applicants must be residents of India with a valid residential address.
Fixed Deposit Requirement
The minimum fixed deposit amount required to avail of the credit card against FD varies based on the type of savings account:
- For non-Kotak811 savings account customers: Minimum FD amount of Rs. 9,000.
- For Kotak811 savings account customers: Minimum FD amount of Rs. 5,000 and maximum of Rs. 6,00,000.
How to Apply for Kotak811 Credit Card Against FD:
Online Application:
- Log in to the Kotak811 Mobile Banking app and navigate to the “Credit Card” section.
- Choose the Kotak811 “DreamDifferent Credit Card” and follow the easy on-screen instructions.
- Select the desired credit limit based on the pledged FD amount and provide the necessary details. If you already have an FD with Kotak811, your limit will be 90% of the deposited amount.
- Confirm the FD details and accept the terms and conditions to complete the application process.
Documents Needed
No additional documents are required for applying for a credit card against FD. The FD acts as collateral, simplifying the application process.
Card Delivery
Upon successful application, the Kotak811 credit card against FD will be delivered to the applicant’s registered address within 7-10 working days.
Kotak811 and Easy Credit: A Winning Partnership
Kotak811 offers a seamless and accessible credit solution for individuals seeking to leverage their fixed deposits to access credit. With guaranteed approval, flexible credit limits, and lifetime free benefits, the DreamDifferent Credit Card is a great choice for people looking to build credit history and unlock financial opportunities with minimal fuss.
