Secured credit cards are a type of credit card that requires a cash deposit as collateral. This credit limit is often equal to 50 percent to 100 percent of the amount of the initial deposit. If you apply for a secured credit card and put down a $1,000 deposit as collateral, for example, you’ll likely qualify for a $500 to $1,000 line of credit as a result.

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Getting approved for a traditional, unsecured credit card can be very difficult when your credit score is poor, yet you may not be able to improve your credit over time if you can’t find a lender to give you credit.

Secured credit card payments are reported to the three credit bureaus: Experian, Equifax, and TransUnion. Double-check with the issuing company to make sure it will be reporting your payment history to the three main credit bureaus.

Secured vs. unsecured credit cards

Generally speaking, unsecured credit cards are a better deal for consumers. When a card is unsecured, this means you don’t have to put down a deposit as collateral. Unsecured credit cards also tend to come with better perks and rewards, lower fees and lower interest rates. Those who have a good or excellent credit score have better chances to qualify for this type of credit card.

It should be noted that changing from secured to unsecured credit cards might take around 12 to 18 months. It all depends on how well you manage your payments and your starting score.

When it comes to building your credit score, you’ll use the same process with a secured credit card as you would with an unsecured credit card.

Indian credit card users are spoilt for choice. Many leading financial institutions in the country offer credit cards with a plethora of features and benefits. Low-interest rates, higher credit limits, rewards, teaming up with retail giants, and offering additional discounts are some tactics they use to woo customers.

Traditionally credit cards users have levied an annual fee that translated into huge outflows over a period of time. But with changing times offering a lifetime free credit card has emerged as a vital tool for lending institutions to attract customers and strengthen their market standing. 

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Best Lifetime Free Credit Cards In India with No Annual Fees

The list of lifetime free credit cards with no annual fee is not exhaustive. Numerous banks have ventured into this domain and offer lifetime free credit cards with no annual fee. But there is more that makes them the best in the league. Listed below are the 10 best lifetime free credit cards in India with no annual fees:

ICICI Bank Instant Platinum Credit Card is a zero annual fee credit card. It is issued against a fixed deposit at ICICI Bank and is therefore without any joining fee. Other than being a free annual fee credit card, the numerous benefits linked to the card are:

• It features built-in, contactless technology that enables quick and secure payments
• Earn reward points and redeem for lucrative offers and attractive gifts

Besides being a lifetime free credit card with no joining fee or annual fee, HSBC VISA Platinum Credit Card offers a flurry of benefits, rewards, and cash backs that make it the best pick in the category. Its other exclusive privileges include:

• Introductory benefits of up to Rs. 2,250 with three complimentary airport lounge access at domestic & international airports or 3 AirDine vouchers

IDFC FIRST Classic credit card is one of the most attractive among the best lifetime free credit cards in India as it offers an entire spectrum of benefits and rewards. Loaded with features, it's a must-have for every shopaholic. The exclusive features include:

• Lifetime free credit card with NIL over limit fee
• Lowest finance charges ranging between 0.75% - 2.99% per month

State Bank Of India, India's largest public-sector bank, made inroads into the zero annual fee credit card category with its SBI Unnati Credit Card. The key features of the card include:

• Zero card fee for the first four years of use.
• A subsequent fee of Rs.499 per annum

Specially designed for its 'Burgundy' customers, Axis Bank Select Credit Card offers no joining fee and is a zero annual fee credit card. The SELECT range of credit cards offers exclusive privileges to confer maximum lifestyle benefits. These include:

• Complimentary Amazon membership.
• Gift voucher of Rs. 2000 from Amazon on the first card spend within 90 days of card set up.

HDFC MoneyBack+ Credit Card is an upgraded version of the previously launched HDFC MoneyBack Credit Card. This card lets you earn reward points on every purchase. It is an entry-level credit card and is best suited for people who are new to credit and want to earn discounts or rewards on their purchases. With the relaxed eligibility criteria, you can easily apply for this credit card and earn reward points on every purchase. 

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Features of MoneyBack Credit Card

• Joining fee of INR 500 + GST
• A renewal fee of INR 500 will be charged every year

Welcome Benefits

Every new card will get 500 reward points if the joining fee has been paid and if that fee has not been charged by the bank under some special offer then there will be no reward points.

Reward Points:

• 2 reward points on a spend of INR 150 each time.
• Up to 2X features for online shopping. This means 4 reward points on an online spend of INR
• 150 (maximum 500 reward points per statement cycle for online spends).

On spending INR 50,000 in a calendar quarter there will be a gift voucher of INR 500.

Redeeming Reward Points:

• Reward points can be redeemed as per the statement balance at the rate of 1 reward point = INR 0.20
• Reward points can be used for flight and hotel bookings:
• The credit cardholder can only redeem 50% of the booking cost
• SmartBuy reward portal provides the catalog for such spends
• The value of 1 reward point = INR 0.20
• Can be used as air miles for booking airlines tickets, the value will be INR 0.25

Reward Points Validity:

• Reward points are valid for two years from the date of accumulation.
• How to Apply: You can apply online by visiting the HDFC website or physically by visiting a branch.

For some, earning rewards through churning is an attractive option. For others, frequent credit applications may mean lower credit scores and credit card debt.

• Credit card churning is the opening of new credit cards to secure lucrative rewards and bonus deals during the promotional period.
• Credit card churning can hurt your credit scores and limit your credit options.
• Credit card churning can also land you in credit card debt. 

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Credit Card Churning Definition: Credit card churning is the practice of hunting for credit card rewards and bonuses and opening several new credit cards to take advantage of the best deals. Having secured the rewards, the credit card “churner” closes the cards, often before incurring the annual fees.

Successful credit card churners can earn free flights, vacations, holiday accommodation, and cash this way.

Credit card issuers frown upon the practice, seeing it as a way to game the system. 

Here’s a look at how credit card churning works, its pros and cons, what it takes to successfully churn credit cards, and how the practice impacts credit scores. 

How Credit Card Churning Works 

The theory behind credit card churning is simple. Find good promotional deals, sign up for them, redeem them by fulfilling the requirements, and quit using/closing the credit cards. 

In practice, credit card churning is an effort-intensive undertaking requiring outstanding research, constant monitoring, and some creativity. 

The first step is to find two or more good promotional deals. A “good” deal means an attractive reward/bonus in the currency of your preference (points, frequent flyer miles, cash-back, etc.). The rewards should also come with advantageous terms, such as the lack of a requirement to keep the cards open after you secure the bonuses, promotional annual fees, etc.

Once churners have found a few attractive deals, they apply for credit cards. Churners apply for several cards at once, or they space out their applications to cover a few months.

They secure the rewards by fulfilling the spending requirements.

Churners cancel the cards before they incur an annual fee, or stop using them.

They repeat the process over and over. 

Your financial situation includes a combination of your income, expenses, and debt as well as your goals and dreams. To achieve financial wellness, you should have a plan which will help reduce stress and allow you to be more productive. To set yourself up for success, consider following these five steps to improve your financial well-being.

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1. Track your spending

To become financially healthy, begin with a budget. Creating a household budget helps you track spending, and it then becomes clearer where your money is going and where you may need to adjust your spending to achieve your financial goals.

 2. Plan ahead

Being financially fit also includes incorporating your financial goals into your budget. Your goals may include paying off high-interest debt or saving for a down payment for a home purchase. Adding an emergency fund to your savings goals will help you cover unplanned expenses, such as car and home repairs. This fund can also help you maintain your budget and avoid future debt. 

Brief description about about credit cards.

 3. Know your credit history

Another step to take toward a healthy financial lifestyle is to understand your credit history, including knowing your credit score. A credit score predicts how likely you are to pay back a loan on time.

4. Build savings habits

Another key component of financial fitness is establishing a realistic savings plan for each of your goals. To make it easier, set up automatic transfers to subsaver accounts — separate accounts within your main savings account — established for each goal. And don’t forget to start and add to your retirement account. 

 5. Educate yourself

Take it upon yourself to learn about financial topics. To learn more about investing, credit, paying off debt, and savings strategies, look for educational opportunities offered by your financial institution and online reputable sources. 

 It is always a good idea to understand where you are financially so you can keep things on track. Use these steps as a guide to get started on your financial journey and achieve your goals. 

With the holidays behind us, mounting credit card debt can seem overwhelming. Here are some steps to take that can help you pay off your debt quickly.

First, create and/or carefully review your budget. By understanding where your money is going each month, you can make the most of each dollar that comes and goes. This will help you focus on your end goal of paying off your debt.

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 Next, look at your bills to identify where you could reduce costs. This could include eliminating monthly subscriptions or a gym membership you don’t use.

 You can also look for ways to increase your income. Taking on a side job — maybe one with flexible hours that can be done online — can help you put more money toward your debt.

Once you have your budget in order, figure out the debt repayment strategy that will work best for you. Click Here are a few to consider:

Snowball method: Focus on paying off your smallest debt first (while paying the minimum amounts on the others). Once the first debt is paid off, roll the amount you had been paying into payments on the next largest, and so on

Avalanche method: Pay off your debt with the highest interest rate first (while paying the minimums on the others). 

Then pay more on the loan with the next highest rate, and so on. This method could save you time and money over the course of your debt repayment plan.

Debt consolidation: Combining multiple debts into a single loan (ideally at a low-interest rate), can help make your monthly payments more manageable. It can also reduce your repayment period. 

Debt management plan: If you’re facing a lot of credit card debt and are not making much progress in paying it off, consider contacting a credit counseling agency. Many are nonprofits and can help you set up a debt management plan to reduce your interest rates and jumpstart your repayment plan.

Once you establish and review your budget for ways to reduce costs, establishing a debt repayment strategy can help you make progress toward paying off your debt while saving you time and money.

Time is money, so the popular saying goes. In today's world, digital payments have revolutionized the way we live and spend. Credit cards and mobile wallets such as Paytm have become a necessity for seamless transactions. While mobile wallets facilitate payments with the help of a smartphone and are used mostly for small-ticket purchases, credit cards are used extensively for both online & offline purchases & mostly for big-ticket purchases.  Both the digital payment methods are gaining more & more popularity, especially during unprecedented times, as they are contactless, fast, simple, and secure.

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So how would it be if we marry the mobile wallet with a credit card?

 If you are searching for an answer, look no further -- SBI Card, a purepure-play dit card issuer, has recently joined hands with Paytm to launch two new credit cards: SBI Card and Paytm SBI Card SELECT. The collaboration is a win-win for tech-savvy millennials who are looking for a smart digital payment solution that can offer great benefits on every spend.

These cards offer a seamless user experience where Cardholders can be in control of their card with just a tap on their Paytm App or SBI Card Mobile App. Cardholders can easily block the card in case of loss or theft, re-issue a card, manage their account, all with just a tap. The card also comes with a smart spend analyzer which allows one to assess their spending & manage their finances smartly.

State Bank of India (SBI) provides a wide range of Credit Card options, including Lifestyle Credit Cards, Shopping Credit Cards, Rewards Credit Cards, Travel Credit Cards, Lifetime Free Credit Cards, and Fuel Credit Cards. SBI credit cards come with various offers, discounts, and reward points.

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SBI Credit Card Features 

SBI Credit Cards are among the most preferred Credit Card options in the country since their entry into the market in the year 1998. Today they have become the second-largest Best Credit Card Provider in India, with millions of satisfied customers who are availing a wide range of SBI Debit Card & credit card benefits.

Some features and benefits that set SBI Credit Cards apart from the rest are as follows:

• Email and SMS notification: With every transaction, you have the advantage of real-time transaction details and Credit Card limit alerts that are sent to you via emails and SMS.
• Safe and Secure Cards: These cards use pin and chip technology, which is accepted worldwide and can be used in millions of outlets across the globe.
• Increase Credit Limit: You have the option of increasing your Credit Card limit when you deem it necessary.
• Online Account Access: You can access your Credit Card account from anywhere in the world to check transactions and limit on your card.
• Control your spending: You can add daily, weekly, and monthly limits to limit your spending on the card.
• Insurance: You can choose insurance options for card theft in addition to accessing health, mobile phone, automobile, and travel insurance on your SBI Credit Card for emergencies.