Timeline for Is there any catch in life time free credit cards against fixed deposits?
Current License: CC BY-SA 4.0
7 events
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| Feb 4 at 10:44 | review | Suggested edits | |||
| Feb 11 at 19:56 | |||||
| Mar 24, 2021 at 17:50 | comment | added | RiverNet | I can't speak to how credit works in India, so I don't know if they distinguish between types of credit accounts in that manner there. | |
| Mar 24, 2021 at 17:27 | comment | added | Rnj | Yess....its indeed true that 1% is still significant. But my focus of the question was more on something that I might not know, since I am quite new to the concept of CC against fixed deposit, like if they affect "credit score" etc. I just checked they offer CC against any existing deposit with bank. So there is no such thing as special type of deposits for CC with low interest rate. | |
| Mar 24, 2021 at 15:51 | comment | added | RiverNet | You said "life time free credit card" in your post, with no explanation about what "free" was, so I was asking for clarification. Thank you for that. I realize you don't think 1% is significant, but that depends on how much the deposit is (think about 1% on $1,000 and 1% on 100,000). So, if all of these cards have an interest rate and no annual fee, and you don't think 1% is a significant difference then the only thing left to look at is the interest rate charged by each card, since you have nothing else left to compare. | |
| Mar 24, 2021 at 15:50 | comment | added | Rnj | [...continued] Actually, I stumbled upon deposit linked life time free CC of a bank whose life time free CC I was was trying to obtain for long, but it never offered one even I was employee of well known company. (Other banks offered me such life time free CC for the same reason.) So was guessing whether to go for it. I generalized the questions for all banks which provide such deposit linked life time free CCs...But honestly currently I am targeting to this particular bank as I have CCs of most other well know banks.. | |
| Mar 24, 2021 at 15:45 | comment | added | Rnj | I said in the main question: "I hold only life time credit cards to even avoid annual fees". So to reiterate: by life time free, I mean "no annual fee". Yes, bank does indeed give interest over fixed deposit like any other fixed deposit. It might be less by 1% than other bank deposits, but not significantly (like even 2-3%). The goal is also to obtain CC of some specific banks which do not offer life time free CCs in any other way (for example, some banks provide life time free CC employees of well known companies). So I might compare with CCs of such banks, but not others [continued..] | |
| Mar 24, 2021 at 14:29 | history | answered | RiverNet | CC BY-SA 4.0 |