Credit cards are a practical way to make instant, cashless payments for any expense. If you don’t have access to immediate cash, you can still meet your demands, thanks to credit cards. You can easily apply for credit card.
What is a credit card with FD backing?
Simply explained, a secured credit card—also known as an FD-backed credit card—is a form of credit card that is granted in exchange for a fixed deposit. The bank holds the FD amount as collateral. It is rather reasonable because the minimum FD amount ranges from Rs. 10,000 to Rs. 20,000 (for Axis Bank, this is Rs. 20,000). Your credit card limit will depend upon on the FD amount.
Most banks often set the credit card limit between 75% and 85% of the FD amount. This is 80% of the FD amount in case of Axis Bank. The credit card limit increases in direct proportion to the FD amount. Typically, banks don’t provide a card until an FD has been open for at least six months. This is1 year in case of Axis Bank. The bank has the right to reclaim the debt from the FD after notifying you if you fail to make the required payments. Since the credit card and FD are linked, you must first deactivate the credit card to access funds from the FD if you ever need to redeem the FD for any emergency.
Why should you apply for an Axis Bank credit card?
According to the requirements of its consumers, Axis Bank offers a variety of credit cards with different rewards. The FD value for this product must be at least Rs. 20,000 (so the minimum credit limit is Rs. 16,000). The FlipkartAxis Bank credit card, Indian OilAxis Bank credit card and Privilege secured credit card variations from Axis Bank have the same features as the unsecured ones. You may also be eligible to receive Edge Reward points according to your purchasing habits, which you can exchange for a variety of alluring offers and promotions.
Payment of Axis Bank Credit Card bill with another bank debit card
There are numerous ways to pay Axis Bank credit card bills, including online and offline methods. Credit card customers should utilise all available avenues to pay off any past-due balances promptly to avoid late payment fees. While a few channels offer rapid credit, payments made through other methods typically take two to three days to process. Therefore, Axis Bank Credit Cardholders should use some common sense while using their credit cards to make purchases and select the channel that best suits their payment due date.
The credit card bill payments process is very easy. The National Automated Clearing House (NACH), Immediate Payment Service (IMPS), National Electronic Funds Transfer (NEFT), Axis mobile app and others are some of the online options provided by Axis Bank for paying credit card bills. Cheque/draft, cash payment, ATM payment, Axis Bank auto debit option, etc. are examples of offline payment methods.
