1. What is a secured credit card on Stable Money?

A secured credit card on Stable Money is a credit card issued against a fixed deposit (FD), usually with Suryoday Small Finance Bank. It offers a credit limit based on your FD amount and is ideal for users with no or low credit score.

2. Is credit score required to get a secured credit card on Stable Money?

No, you don’t need a credit score to get a secured credit card via Stable Money. Since the card is backed by your FD, it’s a great way to build or improve your credit score.

3. What is the minimum FD amount to apply for a secured credit card?

The minimum FD amount to apply for a secured credit card on Stable Money is typically ₹10,000. However, higher FD amounts may offer better card variants and higher credit limits.

4. How do I apply for a secured credit card through Stable Money app?

To apply, open the Stable Money app → book an FD with Suryoday Bank → go to the “Passbook” → tap on “Get Secured Credit Card” → complete video KYC → get the card delivered to your address.

How to Book a Secured Credit Card on Stable Money App?

Name: How to Book a Secured Credit Card on Stable Money App?
Brand: Cards
Rating: 4.7 (12238 reviews)

Risk-averse investors looking for steady returns have preferred investing in fixed deposits (FDs) for many years. Combining the convenience of a credit card with the protection of an FD is a relatively new idea that's gaining popularity in India. Stable Money offers an easy FD-backed credit card with varied benefits. In this blog, we will discuss how to apply for a secured credit card with Stable Money.

Meaning of Secured Credit Card

Secured credit card or credit card against fixed deposit is one of the financial tools that lets you access the value of your fixed deposit(s) without breaking it or losing interest. Depositors can use their current fixed deposits as security to receive a credit limit under this credit card service.

Benefits of Secured Credit Card

Higher Credit Limit

Secured credit cards have a larger credit limit than unsecured credit cards because they are backed by FD. The FD against which the card was issued reduces the issuer's risk by serving as collateral.

Reduced Charges

Credit card against fixed deposit typically have lower fees and interest rates because the issuer has security in the form of the FD. In the event that cardholders do not immediately pay off the entire sum, this facilitates debt management.

Risk Mitigation and Security-

In a secured credit card, both the bank and the cardholder are protected by the FD. The bank can get the money back from the FD if the cardholder defaults and this lowers the chance of default or fraud.

Higher Credit Score-

Your credit score can be raised or maintained by using a credit card against Fixed Deposit sensibly. Considering that the FD effectively guarantees the amount you're borrowing, it demonstrates to lenders that you're handling credit properly.

Adaptable Methods of Payment-

Credit card against fixed deposit, usually include flexible payback plans, such as monthly installments, which can aid in cash flow and spending management, similar to standard credit cards.

Potential for Increased Limits Over Time-

The issuer of your secured credit card might raise your credit limit or, in certain situations, turn it into an unsecured credit card as long as you use and pay it back responsibly.

FD's liquidity-

A credit card against fixed deposit still offers income on your fixed deposit even when it is being used as collateral, and in an emergency, you may liquidate it (according to terms and limitations).

Incentives and Advantages-

Like other credit cards, certain secured credit cards provide cashback, discounts, or rewards programs on specific spending areas. This might assist you in getting the most out of the money you spend on regular purchases.

Rewards on Stable Money’s Secured Credit Card-

10 complimentary airport lounge accesses in a year
Spa facility available
Discount on flight bookings, hotel bookings and other discounts on brands
access to more than 20 first-rate golf courses in major Indian cities
Free annual golf outings or lessons.
A complimentary preventative health check-up.
Free gym membership and exclusive benefits related to your health.
Free OTT membership and movie tickets available
Permanent Disability and Personal Accident Insurance Up to Rs. 10 lakhs in coverage
Concierge services are available around the clock, which include hotel booking, travel help, and consulting.

How to Apply for Stable Money’s Secured Credit Card?

If you already have an FD on the App, you can apply for a credit card against fixed deposit on the app itself, but a video KYC is required.
Open the Stable Money app
If you want to apply for a secured credit card, you should have a FD in Suryodaya Bank.
Go to the passbook section,
Click on the banner on the page for the application
The card will be visible in the passbook section.

How to Invest in a Fixed Deposit on Stable Money?

If you don't have a FD but want to apply for the secured credit card. Here is how you can apply-

Download and install the Stable Money app from the Google Play Store or App Store-
Register on the app with your mobile number
Now, enter your name and email ID
Open the app
The home page offers a wide range of FDs from different banks
Select the bank for the investment
Tap on the start investing option
Enter the amount and tenure
On the next page, add Aadhaar and PAN details for KYC
Now, link the withdrawal bank account where the maturity amount will get credited
Finally, complete VKYC, which is a one-time video verification.
Complete the payment.

You’ll get a confirmation message.

Booking a credit card against fixed deposit through Stable Money is a quick and easy way to get credit while earning interest on your deposit. This option is especially helpful for people who are new to credit or want to rebuild their credit profiles. By following the methods mentioned above, you can easily combine the advantages of fixed deposits with the convenience of credit cards.

Frequently Asked Questions