Hey everyone! Did you know HDFC is offering premium credit cards against Fixed Deposits (FD)? This means if your CIBIL score or income isn’t enough to qualify for an HDFC credit card, you can open an FD with HDFC Bank to get one. Let’s break it down:
For Salaried Individuals
| Credit Card | FD Requirement |
|---|---|
| Freedom and IOCL Card | ₹15k to ₹34k |
| Moneyback+ Card | ₹35k to ₹114k |
| Millenia & Diners Privilege | ₹125k to ₹334k |
| Regalia Gold | ₹335k or more |
For Self-Employed Individuals
| Credit Card | FD Requirement |
|---|---|
| Biz First Card | ₹20k to ₹54k |
| Biz Grow Card | ₹55k to ₹334k |
| Biz Power Card | ₹335k to ₹350k |
| Biz Black Card | ₹550k or more |
But the real question is: Should you open an FD just to get a credit card?
Key Points to Consider:
- Financial Planning: Deciding to open an FD should be part of your broader financial strategy, not just a means to obtain a credit card.
- Locked Funds: Once you open an FD and receive an FD-linked credit card, the amount remains blocked as long as the credit card is active. This could be less attractive if you’re seeking higher returns elsewhere.
- Card Closure: If you decide to close your FD, your credit card will also likely be closed.
- Future Eligibility: Some customers have reported that after receiving an FD-backed credit card, they weren’t offered regular credit cards even when they became eligible (though this is not a verified fact).
Final Thoughts:
Always choose a credit card based on your personal needs and spending habits, not just because of an attractive offer. Assess your situation carefully before making a decision.
What do you think about this offer?