5 Best Credit Cards For Poor Credit In India 2024

Managing a poor credit score can be daunting, but the road to recovery is manageable. Secured credit cards provide a viable pathway for individuals seeking to rebuild their credit profiles. Furthermore, these credit cards not only extend a line of credit but also present ample opportunities for enhancing your credit score. This article will explore the top 5 credit cards for poor credit in India for 2024. These best credit cards for poor credit are thoughtfully designed to aid credit recovery and foster financial stability for individuals on this journey.

#1. SBI Advantage Plus Credit Card

Among the leading options for the best credit cards for poor credit is the SBI Advantage Plus Credit Card. This credit card has global acceptance and can be used against fixed deposits. Remarkably, this card allows you to access credit up to 85% of your total fixed deposit amount, providing a considerable credit limit.

The SBI Advantage Plus Credit Card boasts several key features to support credit recovery efforts. Notably, it enables cash withdrawals from a vast network of ATMs across the globe. Additionally, this card extends the convenience of applying for add-on cards, allowing you to share credit access with family members. A unique feature included in this card that makes it one of the best credit cards for poor credit is Flexipay, which enables you to convert your card expenses into manageable EMIs.

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Considering charges, the annual fee for the SBI Advantage Plus Credit Card is ₹500, and the renewal fee is also ₹500 per annum. Add-on charges are not applicable. Interest charges stand at 2.25% per month or 27% per annum, while late payment charges vary based on the amount spent, up to a maximum of Rs. 750.

#2. SBI Unnati Credit Card

The SBI Unnati Credit Card stands out in the list of best credit cards for poor credit for its distinct feature of zero annual fees for the initial four years. This secured credit card can be obtained against a fixed deposit of ₹2.5 lakh or higher, presenting an accessible route for credit enhancement.

This credit card by SBi is in this list of best credit cards for poor credit as it offers several noteworthy features, including the convenience of contactless transactions, allowing for swift and secure payments. Like its counterpart, it facilitates cash withdrawals from an extensive network of ATMs globally. The add-on card feature permits cardholders to extend credit access to family members. Moreover, the Flexipay option remains available for converting credit card expenditures into EMIs, thus ensuring affordability.

Examining the fee structure, this is amongst the best credit cards for poor credit as it imposes no annual fee for the initial four years. However, from the fifth year onwards, a nominal fee of ₹499 is applicable as the renewal fee. Add-on charges are absent. Interest charges stand at 2.50% per month or 30% per annum. The minimum amount due is 5% of the total outstanding amount.

#3. Axis Bank Insta Easy Credit Card

The Axis Bank Insta Easy Credit Card extends credit opportunities against your salary or fixed deposit. With streamlined documentation requirements, this credit card is well-suited for individuals seeking credit score enhancement.

As one of the best credit cards for poor credit, this credit card offers a significant credit limit of up to 80% of your fixed deposit. Notably, it grants a waiver on 1% fuel surcharges for all fuel transactions. Furthermore, cash withdrawals of up to 100% of the credit limit are allowed. Notably, joining and annual fees are waived, making it an attractive option for credit recovery, which is again a feature of the best credit cards for poor credit.

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In terms of charges, the Axis Bank Insta Easy Credit Card imposes no joining fee or annual fee. Add-on charges are also not applicable. The interest rate is 2.50% per month or 34.49% per annum, with a late payment fee of up to ₹700.

#4. Kotak Mahindra Aqua Gold Credit Card

The Kotak Mahindra Aqua Gold Credit Card is a notable choice for individuals aiming to rejuvenate their credit scores. Linked to fixed deposits, this credit card extends a credit limit of up to 80% of the deposited amount, facilitating accessible and affordable credit and finding its place in this list of the best credit cards for poor credit in India.

This credit card presents appealing features such as interest-free cash for up to 48 days during the year. Moreover, it offers a fuel surcharge waiver on transactions exceeding ₹500 and up to ₹3,500. Additionally, a railway surcharge waiver is available for transactions on the IRCTC website up to a maximum of ₹500.

The Kotak Mahindra Aqua Gold Credit Card fee structure is notably lenient as compared to the other best credit cards for poor credit. There are no charges for joining or annual fees, and add-on charges are absent. The interest rate is set at 2.99% per month, or 35.88% per annum, with a late payment fee of up to ₹700 and an over-limit charge of ₹500.

#5. HDFC Money-Back Credit Card

The HDFC Money-Back Credit Card is a valuable tool for individuals working to enhance their credit scores. With its user-friendly features and a focus on credit score improvement, this card offers a promising path to financial stability, making it one of the best credit cards for poor credit in India.

This credit card rewards users with two points for every ₹150 spent. It also facilitates the conversion of expenses into EMIs using the SmartEMI feature, promoting responsible credit management. Notably, the card protects against lost card liability following the reporting of card loss.

Examining the charges, the HDFC Money-Back Credit Card imposes a joining fee of ₹500 and an annual fee of Rs. 500. No charges apply for add-on cards. The minimum amount due is 5% of the total outstanding, with a late payment fee of up to Rs. 750 and an over-limit charge of Rs. 500.

Best Credit Cards For Poor Credit : Conclusion

Embarking on the path to mend a poor credit score is undeniably challenging. Yet, armed with the best credit cards tailored for poor credit scores, the journey becomes attainable. In India, these top 5 credit cards—SBI Advantage Plus Credit Card, SBI Unnati Credit Card, Axis Bank Insta Easy Credit Card, Kotak Mahindra Aqua Gold Credit Card, and HDFC Money-Back Credit Card—prove to be more than mere financial tools.

They offer hope, support, and a stepping stone toward credit recovery. Individuals can set themselves on brighter economic horizons by embracing responsible credit usage, timely payments, and prudent financial management, and wisely using the best credit cards for poor credit in India.