Secured Credit Cards in India – Great Product to Build Credit History for Students, Housewives etc

Today I’d like to educate our Readers on what a Secured Credit Card means, its availability in India and who can avail the same.

Like any other industry, Credit Cards vertical of the banking industry had a bumpy ride since its off-take in 2005 and subsequent bust in 2008-09. Credit Cards by nature are classified as unsecured loans to consumers. The Issuing Banks Guarantees the Merchant on behalf of the credit card holders and settles with the merchant hoping the consumer will pay his credit card bill. Blame it on negligence or circumstances or willfully, many people defaulted for example ICICI Bank had to drastically re-structure its Credit Card Portfolio. Thus this gave rise to a new stream of credit cards known as Secured Credit Cards.

So what Exactly is a Secured Credit Card ? It is a normal Credit Card in all respects except that it is issued only against a Fixed Deposit with the Bank. For Example, we chose

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Thomas Cook India Launches International Forex Travel Card from MasterCard

Thomas Cook India Ltd in association with MasterCard international has launched an International Pre-paid travel card for Indians traveling abroad. This borderless card enables customers to load with 8 different currencies – AUD, CAD, USD, Euro, Singapore Dollar, Japanese Yen and British Pound.

The Minimum denomination to purchase the card is USD 250 with a validity of 5 years. It comes with an embedded chip and PIN to avoid credit card frauds like skimming. Probably because of the in-built security, they are not providing any Insurance on this card.

What are the Advantages of Carrying ThomasCook International Forex MasterCard ?

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