Most of the Indian bloggers, webmasters and web developers are using Paypal service for making online transactions. The major feature of Paypal that attract customers is the security that it provides while making transactions. Here users don’t need a credit card, and they can simply use their email to pay the bills. However, Paypal itself asks users to verify each account with credit card for further security and more features. Although Indian Paypal accounts can be verified using a bank account, it’s better to get a real credit card considering few other causes. Some online stores and web hosting companies doesn’t accept Paypal as a medium of payment. Furthermore, the subscription based services, like theme clubs, web services, etc. need a credit card attached to the Paypal account for automatic renewal.
Paypal now has some issues with Indian bank regulators that made it further difficult to make a transaction through this medium. So at this point it would be better if you can get a real credit card. Many of us think that credit cards are only for employed or business professionals drawing huge salary. Actually there are no income proof credit cards in India available through many private and public sector banks. ICICI, HDFC, AXIS and some other banks offer instant credit cards against a fixed deposit.
The credit limit of no income proof credit cards is calculated based on fixed deposit at corresponding bank branches. Most banks give around 80% of the deposit as credit. This can be extended to 100% in certain banks, on request. Here we invite your attention to two fixed deposit credit cards schemes offered by ICICI bank and AXIS bank in India.
Alternatively you could use HDFC Netsafe Card as alternative to HDFC Credit card.
AXIS bank Easy credit card eligibility and features:
Axis bank offers three variants of credit cards based on the initial deposit made. They include Easy platinum advantage, Easy Platinum and Easy Gold. The following is the minimum deposit required for each card.
Easy Platinum series: RS 10000
Easy Gold: RS 25000
The procedure is very simple if you have an AXIS bank savings account. No additional income proof or address proof is required. The Easy platinum and gold credit cards comes with Visa sign, and offers most facilities of usual credit cards. You can shop online and offline at discounts, reward points and cash back. The interest of credit card transaction is 1.95% month, that totals to around 24% annually. Axis bank fixed deposit credit cards also offer interest free period of up to 50 days on shopping transactions, provided the user doesn’t have any outstanding bills.
The initial credit limit after the issue of card is 40% of the fixed deposit. This can be extended by calling customer care. Other features of AXIS bank Easy credit card includes EMI facility, insurance cover, mobile alerts, etc. Credit card bills can be paid through internet banking, at branches or ATM.
ICICI fixed deposit instant credit card:
Like its name, here you will get instant approval and activation of credit card if you have an ICICI bank account, and a fixed deposit. ICICI offers Visa signed Gold credit cards for a minimum deposit of 20000 INR. The credit limit of ICICI bank instant credit card is 85% of fixed deposit. ICICI fixed deposit credit card doesn’t have many features of Axis band Easy credit card. The per month interest rate of this card is 1.99%.
Tax savings fixed deposits, deposits by societies, Flexi-Deposits will not get accepted for instant credit cards. ICICI and AXIS bank fixed deposit credit cards can be used to verify Paypal, make hosting payments and all other online transactions.