Are you looking for credit cards with a low CIBIL score? Credit cards are only available to those with excellent CIBIL scores. However, those with poor CIBIL scores may need assistance in locating suitable alternatives to credit cards. Regardless of the challenges, there are tailored ways to help you regain credit and financial stability. Find out what CIBIL credit cards are, how to apply, why a good score matters, and what you can do to improve your score. Understanding the ins and outs of credit scores and exploring other options may help people gain control over their financial situations.
How to Improve CIBIL Score
• Set reminders for payment and be disciplined with credit.
• Maintain old credit cards for timely and complete bill payments.
• Customize credit limit based on expenses.
• Choose longer repayment tenors for loans.
• Avoid taking on too much debt simultaneously.
• Limit loans taken within a fixed period and repay one loan before another.
Factors that Affect Your CIBIL Score
• Payment History: Paying credit card bills and loan EMIs promptly is essential. Even 30-day delinquency can reduce a score by up to 100 points.
• Credit Utilization Ratio: Maintaining a credit utilisation ratio that does not exceed 30% of the credit limit is essential. High credit exposure raises lender concerns.
• Credit Mix (10% to 15%): A healthy credit mix demonstrates the ability to manage various obligations.
• Multiple Credit Enquiries: Frequent inquiries can negatively affect the score. Limit unnecessary credit applications for a healthy credit profile.
• Longer Credit History: Consistent credit history reflects responsible credit management.
What is a CIBIL Score and Report?
Your credit history summarised numerically in three digits, is your CIBIL Score. The details in the CIBIL Report, often called the CIR or Credit Information Report, provide the basis for the score. The total amount of money a person owes to all lenders and loan types is their CIR. A CIR does not reference your assets or savings.
4 Best Credit Cards for Low CIBIL Scores in 2024
IDFC FIRST WoW Credit Card
You still have credit card choices if your CIBIL score is low. The IDFC FIRST WoW Credit Card is one such choice. Explore its features and advantages now:
Secured Credit Card:
- The IDFC FIRST WoW Credit Card is secure and backed by a set deposit. You must provide your current fixed deposit with IDFC FIRST Bank as security for this card.
- If you still need to establish a fixed deposit with IDFC FIRST Bank, you may do so before applying for this credit card.
Credit Limit:
- The credit limit on this card is 100% of the fixed deposit amount. Your credit card limit will start at ₹50,000, for instance, if you accept the card with the security of a ₹50,000 fixed deposit.
- A perfect credit score or any income documentation is optional for this issuance.
Ideal For:
- Low-income individuals
- People with poor or no credit scores
- Retired women
- International students taking studies in India
- Senior citizens
Advantages:
- Tailored Credit Limit: You may keep a low utilisation ratio—an essential component for raising your credit score—because the amount of your fixed deposit determines the credit limit.
- No Income Documentation is Needed. This card does not require a strong credit score or a steady salary.
This credit card offers a means of beginning a credit journey for those with low or no credit scores. To apply for IDFC FIRST WoW Credit Card, speak with IDFC FIRST Bank.
SBI Unnati Credit Card
Those with poor CIBIL scores may use the SBI Unnati Credit Card. Examining its characteristics and advantages:
Credit Card Access Controlled:
- One credit card based on fixed deposits is the SBI Unnati Credit Card. You must provide your current fixed deposit with SBI as security to use this card.
- Applying for this credit card requires creating an SBI fixed deposit if you still need to get one.
Credit Limit:
- This card’s credit amount is 100% of the set deposit value. For instance, the starting credit card limit would be ₹50,000 if you accept the card with the security of a ₹50,000 fixed deposit.
- A good credit score or income documentation is unnecessary for this issuance.
The SBI Unnati Credit Card works well for:
- Low-income earners
- People with poor or nonexistent credit ratings
- Mothers at Home
- Students taking courses both domestically and internationally
- Older persons
Benefits:
- You may keep a low utilisation ratio, which is crucial to raising your credit score since the value of your fixed deposits determines the credit limit.
- you don’t need an excellent credit score or a steady salary to receive this card.
Recall that this credit card offers those with poor or no credit ratings an opportunity to build their credit. For more information and to apply for the Unnati Credit Card, speak with SBI. Indeed!
Rupicard FD Credit Card
People with low CIBIL scores have a great choice with the Rupicard FD Credit Card. The following list of characteristics and advantages describes this credit card:
Secured Credit Card:
- You may get a secured credit card, the Rupicard FD Credit Card, against a fixed deposit.
- This credit card may only be obtained by booking a new FD with Rupicard.
- The most excellent thing about booking your FD is that Rupicard is 100% guaranteed.
Credit Limit:
- The 90% of your FD amount will be your Rupicard FD Credit Card credit limit.
- Your credit limit goes up the more significant your FD.
- No good credit score or evidence of income is needed for this issuance.
Lifelong Membership:
- With the Rupicard FD Credit Card, enjoy a lifetime membership fee of initiation or yearly fees.
- There are no yearly or joining fees.
Cashback Rewards:
- Every Rupicard FD Credit Card transaction will earn you 0.5% cashback.
- It increases the worth of your purchases and makes each one more fulfilling.
Interest on Your FD:
- You receive a credit card and interest on your fixed deposit.
- Your FD may provide interest of up to 7% p.a.
Eligibility:
- Application for Rupicard requires that you be at least eighteen years old.
Recall the Rupicard FD Credit Card, a secured credit card that raises your credit score. Set up an FD of ₹5,000 to get your Rupicard FD Credit Card. Launch your credit adventure by downloading the Rupicard app!
OneCard Credit Card
If your CIBIL score is low, the OneCard Credit Card is a great choice. Explore its features and advantages now:
First Year and Joining Fees:
- The OneCard Credit Card has no annual or membership fees.
- The advantages are yours to take without any more outlay.
FiveX Reward on Top Expense Categories:
- The OneCard offers a FiveX Reward to the top two monthly expense categories.
- It helps you to maximise your money and makes it more enjoyable.
Reward Points:
- Every OneCard purchase earns you fractional reward points.
- These points add up over time and make your purchases more valuable.
- Remember that folks with low credit scores may still benefit from flexibility, rewards, and convenience with the OneCard Credit Card. Send in your OneCard application to start building your credit!
Conclusion
Explore t
he best credit cards for low CIBIL scores and embark on your journey to financial recovery. They discuss credit card conditions when your poor CIBIL score demands preparation, investigation, and tenacity. There are solutions, even if you may find it challenging to raise your CIBIL score. A secured credit card is one way to repair credit and explore other financial possibilities. Regular good financial habits like paying bills on time and exercising self-control will raise CIBIL scores and open more credit card options. With time, effort, and the right resources, people can overcome economic obstacles and guarantee a better financial future.
