How To Get a Secured Credit Card?

I happened to read about the secured credit card that you suggested to one of the forum members. Can you please tell me the following?
1. Where did you get to know about it? Because I haven't heard anything so far from any telemarketer/banker about it.
2. What is the procedure to get this? Is it only available with ICICI Bank or with other banks too?
3. Which city are you from? Can I have your contact number if its okay with you?

Please do let me know. Looking forward to your reply.


Staff member
Secured credit card is a credit card, that one gets against a "security".

Most banks offer secured credit cards.

As you are making a fixed deposit with the bank, the Fixed Deposit acts as a security against default.

In return of the reduced risk, the bank offers you lower interest rates.

However your Fixed Deposit is locked. If you decide to break your Fixed Deposit, your card will no longer be a secured credit card and the bank may apply normal interest rates to it.

If you think that you will not make payments before the due date, then go for a secured card. That will reduce your interest costs substantially. (The Fixed Deposit is only going to give you 6.5% interest.)

However, I feel it is better to go for a normal credit card and pay all the dues within the interest free period.

Interest rates on credit cards are very high. Plus service tax applies to all interest payments. Thus it is best to pay all dues in the interest-free period.

The card is also known as the "ICICI Easy Deposit Card". Tell the ICICI executive that you want an "ICICI Easy Deposit Card". Many of them still don't understand "Secured Card".
Too old thread but I also just do not get what it means "secured" credit card. I heard only about debit and credit cards, sometimes you may get some credit limit even on debit card. And shocked that bank offering this. I heard about credit card with some time limit like 2 month but you still need to pay something even if you will return in that period. And they "secure" you for that ?