Credit card issuers approve card applications based on factors such as income, employment and past credit history. If there is any inconsistency with regards to the past repayments, the card issuer is likely to reject your application. 550 is clearly a low credit score which may make it difficult for you to qualify for a credit card. However, the odds can be overcome by opting for a secured credit card. 

A secured credit card is issued against your fixed deposit. You can avail up to 80% of your term deposit as a credit limit. Here are some of the popular secured credit cards that are available in India. 

1. SBI Unnati Credit Card

  • No annual fee for the first 4 years

  • 1% fuel surcharge waiver

  • EMI option available

  • The card is provided on minimum Fixed Deposit of Rs. 25,000

2. YES Prosperity Rewards Plus Credit Card

  • Minimum salary requirement: Rs. 25,000 or ITR of Rs. 25,000

  • Fuel surcharge waiver

  • Annual Fee is Rs. 350

  • Accidental Insurance Coverage

3. Bank of Baroda Assure Credit Card

  • Zero annual fees

  • Zero fuel surcharge

  • Cash withdrawal up to 100% in case of emergency

  • Easy EMI option 

4. SBI Advantage Plus Card

  • Annual fee is Rs. 500

  • Interest free period up to 50 days

  • Worldwide acceptance

  • EMI option available