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The majority of credit cards do not require a deposit. They are sanctioned based on the credit score of the individual and the income of the customer.
The only category of cards that require a deposit is secured credit cards. These are offered to individuals who do not have a credit history and are sanctioned against fixed deposits.
What is a credit card against a fixed deposit?
A secured credit card can be availed against a fixed deposit (FD) with the bank or card issuer. Each credit card issuer has a minimum fixed deposit amount required for applying for a secured credit card. The amount in the FD account is directly linked to the total credit limit available on the credit card. Therefore, the higher the FD amount the higher the credit card limit. Banks generally offer 75% to 85% of the FD amount as the credit card limit.
How does a secured credit card work?
An individual who opens a bank FD and applies for a credit card against it doesn’t have to submit any income proof for availing the credit card. The FD itself acts as the security deposit against the credit card. Thus, in case of credit card payment default, the bank or the credit card issuer can use the fixed deposit to recover the money.
However, the bank generally intimates the credit card holder about possible action well in advance of such recovery.