Login

Ask Sawal Facebook Login
OR
OR

By logging in, you are agreeing to our privacy policy and terms of services.

#Question# What are the demerits of credit cards obtained against fixed deposits in a bank?

Asked:

I came to know that there are banks which provide credit cards against fixed deposits in the bank. But wondering what are its demerits







Upload Image





To submit answer, Please login!


Answers

Total Number of Answers Available: 1



##


Answered

Yes. It is true. There are plenty banks available in India which provide credit card against fixed deposits. 


credit card against fixed deposit

Following are the demerits of credit cards obtained against fixed deposits.

  • credit card limit is set to 60% to 75% of the fixed deposit
  • If you fail to clear the debts or purchases made using credit card then fixed deposit is freezed by Bank
  • There are heavy interest charges in the case of credits are not cleared
  • Card fails to function once it crosses the limit. 


Total Good Ratings:7
Good Answer
Poor Answer