Best Credit Cards for Low CIBIL Scores

Credit cards for low CIBIL scores can help improve your credit history and credit score. These type of cards comes with their own set of features to promote responsible usage.

Low credit scores can often make it difficult to access the credit cards of your desire due to various factors such as repayment history, credit use, etc. It reflects difficulty in maintaining consistent payments, which can signal risk to lenders.

Keep reading to learn the various types of credit cards for low CIBIL scores, the application process, ways to improve your credit score, and so on.

Table of Contents:

• ⇾ Types of Credit Cards for Low Credit Scores
• ⇾ Top Credit Cards for Low CIBIL Score
• ⇾ HDFC MoneyBack Credit Card:
• ⇾ SBI Advantage Plus Credit Card:
• ⇾ SBI Unnati Credit Card:
• ⇾ ICICI Bank Instant Platinum Credit Card:
• ⇾ Minimum Credit Score for Credit Card Approval
• ⇾ Apply for a Credit Card with a Low CIBIL Score
• ⇾ Impact of Credit Score on Credit Card Offers
• ⇾ Tips to Improve Your Credit Score
• ⇾ Frequently Asked Questions

Types of Credit Cards for Low Credit Scores

Individuals with low credit scores have several credit card options to help rebuild their creditworthiness. These are:

• Prepaid Card: It allows users to deposit funds into the card and use it for transactions without having to deal with the risks of a low CIBIL score.
• Secured Credit Card: It requires collateral in the form of a fixed deposit, as it reduces the lender’s risk and increases the loan approval.
• Credit Builder Card: This type of card helps build and improve your credit history as it promotes maintaining a positive payment history.
• Store Credit Card: It is specially designed for retail store customers and comes with a low credit score requirement.
• Family Credit Card: It is linked to a primary cardholder with a good credit score, which allows individuals with low or no CIBIL scores to access credit.

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Top Low CIBIL Credit Cards

Below are some of the top credit cards available for individuals with low credit scores:

1. HDFC MoneyBack Credit Card
2. SBI Advantage Plus Credit Card
3. SBI Unnati Credit Card
4. ICICI Bank Instant Platinum Credit Card

HDFC MoneyBack Credit Card

The HDFC MoneyBack Credit Card is a reward-based credit card as it provides benefits on everyday purchases and cashback.

Features:

• Available based on salary.
• 2 reward points for every ₹150 spent.
• Can use spends to convert to EMIs using SmartEMI.
• No liability on lost cards.

SBI Advantage Plus Credit Card

The SBI Advantage Plus Credit Card is a secured credit card against a fixed deposit and helps rebuild credit history.

Features:

• Credit limit up to 85% of the deposit.
• Cash withdrawal facilities.
• Interest rate: 2.25% per month.
• Annual renewal fee: ₹500.
• Accepted all around the world.

SBI Unnati Credit Card

It is another type of credit against a fixed deposit and comes with various benefits for those with low scores.

Features:

• Requires a fixed deposit of over ₹25,000.
• No annual fee for the first 4 years.
• Global ATM cash withdrawals.
• Add-on cards for family members.

ICICI Bank Instant Platinum Credit Card

It is a secured credit card that provides instant approval against a fixed deposit

Features:

• Minimum deposit of ₹50,000.
• Contactless payment technology.
• Discounts on movie tickets.

Minimum Credit Score for Credit Card Approval

Although there is no fixed number as the minimum credit score for card approval, a minimum of at least 750 or above is preferred by most banks and NBFCs. This is because applicants with scores below 700 can face difficulties in accessing standard credit cards.

Whereas, those with a credit score range of 700-750 can obtain credit cards that have certain limitations.

The table below provides a quick overview of credit scores and their respective approvals:

CIBIL/Credit Score Approval Chances 750 & above High 700 - 750 Moderate (Based on various factors) Below 700 Very less

Apply for a Credit Card with a Low CIBIL Score

Below are the various steps to follow to apply for a credit card if you have a low CIBIL score:

1. Review your CIBIL score.
2. Search for low CIBIL score credit cards.
3. Compare the fees and interest rates of each card.
4. Find secured credit cards, as they can be easily accessed with low credit scores.

Ensure to be aware of your credit score to prevent further reduction of the score while applying for cards.