Secured credit cards are a type of credit card that requires a cash deposit as collateral. This credit limit is often equal to 50 percent to 100 percent of the amount of the initial deposit. If you apply for a secured credit card and put down a $1,000 deposit as collateral, for example, you’ll likely qualify for a $500 to $1,000 line of credit as a result.

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Getting approved for a traditional, unsecured credit card can be very difficult when your credit score is poor, yet you may not be able to improve your credit over time if you can’t find a lender to give you credit.

Secured credit card payments are reported to the three credit bureaus: Experian, Equifax, and TransUnion. Double-check with the issuing company to make sure it will be reporting your payment history to the three main credit bureaus.

Secured vs. unsecured credit cards

Generally speaking, unsecured credit cards are a better deal for consumers. When a card is unsecured, this means you don’t have to put down a deposit as collateral. Unsecured credit cards also tend to come with better perks and rewards, lower fees and lower interest rates. Those who have a good or excellent credit score have better chances to qualify for this type of credit card.

It should be noted that changing from secured to unsecured credit cards might take around 12 to 18 months. It all depends on how well you manage your payments and your starting score.

When it comes to building your credit score, you’ll use the same process with a secured credit card as you would with an unsecured credit card.

Indian credit card users are spoilt for choice. Many leading financial institutions in the country offer credit cards with a plethora of features and benefits. Low-interest rates, higher credit limits, rewards, teaming up with retail giants, and offering additional discounts are some tactics they use to woo customers.

Traditionally credit cards users have levied an annual fee that translated into huge outflows over a period of time. But with changing times offering a lifetime free credit card has emerged as a vital tool for lending institutions to attract customers and strengthen their market standing. 

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Best Lifetime Free Credit Cards In India with No Annual Fees

The list of lifetime free credit cards with no annual fee is not exhaustive. Numerous banks have ventured into this domain and offer lifetime free credit cards with no annual fee. But there is more that makes them the best in the league. Listed below are the 10 best lifetime free credit cards in India with no annual fees:

ICICI Bank Instant Platinum Credit Card is a zero annual fee credit card. It is issued against a fixed deposit at ICICI Bank and is therefore without any joining fee. Other than being a free annual fee credit card, the numerous benefits linked to the card are:

• It features built-in, contactless technology that enables quick and secure payments
• Earn reward points and redeem for lucrative offers and attractive gifts

Besides being a lifetime free credit card with no joining fee or annual fee, HSBC VISA Platinum Credit Card offers a flurry of benefits, rewards, and cash backs that make it the best pick in the category. Its other exclusive privileges include:

• Introductory benefits of up to Rs. 2,250 with three complimentary airport lounge access at domestic & international airports or 3 AirDine vouchers

IDFC FIRST Classic credit card is one of the most attractive among the best lifetime free credit cards in India as it offers an entire spectrum of benefits and rewards. Loaded with features, it's a must-have for every shopaholic. The exclusive features include:

• Lifetime free credit card with NIL over limit fee
• Lowest finance charges ranging between 0.75% - 2.99% per month

State Bank Of India, India's largest public-sector bank, made inroads into the zero annual fee credit card category with its SBI Unnati Credit Card. The key features of the card include:

• Zero card fee for the first four years of use.
• A subsequent fee of Rs.499 per annum

Specially designed for its 'Burgundy' customers, Axis Bank Select Credit Card offers no joining fee and is a zero annual fee credit card. The SELECT range of credit cards offers exclusive privileges to confer maximum lifestyle benefits. These include:

• Complimentary Amazon membership.
• Gift voucher of Rs. 2000 from Amazon on the first card spend within 90 days of card set up.

HDFC MoneyBack+ Credit Card is an upgraded version of the previously launched HDFC MoneyBack Credit Card. This card lets you earn reward points on every purchase. It is an entry-level credit card and is best suited for people who are new to credit and want to earn discounts or rewards on their purchases. With the relaxed eligibility criteria, you can easily apply for this credit card and earn reward points on every purchase. 

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Features of MoneyBack Credit Card

• Joining fee of INR 500 + GST
• A renewal fee of INR 500 will be charged every year

Welcome Benefits

Every new card will get 500 reward points if the joining fee has been paid and if that fee has not been charged by the bank under some special offer then there will be no reward points.

Reward Points:

• 2 reward points on a spend of INR 150 each time.
• Up to 2X features for online shopping. This means 4 reward points on an online spend of INR
• 150 (maximum 500 reward points per statement cycle for online spends).

On spending INR 50,000 in a calendar quarter there will be a gift voucher of INR 500.

Redeeming Reward Points:

• Reward points can be redeemed as per the statement balance at the rate of 1 reward point = INR 0.20
• Reward points can be used for flight and hotel bookings:
• The credit cardholder can only redeem 50% of the booking cost
• SmartBuy reward portal provides the catalog for such spends
• The value of 1 reward point = INR 0.20
• Can be used as air miles for booking airlines tickets, the value will be INR 0.25

Reward Points Validity:

• Reward points are valid for two years from the date of accumulation.
• How to Apply: You can apply online by visiting the HDFC website or physically by visiting a branch.