The card is linked to a fixed deposit and the spending limit is 90% of the fixed deposit amount. In case someone defaults on the card, then their payment will automatically be deducted from the fixed deposit.
“If someone has difficulty in getting a credit card, then DCB Payless Card is a good option for them since it is a secured card,” said Arun Ramamurthy, co-founder, Credit Sudhaar.
The card combines the benefits of earning regular returns from a regular fixed deposit with the convenience of a credit card, says Abhijit Bose – Head Retail Assets and Strategic Alliances, DCB Bank. “For people looking to build or rebuild their credit history, the card acts as a tool to improve credit bureau scores with consistent good repayment record,” he adds.
About the importance of having a good credit score and credit health, Gaurav Wadhwani, co-founder, Credit Sudhhar says, “Your credit score plays a vital role in determining your financial health. It is a measure of how diligently you make payments towards your debt. Such a score is derived by credit bureaus by analyzing your credit history.”