BOB Financial Prime Card: Best Card Against Fixed Deposit

BOB Financial Prime Card: Best Card Against Fixed Deposit

A Top Credit Card Against Fixed Deposit

Good for

  • Students
  • Low income individuals
  • Consumers looking to avoid fees

Bad for

  • Consumers looking for high rewards rates
  • High spenders

Editor's Rating

4.0/5.0

The BOB Financial Prime Card is the best option among credit cards against fixed deposit. Also known as secured credit cards, these cards are useful for individuals that do not have a good or any credit history and fail to qualify for other cards that have more stringent eligibility requirements. The BOB Financial Prime Card stands out because it requires the lowest required deposit, of Rs. 15,000. Further, the Financial Prime card does not have an income or age requirement, nor does it incur a fee. In terms of rewards, the card offers a solid 1% cashback (4 points per Rs. 100 spent, 4 points = Rs. 1) on all spends made on the card. Therefore, the BOB Financial Prime Card is the best choice for those seeking a credit card against fixed deposit with flexible cashback.

ProsCons
  • 1% cashback
  • No age requirement
  • No fee
  • Minimum deposit of Rs. 15,000 (lowest in the market)
  • No perks or promotions
  • No elevated rates
Card Overview
Pros:
  • 1% cashback
  • No age requirement
  • No fee
  • Minimum deposit of Rs. 15,000 (lowest in the market)
Cons:
  • No perks or promotions
  • No elevated rates

What Makes BOB Financial Prime Card Stand Out as a Secured Credit Card?

The BOB Financial Prime Credit Card is the ideal option for consumers looking to acquire a credit card against fixed deposit. First, this card earns cardholders a solid 1% cashback on all spending categories (4 points per Rs. 100 spent, 4 points = Rs. 1). Furthermore, the card requires the lowest minimum deposit among any secured card offered in India, at Rs. 15,000. Additionally, the BOB Financial Prime does not incur annual fees nor does it have any age or income requirements, both of which are very common. Therefore, this card is a great option for any consumer interested in a credit card against fixed deposit with flexible cashback.

How Does the BOB Financial Prime Card’s Rewards Programme Work?

The BOB Financial Prime’s reward programme allows cardholders to earn points. Every purchase equals Rs. 1 in value because 4 points is earned per Rs. 100 spent and 4 points is also equal to Rs. 1. The points earned will expire after 2 years of accrual.

  • 4 points per Rs. 100 on all spending
  • Redemption rate: 4 points = Rs. 1
  • Points expire after 2 years of accrual

BOB Financial Prime Credit Card's Features and Benefits:

Card Overview
on_current="true" format="plain" Annual Fee: None Income Requirement: None Age Requirement: None
Rewards Rate Details
  • 1% cashback on all spending

How Does the BOB Financial Prime Credit Card Compare Against Other Cards?

The BOB Financial Prime Credit Card is the top option for secured cards in the market due to its low minimum deposit requirement and flexible cashback rewards.

Read our comparisons of the BOB Financial Prime Credit Card:

BOB Financial Prime Card vs. Axis Bank Insta Easy Card

Consider this if you are interested in a great card against fixed deposit to use internationally

Age Requirement None listed by issuer
Annual Income Requirement None listed by issuer

The Axis Bank Insta Easy Card is a great option for those looking to acquire a card against fixed deposit to use on their international travels. The Insta Easy Card earns separate rewards rates for both domestic (1.2%) and international (2.4%) spends, both of which are higher than the 1% earned by the Prime Card. Additionally, the Insta Easy Card offers a sign-up bonus that provides cardholders with additional bonus points. On the other hand, the Prime card requires a lower minimum deposit (Rs. 15,000) than the Insta Easy Card (Rs. 20,000). Therefore, we would recommend the Insta Easy Card if you are interested in spending abroad can afford the minimum deposit; however, if you would rather put in a smaller deposit, then we would recommend the Prime Card.

BOB Financial Prime Card vs. BOB Financial Select Card

Consider this if you are interested in an essentially no-fee card with elevated rates on shopping, dining and utility bill payments

Age Requirement None listed by issuer
Annual Income Requirement None listed by issuer

The BOB Financial Select Card is a great option for consumers seeking a credit card with a low annual fee waiver. For instance, the card offers a 1.25% rewards rate (5 points per Rs. 100 spent; 4 points = Rs. 1) on online shopping, dining and utility bill payments, making it more valuable than the Financial Prime Card for these categories. The Select Card also offers a monthly bonus worth Rs. 250 (1,000 points) upon at least 5 transactions of Rs. 1,000 or more per month and a low fee waiver (Rs. 70,000). The Financial Prime Card does not offer a similar promotion; however, the card earns 1% cashback on all spending categories, while the Select Card earns a 0.25% rewards rate (1 point per Rs. 100 spent). Therefore, the Select Card may be more attractive to consumers interested in online shopping, dining and utility bills. Whereas the Prime Card is a better option for those who do not qualify for the Select Card and require a secured credit card.

BOB Financial Prime Card vs. Axis Bank Pride Signature Card

Consider this if you are interested in a low annual fee waiver card with travel benefits

Age Requirement 18-70
Annual Income Requirement None listed by issuer

The Axis Bank Pride Signature Card is the ideal card for consumers looking for essentially a no-fee option with travel benefits, in the market. The card charges no joining fee and an annual fee that is easily waived once the cardholder surpasses a low annual spending threshold of Rs. 40,000. The card earns a solid 1.6% rewards rate on all spending categories (8 point per Rs. 200 spent; 1 point = Rs. 0.40 Yatra vouchers), which is higher than the 1% cashback offered by the Prime Card. Additionally, the card offers 2 quarterly domestic airport lounge visits across 5 major cities. Therefore, we would direct consumers to the Pride Signature Card as it is a better option for consumers looking for a no-fee card with travel benefits. However, if you do not qualify and are seeking a card against fixed deposit we would recommend the Prime Card.

Sahmi Chowdhury

Sahmi is a Junior Research Analyst specialising in credit cards and insurance in India. He previously worked in the financial services sector at Brown Brothers Harriman and True Capital Management.