Best Credit Cards for Beginners || Best FD Credit Card || Best Credit Card for Students

Summary

The video script discusses credit cards for different categories of individuals based on their credit scores. It highlights options for those with low or no credit scores, such as FD-based credit cards, and recommends specific cards like the Amazon 2 Time Free category and the ICICI First Wealth Credit Card for premium benefits. The script also mentions the Magnet FD Credit Card, which offers high approval rates and rewards, and the new HDFC Pixel Play card with cashback offers. It emphasizes the importance of credit cards for building or improving one's credit score.

Takeaways

• 😀 The video discusses credit cards for two categories of people: those with low or no credit score, and those looking for their first credit card.
• 🏦 For the first category, there are many FD-based credit cards available in the market, where up to 80-100% of the fixed deposit amount is given as credit limit.
• 🔑 The second category has options for those with a decent credit score and looking for their first credit card, with the video recommending specific cards with cashback offers.
• 💳 The Amazon 2% cashback card is recommended for the second category, offering cashback on fuel and non-Prime users, with additional benefits on Amazon's.
• 🛒 The 'Arb Company U' card is highlighted for its cashback on all payments except fuel and gold, with a special mention of its development from July 1, 2024.
• 💡 The speaker mentions that the 'Ayur Card' has announced a new debit card development, which is speculated to be coming to credit cards soon.
• 🏦 The video talks about improvements in credit cards by banks like 'Ay Bank' and 'General Bank' to attract new customers.
• 💎 The 'IDBI First Wealth Credit Card' is recommended for those with a balance of 2 to 4 lakhs in their account with IDBI, offering lifetime free benefits and rewards.
• 💳 The 'Magnet FD Credit Card' is introduced as an option that doesn't require a credit score, with a 100% approval rate and a 7% interest rate on FD.
• 🎁 The 'Magnet Card' offers rewards of ₹5000 on approval, which can be used as brand vouchers, and has a high reward rate for top brands like Amazon.
• 📲 To apply for the 'Magnet Card', one must download the 'Z App', sign up, and follow the application process, which is described as having no chance of rejection.

Q & A

What are the two categories of people the video script discusses regarding credit cards?

The script discusses two categories: those with either very low or no credit score, and those with a decent credit score looking to get their first credit card.

What does the script suggest for people with no credit score or a very low credit score?

The script suggests that for people with no or very low credit score, there are many FD-based credit cards available in the market, which offer credit limits based on the amount of FD (Fixed Deposit) they have with their bank.

What is the benefit of FD-based credit cards mentioned in the script?

FD-based credit cards offer credit limits that can range from 80% to 100% of the amount of the Fixed Deposit, which can be beneficial for those with limited or no credit history.

What is the script's first recommendation for the second category of people looking for credit cards?

The script's first recommendation for the second category is the Amazon 2% cashback credit card, which offers cashback on fuel and groceries and is suitable for those who have been using it for the last three years.

What are the cashback offers provided by the Amazon 2% cashback credit card as per the script?

The Amazon 2% cashback credit card offers 5% cashback on fuel and groceries and 3% cashback for non-prime users, along with 2% cashback on Amazon purchases.

What is the script's recommendation for credit cards that offer cashback on payments for utilities, insurance, loans, and education?

The script recommends a credit card that provides 0.25% cashback on such payments, although it does not specify the name of the card.