Hi , I have applied for CC this time from Axis bank .I want to send payments to other PayPal users (non indian) . Axis bank staff got me confused with their terms . If i Fixed deposit 25K for CC,my credit limit will be 80% of it . They also say my transaction limit will be the same as credit limit. Is it true ? Anyone with Indian credit card help me .
Yes, axis bank offers this, you got to make a Fixed Deposit and they places a lien on that so that you cannot withdraw the FD after getting the card. You will get a CC limit of 80% of the FD, it is a nice offer IMO, at least helps in keeping a tab on your spend and whenever you want to return the card, just return it and they will deduct the balance outstanding from your FD and return the money, of course, FD earns interest normally.
Yes, they are right..Generally cc card is given on three ways..First on F.D., Salary account (more than 20000rRs), and home loans....Yes, your transaction limit is same as your credit limit..