Wary banks push secured credit cards in a lending twist

At a time when the Indian credit card industry is showing signs of a slowdown after a period of unbridled growth, there is a renewed push towards distribution of secured credit cards, or those backed by term deposits.

While this product has always existed, it was not aggressively pushed by mainstream banks. Typically, business professionals, startup founders and people without fixed salaries get these cards against fixed deposits they park with the bank.