Do you wish to apply for a credit card to use, but have been rejected by various banks? Indeed, you can apply for a credit card by making a fixed deposit, which will greatly increase the chances of success.
Various domestic banks have provided measures that allow users to apply for credit cards using fixed deposits, that is, users must first deposit a sum of money in fixed deposits, after which they can apply for credit cards that match the fixed deposit amount.
For example, when you put RM2,000 into fixed deposit, your credit card monthly spending limit will be set at RM2,000 as well. If the user withdraws the fixed deposit deposit, the credit card will also be cancelled.
Many people may argue that this form of credit card is actually using your own money, which simply cannot play the effect of using future money and cash rebates on credit cards.
The most common reason for a credit card application to be rejected is that the applicant does not have a bank credit history. When you apply for a credit card with a fixed deposit, this can accumulate credit history for you. Once you have a good credit card repayment history, you’ll be in a good position when it comes to applying for a second credit card.
It is recommended that you can apply for a credit card in the form of a fixed deposit first, and then use the credit card to spend at least six months to accumulate your own loan repayment record. Then apply for a second credit card in the “normal” way. If you successfully apply for a second “normal” credit card, you can choose to cancel the first “abnormal” credit card.
Of course, if your credit card application was rejected because your debt-to-income ratio didn’t qualify, or if you applied for a credit card that didn’t match your income, this way of accumulating your credit history with term deposits might not be the best option.
