You will find complete information about the SBI credit card and details of the 6 SBI cards in this article. It can be obvious that with a credit card the bank allows the consumer to spend money in credit. In each SBI credit card, the bank also decides the limit for the consumer to spend credit money based on his profession and monthly income.
Usually, the money spent by credit card has to be paid within the next 20 days after the expiry of each month. In this time period, the bank charges the consumer with least interest on credit money.
If the consumer does not pay the credit money by the bank within the time limit, then the bank adds additional interest and penalty charges on the total outstanding amount. As a result, the interest rate increases to a large extent.
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Complete information in SBI Credit Card
SBI Credit Card is a plastic card. SBI Credit Card provides the user with the facility of EMI, Money Credit, Online & Offline Shopping, Online Payment etc. Through SBI Credit Card, the bank also provides Money Credit facility to the consumer.
In this way it can be said that SBI Credit Card for consumers is a blessing as well as a boon.
Types of SBI Credit Card
SBI Bank offers many varieties of SBI Credit Card to its consumers. Consumers are often confused in choosing a valuable SBI credit card.
Keeping this in mind, we are going to tell you about some of the major credit cards issued by SBI. This information will be more beneficial for you.
Credit Cards provided by SBI Bank based on the needs of the users are mainly placed in 6 categories. These 6 categories are as follows-
- Shopping Credit Card – Credit card for purchase.
- Rewards Credit Card – Get rewarded for using credit card.
- Fuel Credit Card – Mainly used in fuel stations.
- Lifestyle Credit Card – Save money by paying dues.
- Travel Credit Card – Mainly used for travel related expenses.
- Banking Partnership SBI Credit Card
Eligibility for SBI Credit Card
Any consumer is eligible for SBI Credit Card only after fulfilling the criteria set by the bank. For SBI Credit Card, the applicant has to fulfill the following eligibility conditions-
- At least Rs. Monthly income up to 8500 / – .
- Good Credit Score.
- Account in SBI Bank for credit card on account basis.
- Age between 21 and 60 years.
- Valid bank account.
- Indian citizenship.
- Salary slip for last 3 months.
- Identity cards like- pan card, driving license, voter ID or Aadhar card, etc.
- Last 3 months bank account statement.
SBI Credit Card Charges
Most banks charge annual charges from consumers in exchange for credit card facility, but hidden charges are also taken from consumers by the bank. Charges taken by the bank on Credit Cards are as follows-
- Annual charges
- Renewal charges
- Cash credit charges
- Cash payment charges
- Interest Free Grace Period Charges
- Charges after deadline
- Charges over overdraft limit
- Late payment charges
- Service charges on outstation check
- Charge for issue of duplicate statement
- Charges on foreign currency transactions
- Charges on railway tickets and petrol purchase
- Apart from all this, 18% GST charges
SBI credit card usage & precautions
SBI Credit Card User must know the precautions related to credit card. These precautions are as follows-
1. Cash withdrawal policy
If the consumer has withdrawn cash from the ATM through his credit card, then he has to pay extra interest on this transaction. Therefore, cash withdrawal through a credit card should be avoided.
2. Minimum payment
In case the consumer does not pay the bill on time, the minimum amount must be paid. By paying the minimum amount, the consumer can avoid Late Payment Charges.
3. Reward points redeemed
Any credit card holder is given 2 to 3 years time to redeem the reward point.
These reward points cannot be redeemed after this time period. Therefore, the consumer should redeem the reward points on time.
4. Interest
The credit card holder is given an interest-free period. During this time period, no charge is taken on any kind of bill payment.
That is, during a certain time period, any SBI Credit Card User can transact his bill, on which no charge of any kind will have to be paid.
Benefits of SBI Credit Card
SBI Bank SBI Credit Card offers many types of benefits to consumers. These benefits apply to almost all types of SBI credit cards, let’s know-
- Facility of online shopping of more than the amount deposited in the credit card user account.
- Facility of credit money by the bank in addition to the amount available in the account for online shopping.
- Ease of Credit Score Build up on timely repayment of credit card usage amount.
- The possibility of getting a loan from the bank easily if the credit score is good.
- Reward point & cash back facility from credit card shopping.
- The more shopping you do with a credit card, the greater the reward point & cash back.
- Use the accumulated reward points again in the next shopping.
- The bank will not take any charge from you if you cheat on credit card shopping.
- Many credit cards offer an exemption from annual charges.
- SBI Credit Card and other credit cards provide EMI facility.
- Monthly bank statements are issued on shopping with credit card, it contains complete details of the shopping done by you.
Disadvantage of SBI Credit Card
Although credit cards have their own benefits, but if anything has some good, then there are some evils as well. Let us know what are the disadvantages of credit card-
- Most banks charge Hidden Charges & Fees on credit cards.
- Banks charge you a separate fee in case of late payment.
- The more time taken for payment, the more money the bank charges you with interest.
- The bank does not keep information about your payment while making payment on the international website.
- Banks only keep data on the transactions you have done within the country.
- For spending more than the limit in shopping with credit card, banks also charge extra and interest thereon.
- If the credit card bill is not paid within the time limit, daily interest is charged on the total amount of the bill, which goes on increasing daily.
How to deal with hidden credit card charges
Unwanted hidden charges are often taken from people in the name of service by banks. Let us know how to avoid these charges-
1. Know All About Credit Card Before Applying
Before taking a credit card of SBI Credit Card or any other bank, the complete specifics regarding the said credit card should be ascertained. Under this, it is necessary to know the following things-
- Obtaining credit card information of various banks.
- Selecting a credit card useful for you.
- Knowing all types of charges before taking a credit card.
- Well-versed with the instructions and rules received with the card.
2. Attentive during shopping
The credit card holder is required to keep certain things in mind while shopping, such as-
- Avoid shopping for unnecessary items.
- Timely payment of interest and the charges contained in the bill.
- Understanding the Monthly Statement closely.
- Complementing additional charges with the bank.
- Avoid spending more than the credit card limit.
Documents Required to Create a Credit Card
Before applying for an SBI Credit Card or any other bank’s credit card, you should keep the original documents and their photocopies, mainly required. Documents required for credit card are as follows-
- Pan Card
- Identity proof like Aadhar card, Voter card, etc.
- Passport photograph
- Income tax return slip
How to apply for a credit card?
Any consumer can apply for an SBI Credit Card through two channels. These two methods are as follows-
- Offline medium.
- Online media.
1. Offline
To apply for a credit card through offline, you will have to visit any bank branch, after that follow the following steps-
- Contact the credit card seller or agent present in the bank.
- Understand all the credit card related plans.
- Choose the right plan based on your requirement.
- Take the application form for the credit card from the agent concerned.
- Fill the application form in full and put a photocopy of the required documents and photo.
- Submit this filled application form to the bank.
After doing so, the consumer will get his credit card within a few days after meeting the terms & conditions set by the bank.
2. Online
To apply for a credit card through an online medium, you must first go to the onlinesbi.com site. After that follow the following steps-
- Click on the SBI card given on the home page.
- Sbicard.com/en/reapply in front of you . The page will open up.
- A total of 33 chords will appear in front of you on this page.
- Select one according to your convenience and click on the Apply button.
- Submit your name in the open form by filling the Residential City mobile number, E-mail ID etc.
- Enter your mobile number which will be received OTP for verification.
- In the next step, fill in your complete professional details.
- In the third step, you have to fill the current Residential Address.
- Finally, submit the application form.
- In case of request approval of the credit card by the subscriber, all the related documents have to be visited and loaded up on the web page.
Thus, after the process is complete, the credit card can be taken at the concerned consumer’s home or through a bank.
