Getting a credit card of your own choice requires your past credit history evidence to be shown to banks, without which you are not eligible to have your own card. As compared to this instance, there are many banks, rejecting scores of credit card applications simply because of lack of evidence for showing any credit history of their own. For fulfilling this demand gap, State Bank of India has come up with a special card known as SBI Unnati Credit Card for those customers whose instant financial needs can easily be fulfilled.
The customers no longer have to exert for not having a credit history as the bank provides this credit card without such repayment history. The additional benefit is that customers no longer have to pay the subscription fee for the first four years. Moreover, the renewal fee of ₹ 499 has to be paid by the customer from the fifth year onwards. Overall, these kinds of benefits make SBI Unnati credit card cost-effective and which can even transcend the benefit to middle-class customers across India.
SBI Unnati Credit Card Features and Eligibility
- The borrower is required to possess a minimum balance of ₹ 25,000 in order to become eligible for SBI Unnati Credit Card. You can access these cards across 20,000 bank branches in the country.
- The borrower with the required minimum balance and those who wish to avail this card, shall obtain it without any credit check. They will enjoy these advantages irrespective of their credit score.
- The borrower doesn’t require to shell out any fee to obtain this card. It will have zero annual fees for the first four years.
- SBI Unnati Credit Cardholders will get adequate benefits. For example : 1 Reward point for every ₹ 100 spent. They can further redeem some gifts with such reward points from the gifts catalogue.
- The borrower will obtain fuel surcharge waiver across different petrol pumps in India. Also, if you obtain a particular annual milestone in spending, then you will obtain a specific amount of cash back.
- For every ₹ 50,000 spent, you will obtain ₹ 500 cash back at the end of the year. There are also other such milestones which shall be introduced and revealed.
- If you choose Flexipay facility, it becomes very much easy to purchase things in EMI. Use this credit card when you purchase things online and make payments in EMI.
SBI Unnati Credit Card Charges
- Extended Credit
- For retail purchases, you will be getting 20 to 50 days interest fee credit period and such periods will be appropriate if you have cleared your previous months’ outstanding balance.
- The service charges would be applicable upto 2.50% per month which amounts to 30.0% per annum from the transaction. These charges are also called as finance charges.
- SBI Unnati Credit Card offers 5 % of the total outstanding (minimum ₹ 200 +all applicable taxes+EMI(in case of EMI based product)+overlimit amount(if any)) amount as when the minimum amount becomes due.
- Cash Advance Limit
- It offers up to 80% of credit limit with a maximum of ₹ 12,000 per day.
- 2.50% per month would be a charged for the amount withdrawal, subject to 30.0% per annum from the withdrawal date.
- Cash Advance Fees
- For using SBI ATMs or other bank ATMs, 2.5% of the transaction amount is levied based on a minimum amount of ₹ 300.
- For using International ATMs, 3% of the transaction amount is levied based on a minimum amount of ₹ 300.
- Other Charges
- ₹ 90 will be levied for picking up cheques for SBI Unnati Credit Card.
- 2% of the payment amount will be levied as a payment towards dishonour fee, subject to a minimum amount of ₹ 350.
- ₹ 100 per statement will be payable for gaining access to your statements of SBI Unnati Credit Card which are two or three months old.
- ₹ 225 per retrieval of the slip will be charged towards SBI Unnati Credit Card.
- Card Replacement
₹ 100 will be charged for substituting SBI Unnati Credit Card.
- Late Payment
- If your total amount falls due from ₹ 0 to ₹ 200 on your SBI Unnati Credit Card, you won’t be charged with anything.
- If your total amount due goes beyond ₹ 200 to upto ₹ 500, prepare yourself to pay ₹ 100.
- If your total amount due goes beyond ₹ 500 and upto ₹ 1,000, the SBI charges ₹ 400 on it.
- If your total amount due goes beyond ₹ 1,000 and upto ₹ 10,000, the credit card company charges ₹ 500.
- If your total amount due goes beyond ₹ 10,000, the card company charges ₹ 750.
An overlimit amount of upto 2.5% is provided on SBI Unnati Credit card subject to a minimum of ₹ 500.
How to apply for SBI Unnati Card?
By maintaining a minimum of ₹ 25,000 balance in your savings account, you can apply for SBI Unnati Credit Card. If you maintain such limit in your regular savings account, you can visit your nearest SBI branch with your Aadhaar number for submitting your KYC details. Later on, you will obtain your card within seven business days.