SBI, one of India’s prominent banks, offers its clients a wide variety of credit products. SBI is a name to be reckoned with in the financial industry, with favourable interest rates on loans and credit cards. On tailor-made SBI, customers will benefit from various benefits.
Credit Cards are based on various needs.
SBI CREDIT CARDS
The needs are enough for everybody, and depending on the lifestyle, it could vary for each of us.SBI offers different credit cards in the following categories to clearly understand the customer’s spending patterns:
a. Shopping Card
b. Cashback Card
c. Rewards Card
d. Travel Card
e. Life Time Free Card
f. Business Card
g. Lifestyle Card
h. Entertainment Card
You may select the one that fits your preferences and spending behaviour from the above mentioned credit cards. With deals and incentives offered in each category, you can save a huge amount.
KEY HIGHLIGHTS OF SBI CREDIT CARD ELIGIBILITY
| Age | 21 to 60 |
| Income Requirement | Minimum of INR 18,000 per month |
| Employment | Salaried or Self-Employed |
| Interest Free Period | Up to 50 days |
| ATM Cash Withdrawal Charges | 2.5% of amount withdrawn or INR 300 |
SBI CREDIT CARD ELIGIBILITY FACTORS
The following eligibility requirements must be met for individuals who choose to apply for an SBI credit card.
AGE CRITERIA
You have to fall under the age limit set by the bank to apply for an SBI credit card. The applicant should be at least 21 years old and no more than 60 years old. Anyone who falls under this age limit can apply for an SBI credit card. The credit cardholder of the add-on should be 18 years of age and above.
INCOME CRITERIA
To get an SBI credit card, you must have a monthly salary. The income requirements vary according to the features and specifications of the card. You can get a minimum of INR 18,000 per month from an SBI credit card. For other cards, however, revenue can differ based on requirements and characteristics.
In order to use an SBI credit card, the consumer should show evidence of a steady source of income. You can be either an employee working in an existing business or a self-employed professional operating your own company.
Nationality: The applicant should be either an Indian citizen or an Indian non-resident.
FACTORS AFFECTING SBI CREDIT CARD ELIGIBILITY CRITERIA
When applying for an SBI credit card, the applicant has to verify the following items:
Income of the Applicant: When applying for a credit card, your salary plays an important part. This is the bank’s proof that you will be able to pay your credit card bill.
For a fixed deposit, you can also get an SBI credit card.
Age of the Applicant: Age of the Applicant: It becomes a big responsibility to use a credit card. After a certain number of years, a person only gets a steady stream of income. Therefore, in giving a credit card, the banks are certain about age requirements as they expect a proper payment every month.
Credit History of the Applicant: Credit history is a straightforward demonstration of how an person handles his / her credit-related activities. For offering a credit card, a strong credit history is strongly desired by the lender.
Nationality Criteria of the Applicant: The applicant should be a citizen of India or a non-resident of India.
HOW TO APPLY FOR SBI CREDIT CARD?
If you want to apply for an SBI credit card, the process is simple, and you can follow the steps given below to get it:
CREDIT CARD APPLICATION ONLINE FOR NEW CUSTOMERS
- You can visit the ‘Credit Cards’ page of the SBI official website.
- Enter your personal and contact details.
- After verification, a bank representative will contact you and ask you to direct you through the process.
- To get an SBI credit card, you may have to submit KYC documents and income proofs.
- To apply for a credit card, you can also visit the nearest SBI branch.
CREDIT CARD APPLICATION ONLINE FOR EXISTING CUSTOMERS
- Visit the ‘Credit Cards’ section of the official SBI website.
- You will have to enter your customer ID and mobile number for net banking.
- You may directly apply for a credit card online.
- To apply for a credit card, you can also visit a nearby SBI branch.
DOCUMENTS REQUIRED TO APPLY FOR AN SBI CREDIT CARD
To apply for an SBI credit card, you need to submit the following documents.
- Address proof: Passport/ Driving Licence/ Voters ID etc.
- Identity proof: Bank Statement/ Voter Id/ Driving Licence/ Pension Book etc.
- Income Proof: Bank Statement/ Pay Slip/ Income Tax return.
- Pan Card.
- Passport size photo
INTEREST FREE CREDIT PERIOD ON SBI CREDIT CARD
SBI cardholders may receive up to 50 days of interest free credit period, but it is subject to change according to the scheme and card. If the previous month’s balance is not cleared in full on or before the due date, you will not get an interest-free period. Similarly, the interest-free duration for withdrawing cash from the ATM does not apply.
FEES AND CHARGES ON SBI CREDIT CARD
Annual Membership Fee: As defined by the bank, the cardholder would have to pay the annual membership fee for primary and add-on cards. The fees can vary according to the schemes for different cards. The annual payments will not be refunded to a member of the card by the time the credit card is locked.
Cash Advance Fees: The cardholder can use a credit card at any time to withdraw cash from ATMs in India and abroad. A fee of 2.5% of the amount withdrawn, or INR 300, will be paid for each transaction and will be added to the next monthly bill. Unlike other payments, ATM transactions do not have an interest-free duration.
Late Payment Charges: Late payment charges are applicable if, on or before the due date, the minimum amount due is not charged. The late payment charges applicable below are:
| Statement Balance | Late Payment Charges |
| Less than INR 200 | Nil |
| INR 200 to INR 500 | INR 100 |
| INR 500 to INR 1000 | INR 400 |
| INR 1000 to INR 10,000 | INR 500 |
| INR 10,001 and above | INR 750 |
HOW TO INCREASE SBI CREDIT CARD LIMIT?
The credit limit for SBI credit cards is calculated at the sole discretion of the bank. At the time of card delivery, the available credit limit is conveyed to the cardholder.
The client wishing to raise the credit limit can write to the bank asking for the credit limit to be increased. The cardholder has to send financial records such as pay slip, bank statement, income tax returns, etc. when applying for the raise. The credit limit increase shall, however, be calculated at the sole discretion of the bank.
SBI CREDIT CARD CUSTOMER CARE
By calling the following numbers, you can access the SBI credit card customer service system 24X7.
You can dial 18601801290, 39020202 toll-free from your cell phone and landlines in India.
You may also write to SBI on their ‘Grievance Redressal’ website and post your credit card-related questions. For further assistance, you may have to enter your name and contact information.
HOW TO PAY SBI CREDIT CARD BILL?
To pay your SBI credit card bills, you can use the methods below:
SBI Account Holders: To make your credit card payments electronically, you can register for a net banking facility with the bank. You should request a written standing instruction following registration to automatically debit a pre-determined amount from your account. This will help you pay the bills on time and keep interest on late payment from being paid.
ALL CUSTOMERS
NEFT: By using the NEFT facility, you can pay your credit card bill from any other bank account. In various banks, the instructions may differ slightly, but in most cases, to make the payment via NEFT, you need to add your credit card number as the payee account number. Any payments made on a weekday during working hours are credited on the same day, while the payments made on the next business day are credited after working hours.
Bill Desk: You can use the web page of the SBI Bill Desk that is set up to pay your credit card bills. Fill out the information needed, which also includes the number of the credit card and the amount of the payment. To complete the credit card bill payment, the customers are then directed to SBI’s net banking portal. After a successful transaction, customers will receive an online transaction confirmation, as well as a transaction reference number.
Cash payment: By paying in cash at any of the branches closest to you, you can pay your SBI credit card bills. When you pay your credit card bill, a processing fee per payment will be paid by the bank.
Cheque payment: If you want to use cheques to cover your credit card bills, then you can do so in the same way as paying cash for your credit card bills. You may also drop cheques at the bank ATMs where drop boxes are available for this reason, showing your credit card number and other necessary information. You will be cleared of the invoice within 3 working days.
