Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
The Central SBI Select Card is a shopping credit card that has been introduced by the State Bank of India in collaboration with Central Stores. This card offers a wide range of not only shopping benefits but also benefits across other categories such as balance transfer, contactless technology, and others. This credit card comes with an annual fee of Rs.750 and with an interest rate of Rs.25 or 3.35% per month (whichever is higher from the date of transaction).
| Welcome Benefit |
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| Reward Point Benefits |
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| Renewal and Milestone Benefits |
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| Contactless Technology | Equipped with contactless technology, the card is curated specially for a time where contact is limited. |
| Flexipay Benefits | Cardholders can convert transactions of more than Rs.2,500 to equated monthly installments for easier payment. |
| Balance Transfer Benefits | With this card, the outstanding balance can be transferred to another card having a lower interest rate. |
| Add-on Benefits | Add-on credit cards are available for the family members of the primary cardholder who are above 18 years of age. |
| Emergency Card Replacement | SBI offers a 24/7 helpline for emergency card replacement all over the world. |
| Worldwide Acceptance | The Central SBI Select Card can be used in more than 24 million outlets across the world including 3.25 lakh outlets in India. |
| Easy Money | Cardholders can get cheques and drafts using the Easy Money facility. |
| Easy Bill Pay | Cardholders can use the Easy Bill Pay feature to pay their telephone bill, electricity bill, etc. |
| Anytime Cash Withdrawal | Cash can be withdrawn anytime from more than 1 million Visa ATMs all over the world. |
| Locate SBI Card drop box | Cardholders can locate their nearest SBI Card drop box using these steps:
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The credit limit for the Central SBI Select card is given at the discretion of the bank. The State Bank of India considers several factors before assigning the credit limit of the card. Some of the factors are the credit score of the primary applicant, the credit report, along with the repayment habits of past debts.
| Type of Charge | Fee |
|---|---|
| Annual Fee (one time) | Rs.750 |
| Renewal Fee (per annum) | Rs.750 |
| Add-on Card Fee (per annum) | Nil |
| Finance Charges | 3.50% per month or 42% p.a. |
| Cash Advance | Up to 80% of the credit limit |
| Cash advance fee | 2.5% or Rs.500 (whichever is higher) |
| Cheque payment fee | Rs.100 |
| Statement retrieval | Rs.100 per statement |
| Overlimit charges | 2.5% or Rs.600 (whichever is higher) |
| Foreign currency transaction | 1.99% (For Aurum and Elite), 3.50% (For all cards except Aurum and Elite) |
| Late Payment Fee |
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| Card Replacement Fee | Rs.100 |
The eligibility criteria of a credit card are dependent on a range of factors. Check out the primary eligibility criteria for credit cards.
| Age | The primary applicant must be least 18 years old. For some banks, the minimum age to apply for a credit card may be 21 years. |
| Nationality | He or she must be a citizen of India or a non-resident Indian (some banks also extend credit cards to NRIs). |
| Employment status | The applicant must be either be salaried or self-employed and have a steady source of income. |
| Income | Most banks will require the applicant to meet their minimum income requirement before they approve your card application. |
| Credit Score | A good CIBIL score, with no history of default will be beneficial in making sure that the application is approved. |
| Proof of Address | Identity Proof | Income Proof |
|---|---|---|
| Ration Card | Driving License | Salary Slips |
| Voter ID | Voter ID | IT Returns |
| Passport | Aadhaar Card | Form 16 |
| Aadhaar Card | - | - |
The list of documents mentioned above is indicative. The bank may ask the applicant to furnish additional documents as and when required during the process of application.
You can visit any of the Central Stores or shop at the website of Central Stores and instantly redeem your Select points. The card comes with the facility of instant redemption at Central Stores. You can also redeem your points by logging in to your net banking account and choosing the option of redeeming your points.
The minimum salary required for the credit card is decided by the State Bank of India based on a number of factors and criteria they have in place.
You can do so by sending an e-mail about the same to the customer care e-mail of the branch. Apart from this, you can also call the SBI credit card customer care to enquire about the process of conversion.
The Select points are reward points which are awarded to you for every transaction has a validity period of 36 months from the date of the transaction. After a period of 3 years, the reward points will expire.
No, there is no renewal fee waiver. However, if you spend more than Rs.75,000 in a year, you receive 3,000 Select Points which amount to Rs.750.
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