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Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
The Platinum credit card by the Federal Bank and the State Bank of India offers a variety of benefits across different categories to the holders. It offers welcome benefits, bonuses, reward point benefits along with fuel benefits as well.
The credit limit for your Federal Bank SBI Platinum credit card will be given at the discretion of the bank. The State Bank of India does a background check of your financial history such as checking your annual income, credit score, the credit report as well as the repayment habit of your past and ongoing debts.
Your reward points on the Federal Bank SBI Platinum credit card can be redeemed through online or offline methods.
Offline MethodsIn order to redeem your points offline, you can either call the customer care of the State Bank of India at 39 02 02 02 with your STD code or call at 1860 180 1290.
Apart from this, you can also redeem your points through post by sending a letter marked to the corporate address of the bank which is:
P.O. Box 28,
GPO,
New Delhi 110001.
Online Methods
To redeem your reward points online, the steps you need to follow are:
| Type of Charge | Amount |
| Annual fee | Rs.2,999 |
| Interest-free credit period | 20 days - 50 days |
| Minimum amount due | 5% of the total outstanding amount subjected to a minimum of Rs.200 |
| Free credit period | Nil |
| Renewal fee | Rs.2,999 |
| Add-on card fee | Nil |
| Cash advance limit | Up to 80% of the credit limit (maximum up to Rs.12,000 per day) |
| Cash advance fee at SBI ATMs or other ATMs | 2.5% of the transaction amount subject to a minimum of Rs.300 |
| Charge slip retrieval | Rs.225 per charge slip |
| Finance charges | 3.35% per month |
| Cash advance fee at international ATMs | 3% of the transaction amount subjected to a minimum of Rs.300. |
| Late payment charges | For a total amount due between Rs.0 and Rs.200 - Nil Between Rs.200 and Rs.500 - Rs.100 Between Rs.500 and Rs.1,000 - Rs.400 Between Rs.1,000 and Rs.10,000 - Rs.600 Between Rs.10,000 and RS.25,000 - Rs.800 More than Rs.25,000 - Rs.950 |
| Payment dishonour fee | 2% of the payment amount subjected to a minimum of Rs.350. |
| Fuel surcharge | 1% of the fuel purchase amount |
| Cheque pickup fee | Nil |
| Over limit payment | 2.5% of the over limit amount subjected to a minimum of Rs.500. |
| Statement retrieval | Rs.100 per statement |
| Emergency card replacement, when abroad | Nil |
| Foreign currency transaction | 3.5% |
| Card replacement | Rs.100 |
| Railway ticket fee | 1.8% of the transaction cost + GST |
| Rewards redemption fee | Rs.99 |
| Cash payment fee | Rs.100 |
On clicking the 'Apply Now' option on the website of the State Bank of India, you will be required to submit your primary details. After submission, the bank will check if you are eligible for the credit card.
The eligibility criteria for the credit card is:
The bank requires several documents of the primary applicant during the application procedure. Here are some of the documents which are required for the application procedure:
This list of documents is indicative. The bank may ask you to submit any other document during the procedure of application or after depending on the requirements.
No, SBI does not charge any fee for card replacements done, when the customer is abroad.
Yes, SBI customers can use their rewards points to make credit card payments.
Yes, customers should have made annual spend greater than Rs 2 lakhs to be eligible for an anniversary gift.
No, the vouchers are issued by SBI in collaboration with Lifestyle, Shoppers Stop, Raymond's, etc. and can be redeemed only at these outlets.
Federal Bank SBI Platinum Credit Card holders can enjoy complimentary food and beverages, Wi-Fi, shower facilities, spa services, and massage service while visiting any Visa Airport Lounge.
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