Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
State Bank of India (SBI) has launched a new credit card called the Unnati card. The Unnati card is provided to an account holder who holds an account balance of Rs.25,000 or more. SBI is not planning to charge any annual card fee for the first four years. Additionally, the card offers a host of benefits. From using the card at over 24 million outlets to attractive reward points, Unnati card can be the perfect solution to individuals who wish to use a credit card for basic necessities such as paying utility bills, making payments, shopping, etc. SBI is looking at making the application process as simple as possible for the convenience of the common man. If an application has been received for a Unnati card, the bank will use the KYC documents for approving the application, the bank won't require any underwriting or history of bank balance.
There are over 3,25,000 outlets in India that will accept the Unnati card. The cardholder can also request for an add-on card for his/her family members. When an individual applies for a credit card or a loan, most banks will be looking into the credit report or the credit score, however, SBI is all set to change the trend in the credit market. With a diverse range of benefits, Unnati card will be one of the ideal credit cards that be easily obtained without any hassle.
SBI will issue the Unnati card backed by bank deposits for the first 12 months. Once the period is over, the bank will free the deposit. This initiative will promote financial inclusion and let the middle, as well as lower income account holders, to build their credit score. Once the account holder completes the first four-year waiver, the card will have an annual fee of Rs.499. The cardholder can avoid the annual fee by meeting the minimum required amount of transaction applicable for each year. The card has been designed and targeted to meet basic credit needs. Upon usage, the card owner will get one point per Rs.100 spent across various outlets, however, there are no reward points for fuel transactions, cash advance, encash, balance transfer, etc. The cardholder is also entitled to a maximum surcharge waiver of Rs.100 per statement cycle.
The SBI Unnati credit card offers cardholders the following features:
If you wish to apply for an SBI Unnati credit card, you can do so in the following ways:
| Type of Charge | Fee |
|---|---|
| Annual Fee | Free |
| 5th Year Onwards | Rs.499 |
| Add-on card | Nil |
| Finance Charges | Up to 2.50% per month |
| Interest-free Credit Period | 20 days to 50 days |
| Cash Advance Limit | Up to 80% of credit limit subject to maximum of Rs.12,000 each day |
| Free credit period | Nil |
| Cash Advance Fee at SBI ATMs | 2.5% of the amount being transacted subject to a minimum of Rs.300 |
| Cash Advance Fee at other bank ATMs | 2.5% of the amount being transacted subject to a minimum of Rs.300 |
| Cash Advance Fee at International ATMs | 3% of the amount being transacted, subject to a minimum of Rs.300 |
| Cash Payment Fee | Rs.100 |
| Payment Dishonour Fee | 2% of payment amount subject to a minimum amount of Rs.450 |
| Cheque pickup | Rs.90 |
| Cheque Fee | Rs.100 |
| Charge Slip Retrieval | Rs.225 for each slip |
| Card Replacement Fee | Rs.100 |
| Emergency card replacement when abroad | Actual cost, with the minimum amount being $175 |
| Foreign Currency Transaction mark up | 3.5% |
| Rewards Redemption | Rs.99 |
| Over limit Charges | 2.5% of the amount subject to a minimum of Rs.500 |
| Railway tickets via ticket counters | Rs.30 plus 2.5% of the transaction amount |
| Railway tickets via official online portal | 1.8% of the transaction amount plus service charge |
| Fuel surcharge waiver | 1% waiver for transactions between Rs.500 to Rs.3,000 |
| Customs Duty Payments | 2.25% of the transaction amount |
The eligibility criteria for the SBI Unnati credit card are based on the applicant’s age, employment and other factors. Please contact the bank for eligibility criteria specific to the credit card.
We all know that while applying for a credit card an individual needs to have a good credit history without which it becomes difficult to get one. In a bid to address this issue, the country’s largest public sector bank has come up with an initiative under which individuals without any credit history or those new to the credit will be provided with ‘SBI Unnati’ credit card provided they have a minimum fixed deposit of Rs.25,000 with the bank.
You can apply for the SBI Unnati Credit Card through the official website of SBI Card. Alternatively, you can also visit one of the nearest SBI branch offices and apply for the same.
Yes, there is an applicable annual fee on the SBI Unnati Credit Card. However, this fee will be applicable only after the first 4 years.
The Rewards Points structure on the SBI Unnati Credit Card offers 1 reward point for every Rs.100 spent on the card. However, you cannot avail the reward points for transactions related to cash advances, fuel transactions, and balance transfer.
Yes, you will be required to maintain a fixed deposit account with a minimum of Rs.25,000 as its balance before you can apply for the SBI Unnati Credit
If you have lost or misplaced your SBI Unnati Credit Card, you should contact the SBI Card customer care at the earliest and inform the same. The card will be blocked immediately and a fresh card will be issued for you.
No, you cannot use a credit card which has already been reported to be missing and has been blocked. If you happen to find the card after misplacing it, you should just cut the card through the middle of the magnetic strip and dispose it off.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.
