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SBI Credit Card - Everything You Need To Know

by Tushar Singh Investment Banker
The State Bank of India (SBI) is the leading public sector bank in India. It offers a wide range of financial products like loans, fixed deposits, recurring deposits etc. along with it, SBI is offering a huge range of credit cards also with a plethora of benefits catering to diverse customer needs like shopping, dining, travel, fuel, and movies. Using SBI credit card on all your purchases, you earn reward points, which can be redeemed at any partner stores.

Here’s everything you need to know about SBI Credit Cards.

Eligibility Criteria

Age
For applying for an SBI credit card, the age of the applicant should be between 18 years and 58 years. Bank has a variety of credit cards focused at various age groups of borrowers. However, the age limit to get a credit card from SBI varies by various schemes depending on the type of card you apply for.

CIBIL Score
A credit score of 700 and above is considered good to apply for a credit card from SBI. A poor credit score declines your chance of getting credit card approval. On the other hand, a good credit score improves the chance of approval of your credit card application. If your credit score is poor then you can apply for a secured credit card and wait till your score improves.

Income
If you are a salaried individual then a minimum income of Rs 20,000 per month is required. For a self-employed individual an annual income of Rs. 4.5 lakh after all deductions is required. If you are already using an SBI credit card or any other credit card, then SBI will not check your income and your credit card eligibility will be checked based on existing credit card's transaction history.

Existing Relationship with SBI
If you are an existing customer of SBI, your chance of getting an SBI credit card is higher. SBI offer special credit card schemes to its existing bank account holders which would mean higher credit limit, waiver or discount on joining fees and annual fees and special promotional offers as a joining pack.

Interest Charges
Different credit card carries different interest charges. Interest charges are applicable only if you pay your credit card outstanding bill after the due date. The interest charges on SBI credit card varies from 2.25% to 3.35% depending upon the type of credit card you apply for.

Joining Fees and Annual Fees
Joining fee is the one-time fee you pay when your credit card application is accepted and an annual fee is a yearly charge you pay for the use of credit card. Different category of SBI credit cards carries different joining and annual fees. These charges vary from nil to as high as Rs. 5,000.

The process to Apply SBI Credit Card Online

Step 1: Apply for a credit card online through different online aggregators.
Step 2: A credit card representative will contact you, who will explain to you the process, card details with benefits and documents required.
Step 3: Credit card executive will fix an appointment as per your convenience with the bank executive.
Step 4: The bank executive will call up to verify your details and he will fix an appointment for documents pick-up at a time and place decided by you. You can reschedule the appointment.
Step 5: Post documents pick-up, you will receive your credit card within 10-15 working days.

Documents
Documents required for applying for a credit card in SBI are as follows:

Fresh Credit card
Identity Proof: PAN card, Driving License, Voter ID card, Passport.
Residence Proof: Aadhaar card, PAN card, Voter ID card, Ration card, Passport, Driving License, Utility Bills.
For Salaried Individual: Latest three months salary slip and last six months bank statement.
For Self-employed Individual: Latest IT returns with the computation of income or certified financial documents, Proof of business continuity.

For Existing Card Holders
Identity Proof: PAN card, Driving License, Voter ID card, Passport.
Residence Proof: Bank statement, Rent agreement, Voter ID card, Ration card, Passport, Driving License, Utility Bills.
Existing Card Proof: Front copy of the card, 1 latest statement within 15 days.

So, keeping above discussed points in mind select an SBI credit card meeting all your requirements and apply for it online for quick and easy approval.

About Tushar Singh Freshman   Investment Banker

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Joined APSense since, August 20th, 2018, From Gurgaon, India.

Created on Sep 10th 2018 05:47. Viewed 275 times.

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