SBI Unnati Credit Card – Benefits, Fees & Eligibility

SBI Unnati Credit Card

Introduction

The SBI Unnati Credit Card is a secured credit card issued against a fixed deposit (FD) of Rs. 25,000 or more with the State Bank of India, making it an excellent choice for individuals looking to build or improve their credit history. It offers a unique benefit of no annual fee for the first four years. Cardholders earn 1 Reward Point for every Rs. 100 spent and can also receive a Rs. 500 cashback as a milestone reward upon achieving specific annual spending.

Welcome Benefits

• No specific welcome benefits are explicitly mentioned.

Fees

• Joining Fee: Nil (for the first four years).
• Annual Fee: Nil for the first 4 years.
• Renewal Fee: Rs. 499 (from the 5th year onwards).
• Rewards Redemption Fee: Rs. 99 per redemption request.
• Foreign Currency Markup: 3.5% on the conversion amount.
• Interest Rates: 3.5% per month (equivalent to 42% per annum).
• Fuel Surcharge: 1% surcharge waiver on fuel transactions between Rs. 500 and Rs. 3,000 (exclusive of GST and other charges). The maximum surcharge waiver is Rs. 100 per statement cycle per credit card account.
• Cash Advance Charges: 2.5% on the amount withdrawn, subject to a minimum charge of Rs. 500.
• Cheque Payment Fee: Not applicable on this card.
• All applicable taxes would be charged on all fees, interest & charges.

Rewards

• Rewards on Spends: Get 1 Reward Point for every Rs. 100 spent on all categories.
• Milestone Rewards: Receive Rs. 500 cashback within 15 days of achieving annual spends of Rs. 50,000 or more. This benefit is applicable for all membership years.
• Fuel Benefits: Enjoy a 1% fuel surcharge waiver for each transaction between Rs. 500 and Rs. 3,000 (exclusive of GST and other charges). The maximum surcharge waiver is Rs. 100 per statement cycle.
• Excluded Transactions for Rewards: Cash Advance, Balance Transfer, Encash, Flexipay, and Fuel transactions are not included in the Reward Points Program.
• Movie & Dining: Not applicable.
• Travel: Not applicable.
• Domestic Lounge Access: Not applicable.
• International Lounge Access: Not applicable.
• Golf: Not applicable.
• Insurance Benefits: Not applicable.

Rewards Redemption Guide

• Reward points earned can be redeemed against a wide array of gifts and benefits available in the SBI Card Rewards Catalogue.
• The redemption value is 1 Reward Point = Rs. 0.25.

Card Eligibility Criteria

• The card is issued with a lien on the cardholder's fixed deposit with State Bank of India of Rs. 25,000 or more.

Card Review

The SBI Unnati Credit Card is a fundamental secured credit card designed primarily for individuals who are new to credit or wish to build their credit history. It offers a unique advantage of zero annual fees for the first four years, making it an attractive option for beginners. While the reward rate of 1 point per Rs. 100 spent (equivalent to Rs. 0.25) is modest, the card provides practical benefits like a Rs. 500 cashback on annual spending of Rs. 50,000 and a 1% fuel surcharge waiver.

Who should apply:

• Individuals seeking to establish their credit history.
• Customers with a fixed deposit of Rs. 25,000 or more with the State Bank of India.
• Those who frequently make utility bill payments, EMI transactions, or other essential expenditures and wish to earn basic rewards.

Pros:

• No annual fee for the first four years.
• Secured card, making it accessible for those without a strong credit history.
• Milestone cashback of Rs. 500 on annual spends of Rs. 50,000.
• 1% fuel surcharge waiver.
• Worldwide acceptance and contactless payment feature.

Cons:

• Requires a fixed deposit as collateral.
• Low reward rate compared to other credit cards.
• Rewards are not earned on certain transaction types like fuel, cash advance, balance transfer, Encash, and Flexipay.

Overall, the SBI Unnati Credit Card is a solid entry-level secured card that helps in credit building with some useful basic benefits.

Important Product Details

• Card Type: Secured Credit Card (issued against a Fixed Deposit).
• Worldwide Acceptance: The card can be used at over 24 million outlets globally, including 3,25,000 outlets in India, wherever Visa or MasterCard are accepted.
• Contactless Advantage: Enables fast and convenient transactions by simply waving the card at a secure reader, enhancing security as the card remains in the cardholder's hand. It features a unique security key to ensure only one transaction goes through even if waved multiple times.
• Add-on Cards: Cardholders can get add-on cards for their parents, spouse, children, or siblings who are above 18 years of age.
• Cash on the Go: Allows cash withdrawal from over 1 million Visa or MasterCard ATMs worldwide.
• Utility Bill Payment Facility: Offers an Easy Bill Pay facility to pay electricity, telephone, mobile, and other utility bills.
• Balance Transfer on EMI: Cardholders can transfer outstanding balances from other banks' credit cards to their SBI Card Unnati at a lower interest rate and convert them into easy monthly installments (EMIs). This service can be availed by logging into sbicard.com.
• Flexipay: Convert any purchase of Rs. 2,500 or more into easy monthly installments (Flexipay) by logging into sbicard.com within 30 days of the purchase.

Other Details

• Application Process: To apply for the SBI Unnati Credit Card, visit the nearest SBI Branch and fill out the application form. Online application is also an option.
• Order of Payment Settlement: Information regarding the order of payment settlement for cardholder accounts is available on the SBI Card website.
• Cheque Payment: Cheques payable outside clearing zones are not accepted. Only local cheques or drafts payable in Delhi are accepted for payments.
• Customer Support: For assistance, call the SBI Card helpline at 39 02 02 02 (prefix local STD code) or 1860 180 1290.
• Interest-Free Period: An interest-free period of up to 20 to 50 days is offered on the SBI Unnati Credit Card.
• Disclaimer: All information provided is subject to change at the discretion of SBICPSL. The Most Important Terms and Conditions are available on www.sbicard.com.