Utkarsh Small Finance Bank Eternal Credit Card – Benefits, Fees & Eligibility

Introduction

The Utkarsh Eternal Credit Card, issued by Utkarsh Small Finance Bank, is positioned as a cashback-focused card designed to transform everyday expenses into valuable offers and exclusive lifestyle benefits. Key differentiating features include no joining fee, a 1.25% cashback program on eligible transactions, and a 1% fuel surcharge waiver.

Welcome Benefits

• No Annual Fee for the first year.

Fees

• Joining Fee: No joining fee.
• Annual Fee:
  • No annual fee for the first year.
  • From the second year onwards, an annual fee of ₹1999/- is applicable.
  • The annual fee is waived if annual spends of ₹1.5 lakhs and above are made during the previous year.
• Interest Rates (Finance Charge APR):
  • Up to 3% per month, equivalent to a 36% annual percentage rate.
  • This rate applies to revolving credit, cash advances, overdue interest, and charges in case of default.
• Interest-Free Period: Up to 50 days.
• Late Payment Fees: ₹500/- in addition to the interest payable on the outstanding credit card amount.
• Cash Advance Fees: 5% of the cash advance amount or ₹500, whichever is higher.
• Overlimit Fees: ₹500/-.
• Card Replacement Fee: ₹500/-.
• Supplementary Card Fees: No annual fee or joining fee.
• Foreign Currency Markup: Not specified.
• Rewards Redemption Fee: Not specified (assumed NIL as cashback is usually auto-credited).
• Goods & Services Tax (GST): 18% on fees/charges and interest.
• Physical Statement Fee: ₹50/- per statement.
• E-Statements: NIL.
• Service Charge: NIL.
• Online Bill Payment Facility: Free of cost.
• Setting Limit Service: Free of cost.
• Email and Mobile Alerts Facility: Free of cost.

Rewards

• Cashback: Flat 1.25% cashback on all eligible transactions.
• Fuel Surcharge Waiver: 1% off on fuel surcharge, refunded for transactions between ₹400 to ₹5000.

Card Eligibility Criteria

• Customer Type: For existing customers holding an active Current Account, Savings Account, FD Account, and Loan Account with Utkarsh Small Finance Bank.
• Residency: Must be an Indian Resident.
• Age Limit:
  • Unsecured Credit Card: 21 to 65 years.
  • FD Backed Credit Card: 18 to 65 years.
• Application Process: Eligible customers will receive a Pre-Approved/Pre-Qualified Credit Card link on their registered email ID.
• Documentation: No additional documents are required for pre-approved/pre-qualified customers, provided their latest KYC details are updated with the Bank.

Card Review

The Utkarsh Eternal Credit Card is a solid option for existing Utkarsh Small Finance Bank customers seeking a straightforward cashback card with minimal upfront costs. Its no joining fee and first-year annual fee waiver make it accessible, and the annual fee waiver condition of ₹1.5 lakhs spend is achievable for regular users. The 1.25% cashback on all eligible transactions and a 1% fuel surcharge waiver are decent benefits for everyday spending. The option for an FD-backed credit card is a significant advantage for individuals looking to build or improve their credit score while their fixed deposit continues to earn interest. However, potential applicants should be aware of the high Annual Percentage Rate (APR) of up to 36% for revolving credit and cash advances, as well as various other fees like late payment, overlimit, and cash advance charges. This card is best suited for those who pay their bills in full and on time to avoid high interest charges.

Important Product Details

• Positive Highlights:
  • No joining fee.
  • First-year annual fee is waived.
  • Annual fee waiver for subsequent years with ₹1.5 lakhs annual spend.
  • Flat 1.25% cashback on all eligible transactions.
  • 1% fuel surcharge waiver for transactions between ₹400 and ₹5000.
  • Interest-free period of up to 50 days.
  • No annual fee or joining fee for supplementary cards.
  • Free e-statements, email, and mobile alerts.
  • Free online bill payment facility.
  • Free service for setting credit card spend limits.
  • Option for an FD-backed credit card to build credit history.
• Negative Highlights:
  • High finance charge (APR) of up to 36% per annum.
  • High cash advance fees (5% or ₹500, whichever is higher).
  • Late payment fee of ₹500 plus interest.
  • Overlimit fee of ₹500.
  • Card replacement fee of ₹500.
  • Charge of ₹50 for physical statements.

Other Details

• Card Activation & Green PIN Generation:
  • Activate your Utkarsh Small Finance Bank Credit Card within 30 days of issuance to avoid closure as per RBI guidelines.
  • Steps:
    1. Click on the URL: https://creditcards.utkarsh.bank
    2. Enter the E-mail ID and password used to apply. Use "Forgot Password" if needed.
    3. Navigate to the Cards page and select your card (identify by last 4 digits).
    4. Click "Activate" to start the pre-activation verification.
    5. Follow the on-screen process: Card Verification, Set Security PIN, Customer Verification (OTP).
    6. Set transaction channels to finish activation.
    7. Activation is successful.
• Security Guidelines (Do's):
  • Create a strong, unique password for online transactions.
  • Memorize your PIN and change it regularly.
  • Activate your card via the Credit Card portal upon receipt.
  • Set limits on domestic transaction channels (ECOM/POS/ATM).
  • Enable international channels only when required or traveling abroad.
  • Regularly review statements for unauthorized transactions.
  • In case of loss/theft, fraudulent transaction, call customer care (1800-309-3665) or email creditcards@utkarsh.bank to hot-list the card.
• Security Guidelines (Don'ts):
  • Never share your Credit Card number, PIN, or CVV with anyone over the phone or online.
  • Do not allow anyone else to use your card or enter your PIN for you.
  • Avoid easily guessable information for PINs or passwords.
  • Do not write down PINs or passwords or store them in easily accessible places.
  • Beware of phishing; do not respond to requests for card details or personal information via email, SMS, or calls.
  • Do not use your Credit Card on untrusted or unfamiliar websites.
  • Follow bank’s specific security guidelines and contact immediately if unauthorized activity is suspected.
• Minimum Amount Due Calculation:
  • 5% of [retail spends + cash withdrawals] + 100% of [GST + EMI amount + Fees/Charges + Interest] + Overdue [MAD of the previous statement] + Overlimit amount.
• Payment Processing: Payments are credited within 24 hours.
• Statement Generation Cycle: Statements are generated on the 15th day of every month, with the payment due on the 5th day of every month.
• CIBIL Report: Credit Card activity reflects in the CIBIL report. For CIBIL report inquiries, contact info@cibil.com.
• Troubleshooting Card Issues:
  • Ensure POS/ECOM and other features are enabled on the Credit Card portal.
  • If issues persist, call Customer Care at 1800-309-3665 or email creditcards@utkarsh.bank.
• Dispute Resolution:
  • Immediately contact customer service (1800-309-3665) or email creditcards@utkarsh.bank to raise a dispute.
  • To check dispute status or withdraw a dispute, use the same contact channels.
  • Chargeback for failed transactions must be raised within 120 days.
• Fraud Reporting:
  • Report fraud by calling 1800-309-3665 or emailing creditcards@utkarsh.bank.
  • Card blocking can also be done via the portal (creditcards.utkarsh.bank), internet banking, or mobile banking.
• Incorrect PIN/OTP Attempts: If 3 incorrect PIN/OTP attempts are made, the card will be temporarily blocked. The customer must reset the PIN via customer service or mobile/internet banking.
• Lost or Stolen Card:
  • Immediately contact customer service (1800-309-3665) or email creditcards@utkarsh.bank to report loss/theft, cancel the card, and request a new one.
  • Card blocking can also be done via the portal (creditcards.utkarsh.bank), internet banking, or mobile banking.
• Account Closure: To close a Credit Card account, call Customer Care at 1800-309-3665 or email creditcards@utkarsh.bank.
• Transaction Notifications: Customers receive a charge-slip from the merchant and an SMS/Emailer on registered contact details upon successful transactions.
• Credit Card Against Fixed Deposit (FD):
  • Concept: A Credit Card issued against an FD held with the bank, using the FD as collateral.
  • Application: The Bank will intimate existing FD account holders for this option.
  • Benefits: Potential to build or improve credit score, FD continues to earn interest, responsible usage positively impacts credit history.
  • Disadvantages: Funds are tied up, requiring a security deposit.
  • Lien: A lien will be marked on the customer's FDs to the extent of the Credit Card credit limit (not necessarily on all FDs).
  • Issuance Time: Received within 2 weeks from consent for issuance.
  • Credit Limit: Customers get 100% of the FD amount as the Credit Card limit.
  • Minimum FD Amount: ₹25,000.
  • Limit Increase: Generally, the limit does not increase after issuance.
  • Cancellation: Call customer care (1800-309-3665) or email creditcards@utkarsh.bank. Lien will be removed, any outstanding amount set-off, card cancelled, and balance refunded.
  • FD Closure: FD can be closed before card tenure ends if Credit Card dues are fully paid off, a Credit Card closure request is submitted, and the Credit Card account is closed.
  • Linked Closure: The FD account cannot be closed without closing the linked Credit Card.
  • Features: Same as non-FD linked Credit Cards.
• Card Delivery:
  • There will be 2 delivery attempts to the customer's address.
  • If undelivered after 2 attempts, the card will be returned to origin (RTO), and an SMS will be sent.
  • Customers can request re-despatch by calling 1800-309-3665 or emailing creditcards@utkarsh.bank.
  • Reissued/replaced cards are delivered within 2 weeks of request.
• Card Validity Expiry:
  • Customers receive an SMS and/or email 2 months prior to the expiry date about card renewal.
  • If there's an address change, the cardholder will be requested to update it with the Bank.
• Repayment Methods: Customers can pay dues via NEFT mode or other payment channels offered by the Bank.
• Important Documents: Links to MITC, Key Fact Statement, Card Member Agreement, and Approved Credit Card Policy are available on the bank's website and provided with the welcome kit.
• Customer Care: 1800-309-3665 or creditcards@utkarsh.bank.
• General Disclaimers: The bank provides links to external websites for convenience but does not control or endorse them and is not responsible for their content. Usage of such websites is subject to their own terms.