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

Introduction

The Utkarsh SmartGen Credit Card, issued by Utkarsh Small Finance Bank, is designed to offer simplicity and ease for everyday financial needs. Positioned as an entry-level or basic card, it focuses on straightforward features and benefits. Key differentiating benefits include a flat 1.25% cashback on all eligible transactions, a 1% fuel surcharge waiver, no joining fee, and a waiver of the annual fee for the first year, with an easy spend-based waiver condition for subsequent years.

Welcome Benefits

• No Joining Fee.
• No Annual Fee for the first year.

Fees

• Joining Fee: No joining fee.
• Annual Fee:
  • No annual fee for the first year.
  • From the 2nd year onwards, a fee of ₹199 + Taxes is applicable.
• Spend-Based Waiver: The annual fee from the 2nd year onwards is waived if ₹50,000 is spent during the previous year.
• Interest Rates (Finance Charge [APR]):
  • Up to 3.6% per month (equivalent to 43.2% 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.
• Cash Advance Fees: 5% of the cash advance amount or ₹500, whichever is higher.
• Cash Withdrawal Limit: Up to 20% of the overall credit limit.
• Fuel Surcharge: 1% fuel surcharge refund/waiver on transactions between ₹400 and ₹5000.
• Late Payment Fees: ₹500 in addition to the interest payable on the outstanding credit card amount.
• Overlimit Fees: ₹500.
• Card Replacement Fee: ₹500 (applicable in case of card loss or theft).
• Goods & Services Tax (GST): 18% on all fees/charges and interest.
• Physical Statement Fee: ₹50 per statement.
• E-statements: Free of cost.
• Service Charge: NIL.
• Rewards Redemption Fee: Not specified, implying no direct fee for cashback.
• Foreign Currency Markup: Not explicitly mentioned.
• Charges for alerts facility: Free (for e-mail and mobile alerts).
• Charges for setting spend limit service: Free.
• Charges for online bill payment facility: Free.

Rewards

• Flat 1.25% cashback on all eligible transactions.
• 1% fuel surcharge refund/waiver on transactions between ₹400 and ₹5000.

Rewards Redemption Guide

• Specific details on how to redeem cashback are not explicitly provided, but cashback is typically automatically credited to the account.

Card Eligibility Criteria

• Residency: Must be an Indian Resident.
• Existing Customer Status: Applicable for existing customers holding an active Current Account, Savings Account, FD Account, or Loan Account with Utkarsh Small Finance Bank.
• Age Limit:
  • For Unsecured Credit Card: 21 to 65 years.
  • For FD Backed Credit Card: 18 to 65 years.
• Application Process: Eligible customers will receive a pre-approved/pre-qualified credit card link on their personal registered email ID with the Bank.
• KYC: Customers must ensure their latest KYC details are updated with the Bank.
• Documents Required: No additional documents are required for eligible customers.
• Minimum FD Amount for FD-Backed Card: ₹25,000.

Card Review

The Utkarsh SmartGen Credit Card is a suitable option for existing Utkarsh Small Finance Bank customers seeking a straightforward and low-cost credit card. Its primary appeal lies in its flat 1.25% cashback on all eligible transactions and a 1% fuel surcharge waiver, making it a practical choice for everyday spending. The card is particularly beneficial for those new to credit or looking to build their credit score, thanks to the availability of an FD-backed option.

• Who should apply:
  • Existing customers of Utkarsh Small Finance Bank.
  • Individuals looking for a basic, no-frills credit card with cashback benefits.
  • Those seeking to build or improve their credit score through an FD-backed credit card.
  • Users who frequently spend on fuel and can benefit from the surcharge waiver.
• Pros:
  • No joining fee and first-year annual fee waiver.
  • Achievable annual fee waiver condition (₹50,000 annual spend).
  • Competitive flat 1.25% cashback on all eligible transactions.
  • Useful 1% fuel surcharge waiver.
  • Generous interest-free period of up to 50 days.
  • Option for an FD-backed credit card, providing 100% of the FD amount as credit limit, which is excellent for credit building.
  • Free e-statements, mobile/email alerts, spend limit setting, and online bill payment.
• Cons:
  • High Annual Percentage Rate (APR) of up to 43.2% p.a. on revolving credit and cash advances.
  • Significant late payment and cash advance fees.
  • Cash withdrawal limit is restricted to only 20% of the overall credit limit.
  • Limited specific rewards or lifestyle benefits beyond general cashback and fuel.

Important Product Details

• Positive Highlights:
  • No Joining Fee.
  • First-year Annual Fee is waived.
  • Annual Fee from the 2nd year onwards can be waived by spending ₹50,000 in the previous year.
  • Offers a flat 1.25% cashback on all eligible transactions.
  • Provides a 1% fuel surcharge refund on transactions between ₹400 and ₹5000.
  • Features an interest-free period of up to 50 days.
  • Available as an FD-backed credit card, offering 100% of the FD amount as the credit limit (minimum FD of ₹25,000).
  • Free e-statements, email/mobile alerts, spend limit setting, and online bill payment facilities.
• Negative Highlights:
  • High Annual Percentage Rate (APR) of up to 43.2% p.a.
  • High Late Payment Fee of ₹500 plus applicable interest.
  • High Cash Advance Fee (5% of the amount or ₹500, whichever is higher).
  • Cash withdrawal limit is capped at 20% of the total credit limit.
  • An Overlimit Fee of ₹500 is charged.
  • A Card Replacement Fee of ₹500 applies for lost or stolen cards.

Other Details

• Card Activation:
  • The card must be activated within 30 days of issuance to avoid closure as per RBI guidelines.
  • Activation can be done via the credit card portal (creditcards.utkarsh.bank).
  • Steps include logging in, selecting the card, clicking "Activate," completing card verification, setting a security PIN, customer verification (OTP), and setting transaction channels.
• Security Guidelines (Do's):
  • Create strong, unique passwords for online transactions.
  • Memorize your Personal Identification Number (PIN) and change it regularly.
  • Activate your card via the Credit Card portal upon receipt.
  • Set limits on domestic transaction channels (ECOM/POS/ATM) after receiving your card.
  • Enable international channels only when required or while traveling abroad.
  • Regularly review credit card statements for any unauthorized transactions.
  • In case of loss/theft, fraudulent transaction, call customer care at 1800-309-3665 or email creditcards@utkarsh.bank to hot-list your 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 using easily guessable information like birthdates or sequential numbers for PINs or passwords.
  • Do not write down your PINs or passwords or store them in easily accessible places.
  • Beware of phishing; do not respond to emails, SMS, or calls asking for your card details or personal information.
  • Do not use your Credit Card on untrusted or unfamiliar websites.
  • Always follow the bank’s specific security guidelines and contact them immediately if you suspect any unauthorized activity.
• Card Delivery:
  • There will be two delivery attempts to the customer's address.
  • If the customer is unavailable after two attempts, the card will be returned to the origin (RTO), and the customer will be notified via SMS.
  • For re-dispatch, customers can call customer care at 1800-309-3665 or email creditcards@utkarsh.bank.
• Card Re-issuance/Replacement:
  • For re-issuance in case of lost/stolen cards, customers can contact customer care.
  • A reissued/replaced card will be delivered to the customer's address within 2 weeks of the request.
  • A fee of ₹500 is charged for card replacement due to loss or theft.
  • Charges for a replacement card will be debited to the credit card account and shown in the statement.
• Credit Card against Fixed Deposit (FD):
  • A financial arrangement where a credit card is issued against an FD held with the bank.
  • The primary benefit is the potential to build or improve your credit score while the FD continues to earn interest.
  • The FD acts as collateral; the issuer can use the security deposit to cover the outstanding balance if payments are defaulted.
  • This deposit can tie up your funds, making them unavailable for other uses.
  • Lien will be marked on FDs to the extent of the credit card credit limit (not necessarily on all FDs).
  • Customers will receive 100% of the FD amount as their credit card limit.
  • The minimum FD amount required for an FD-backed card is ₹25,000.
  • Generally, the credit limit for an FD-backed card does not increase after issuance.
  • To cancel an FD-backed credit card, customers must call customer care or email. The bank will check for lien and outstanding amounts, remove the lien, set off any outstanding amount, cancel the card, and refund any balance.
  • An FD can be closed before the credit card tenure ends, provided all credit card dues are fully paid off, a credit card closure request is submitted, and the credit card account is closed.
  • It is not possible to close the fixed deposit account without closing the linked credit card.
  • Features of an FD-backed credit card are the same as a non-FD linked credit card.
• Dispute Resolution:
  • Customers should immediately contact customer service at 1800-309-3665 or email creditcards@utkarsh.bank to raise a dispute for a credit card transaction.
  • To know the status of an initiated dispute or to withdraw a raised dispute, contact customer care.
  • Chargebacks for failed transactions should be raised