The SBI Unnati Credit Card is designed for individuals who are new to credit cards or have a limited credit history. With no annual fee for the first four years and an easy approval process, it’s an excellent option for beginners. This card offers basic rewards and benefits, making it a good entry-level choice for those looking to start building their credit score without any initial costs.
Card Overview
| Feature | Details |
|---|---|
| Joining Fee | None |
| Renewal Fee | None for the first four years |
| Best Suited For | Beginners, Low spenders |
| Reward Type | Reward Points |
Welcome Benefits
The SBI Unnati Credit Card does not have specific welcome benefits like high-end credit cards. However, it offers a simple and straightforward rewards program to help new users get accustomed to using a credit card.
Rewards and Benefits
| Benefit | Details |
|---|---|
| Rewards Rate | Earn 1 Reward Point for every Rs. 100 spent on the card. |
| Reward Redemption | Reward Points can be redeemed for shopping vouchers and products. |
| 1 Reward Point = Rs. 0.25 when redeemed against vouchers and products. | |
| Dining Benefits | Special offers at partner restaurants from time to time. |
| Insurance Benefits | Accidental death cover provided (details to be confirmed at application). |
Fees & Charges
| Fee Type | Amount |
|---|---|
| Annual Fee | None for the first four years; Rs. 499 + GST thereafter |
| Interest Rate | 3.35% per month (40.2% per annum) on overdue amounts |
| Foreign Currency Markup Fee | 3.5% of the transaction amount |
| Cash Advance Fee | 2.5% of the transaction amount (minimum Rs. 300) |
Eligibility Criteria
| Criteria | Details |
|---|---|
| Age | Primary applicant should be between 21 and 65 years. |
| Income | No specific income criteria; fixed deposit of Rs. 25,000 or more with SBI required. |
| Credit Score | Basic eligibility, suitable for individuals with no or limited credit history. |
Documents Required
| Document Type | Examples |
|---|---|
| Proof of Identity | Aadhaar Card, PAN Card, Voter ID, or Passport. |
| Proof of Address | Aadhaar Card, Utility Bill, Passport, or Voter ID. |
| Proof of Income | Not specifically required due to the fixed deposit-backed nature of the card. |
Application Process
- Online:
- Visit the SBI Card official website.
- Select the SBI Unnati Credit Card and click on “Apply Now”.
- Fill in the required details and submit your application.
- Offline:
- Visit the nearest SBI branch.
- Request an application form for the SBI Unnati Credit Card.
- Fill out the form and submit it along with the necessary documents.
Card Limit
The credit limit for the SBI Unnati Credit Card is typically linked to the amount of the fixed deposit. The limit generally ranges from 80% to 90% of the fixed deposit amount.
Bill Payment Methods
| Method | Details |
|---|---|
| Online | SBI Card online portal, NEFT, Mobile banking apps, Bill desk |
| Offline | Cheque payment at SBI branches or ATMs, Cash payment at SBI branches |
Comparison with Similar Cards
| Benefits | SBI Unnati Credit Card | SBI SimplySAVE Credit Card | HDFC Regalia First Credit Card |
|---|---|---|---|
| Annual Fee | None for 4 years | Rs. 499 + GST | Rs. 1,000 + GST |
| Rewards Rate | 1 RP/ Rs. 100 | 1 RP/ Rs. 100 | 4 RP/ Rs. 150 |
| Reward Redemption | 1 RP = Rs. 0.25 for vouchers | 1 RP = Rs. 0.25 for vouchers | Various rates |
| Additional Benefits | Basic benefits | Dining, fuel surcharge | Travel, insurance, dining |
Editor’s Review
Summary
The SBI Unnati Credit Card is an excellent starter card for individuals looking to build their credit score with minimal risk. With no fees for the first four years and a straightforward rewards program, it is designed to help users become familiar with credit usage. While it lacks high-end benefits and rewards, its simplicity and ease of approval make it a solid choice for beginners.
Pros:
- No annual fee for the first four years
- Easy approval process
- Basic rewards program
Cons:
- Limited additional benefits
- Higher fees after the initial four-year period
FAQs
| Question | Answer |
|---|---|
| Will I have to pay the renewal fee every year after the first four years? | Yes, there is a renewal fee of Rs. 499 + GST applicable after the first four years. |
| How much are the Reward Points worth? | 1 Reward Point is equivalent to Rs. 0.25 when redeemed against shopping vouchers and products. |
| What is the interest rate on overdue amounts? | The interest rate is 3.35% per month (40.2% per annum). |
| Are there any milestone benefits? | No, the SBI Unnati Credit Card does not offer milestone benefits. |
| What is the foreign currency markup fee? | The foreign currency markup fee is 3.5% of the transaction amount. |
