SBI has launched Unnati Credit Card to spread use of credit card to masses. One of the main things which SBI kept in mind is that a lot of people do not have a credit history and to tackle that, the bank has announced that there will not be any credit history needed in order to apply for this credit card.
Ever since the card was launched, there are a lot of users asking us about the features and details of SBI Unnati Credit Card. So I thought to write a post explaining all the features and other details which people need in order to make their mind about whether to apply or not for the same credit card.
Overview
This card is primarily launched for people who are experiencing a credit card for the first time. To apply for this, users do not even need a credit history, which is a must to apply for a credit card in the country. Along with that, it comes with no annual fee and other features are almost the same as other credit cards. However, credit limit on SBI Unnati card will depend on your bank account’s current and maintained average balance.
Fee and charges
SBI Unnati Card originally comes with an annual fee of ₹499. However, the annual fee is waived off for the first 4 years. Which makes the card free for the initial 4 years, as advertised by SBI.
Rewards and Milestones
Like other credit cards, Unnati credit card also provides rewards while you spend using your card. For every 100 rupees spent, you will get 1 reward point which can be redeemed against a bunch of thing offered by SBI and partners. Also, using the credit card, you will get 2.5% fuel surcharge waiver at fuel stations.
Utility Bill Payment
You can add all your utility bills on the card and it will automatically pay all of them for you. With the card, you will never have to remember the last date of the bills, as the app takes care of it.
This card can also be used for international spends online and offline.
Withdraw Money from ATM
This credit card also gives an option of withdrawing money from ATM. However, the transaction is chargable at 2.5% of the withdrawn amount. You can also request bank to make a DD or cheque against the credit limit available and deliver it to you.
The bank also gives you an option to transfer the outstanding of other credit cards to SBI credit card and to pay a lesser amount of EMI on the same.
Conclusion
Apart from the fact that the credit card is available without any credit history required, other features and requirements of the card seem to be same as other cards offered by SBI. Tough, it will be seen in the future on how well this card performs and what are the kind of reviews it gets from the users. This is advised mostly for the government or private employees who do not really depend on a credit card too much, this card can be a great to start with.
If you are looking to apply for the SBI Unnati Credit card, check How to Apply for SBI Unnati Credit Card.
Check the below video for a detailed analysis of the card along with more information.
If you have any queries, feel free to ask in the comment section.