Apply for an SBI Credit Card

The State Bank of India (SBI), which began in 1955, is India's state-sponsored bank with headquarters in Mumbai and branches throughout the country. In addition to providing a wide range of banking services, the State Bank of India offers a variety of SBI credit cards, including a platinum card, to meet the needs of consumers. The details of each plan are available online, as well as an option to compare features and benefits of up to three cards at a time. (Note that you have to be an Indian resident or citizen to qualify for a card.) Applying for an SBI credit card is very simple to do online through their website.

Steps

Researching Your Options

  1. Go to the SBI website.[1] Look for a link inviting you to review their credit card options.[2]
    • To go directly to the page where you can compare the card options, click the “Cards For You” tab at the top of the SBI homepage.
  2. Review your different card options. SBI offers a wide range of credit cards, many of which are tailored to the needs of particular types of customers.
    • Your credit scores and shopping habits will help determine which cards you are eligible for, and which are the best bargains.
    • You can use the "Help Me Find a Card" option to have SBI suggest a card for you. This assistance feature will consider your annual income and the types of spending you usually do.[3]
    • You can also use the "Compare Cards" feature to let you compare up to three cards at once.[4]
  3. Consider applying for a premium card. If you have very good credit, premium cards offer the most diverse range of options for accumulating and redeeming card benefits and rewards.
    • Be aware that premium cards charge for the privilege of earning additional awards, often in the form of an annual fee. You’ll need to determine whether the potential rewards outweigh the cost.
  4. Consider applying for a travel- or shopping-oriented card. These cards offer higher levels of reward points at particular partner stores. Some also offer more reward points for certain types of shopping, such as dining or movies.
    • Some of the companies that partner with SBI on these cards include Air India, Fbb & Big Bazaar, and the IRCTC.
    • SBI also offers a "Student Plus Advantage Card" for its Education Loan customers. This card offers rebates and points for spending on things like fuel and groceries. You must visit your nearest SBI branch to apply for this card.[5]
  5. Consider applying for a classic credit card. If you want a more basic card with lower costs, a classic card could be a good option. Classic cards have fewer requirements to apply. However, they may also offer fewer benefits and rewards.
    • A variation on the classic card is the co-branded card, which is a card partnered with specific companies, such as Tata, BMB, Bank of Maharashtra, and Oriental Bank of Commerce, and give you additional rewards when you spend money with them.
  6. Consider applying for a corporate card. If you’re responsible for the finances of a business, corporate cards will allow you to take care of the business-related needs of your employers and employees.
    • Naturally, to qualify for a corporate card, you need to be a verifiable financial representative at a corporation.

Applying for a Credit Card

  1. Gather the necessary documents. To apply for a credit card, you will need to have the following personal information ready: name, address, occupation, education level, date of birth, email address, gender, PAN number, and Res. number. You will need either a mobile or other type of telephone number.[6]
    • You’ll also need to have the following professional information ready: the name of your company of employment, your employer’s address, the industry field in which you work, your position, and the number of years you’ve been employed at the company.
    • You'll also need one ID proof from the following options: passport, voter ID, license, PAN card, UID Aadhar Number.
  2. Look for the link to the application. After gathering the necessary documents, look on the SBI website for a link to apply for a credit card.[7]
    • You can apply for most of the cards directly online by clicking on the appropriate “Apply Now” button for the card you've chosen.
    • Alternately, you can simply click on the “Apply Online” tab next to the “Home” tab in the center of the homepage.
  3. Provide the necessary information. Many online applications for SBI have only two pages of information to provide. Give all your details as requested.
    • If you already have an SBI credit card, you will need to be able to give the card number of that card.
  4. Agree to the terms and conditions. Part of the application process will require you to acknowledge that you agree to the terms and conditions of using the card.
    • Be sure to review these terms and conditions thoroughly before agreeing. You want to be fully educated about any potential fees or penalties you may accrue by using the card.
    • In addition to agreeing to the terms and conditions of the credit agreement, you’ll also be asked to agree to issuance and renewal fees associated with the card. You will also be requested to authorize the company and its affiliates to check your provided information, to contact credit reporting agencies, and to contact you for supporting documentation as necessary.
  5. Submit the application. Once you have agreed to the terms and conditions, submit the application for processing.
    • Do not double-click! This could result in an error.

Applying for a Secured Card

  1. Look up SBI’s "Advantage Plus Card."[8] If you have poor or no credit history or have limited income, your best option may be to apply for SBI's Advantage Plus Card.
    • The Advantage Plus Card will help you build credit bureau history. Paying on time will extend your credit limit over time at low interest rates.
  2. Locate the forms necessary to apply. The application process for the Advantage Plus Card is different from other RBI cards. You will need to fill out forms and mail them to SBI, rather than applying online. You can find the necessary forms by clicking on the "Forms Central" tab at the top of the page. You will need the following forms:[9]
    • SBI Advantage Plus Credit Card Application Form[10]
    • SBI Fixed Deposit (FD) Form[11]
    • Auto Debit Mandate Form[12]
    • "Know Your Customer" (KYC) documents[13]
  3. Apply for the card. There are additional application details provided on the site, but generally the steps for applying for the Advantage Plus Card are:
    • Fill out the SBI Advantage Plus Application Form and the SBI FD (fixed deposit) Form. By doing so, you’ll be requesting to open a credit account and setting the fixed deposit account to be used with the card.
    • Sign the Lien Authorization Letter and Auto Debit Mandate. This will authorize the bank to draw funds against your fixed deposit account if you do not make payments on time.
    • Attach the sworn Know Your Customer (KYC) documents according to RBI guidelines. These documents provides additional detailed personal information required by the RBI, such as your Income Tax Permanent Account Number and Photo ID.
  4. Submit your application. Unlike the application process for traditional cards, the application for the Advantage Plus Card must be done in hard copy. The SBI Branch Locator will provide you assistance in locating a local branch for submitting your application.[14] The forms must be submitted to the appropriate branch.
    • Once your application is approved, the SBI will issue you a secured card and you can begin to use it.
  5. Pay the annual and joining fees. Your first bill will include charges for the annual and joining fees. As of 2015, the annual fee is Rs. 500 (p.a.) and the joining fee is Rs. 500. (one time).[15]
    • You can also add on another card user for no additional fee.
  6. Obtain an Encash facility. After you pay the annual and joining fees, SBI Card will extend you an Encash facility. The Encash is essentially a loan that contributes to your fixed deposit. Depending on your creditworthiness, the Encash will be between Rs. 25,000 and 50,000.
    • SBI will then open a Fixed Deposit account in your name. This FD account will be for the amount of the Encash facility. The Encash loan will be disbursed and your available credit will rise by a similar amount.
    • Your available credit will be equivalent to approximately 80% of the Fixed Deposit amount. The Fixed Deposit will have a clause allowing SBI to pay itself back with those funds if payments aren’t made in a timely fashion.
  7. Monitor your account. You will be billed a monthly EMI for 11 months in the amount of Rs. 2,500 EMI for Rs. 25,000 Encash and Rs. 5,000 EMI for Rs. 50,000 Encash.
    • You will earn interest on your Fixed Deposit for 555 days at a rate of 9.25% (or the current applicable rate of interest for SBI Fixed Deposits).
    • Your credit limit will open as per the chart on SBI's Advantage Plus Card page.[15]

Warnings

  • Fees and terms are subject to changes. Read terms carefully before submitting an application.

Related Articles

Sources and Citations

  1. ↑ https://www.sbicard.com
  2. ↑ https://www.sbicard.com/header_footer_pages/about_us_0_011709.html
  3. ↑ https://www.sbicard.com/eapply/help-me-find-a-card.html
  4. ↑ https://www.sbicard.com/eapply/compare-cards.html
  5. ↑ https://www.sbicard.com/cards_for_you/sbi_student_plus_advantage_card_0_271615.html
  6. ↑ https://www.sbicard.com/eapply/faq.html
  7. ↑ https://www.sbicard.com/eapply/index.html
  8. ↑ https://www.sbicard.com/cards_for_you/sbi_advantage_plus_card_0_141045.html
  9. ↑ https://www.sbicard.com/header_footer_pages/form_central.html
  10. ↑ https://www.sbicard.com/PDFs/Signature_and_Platinum_App_Form.pdf?s_uftype=SBI%20Card%20Application%20Form
  11. ↑ https://www.sbicard.com/PDFs/Advantage_plus_consent_letter.pdf?s_uftype=Advantage_plus_consent_letter
  12. ↑ https://www.sbicard.com/PDFs/Auto%20Debit.pdf?s_uftype=Auto_Debit_Mandate_Form
  13. ↑ https://www.sbicard.com/PDFs/KYC%20Form%20SBI%20Card_28aug14.pdf?s_uftype=KYC_Form
  14. ↑ https://www.sbi.co.in/user.htm?action=branchlocator
  15. ↑ 15.0 15.1 https://www.sbicard.com/cards_for_you/sbi_advantage_plus_card_0_141045.html
Retrieved from "https://kipkis.com/index.php?title=Apply_for_an_SBI_Credit_Card&oldid=277817"