SBI Unnati Credit Card: Best FD Credit Card?
Are you looking for a credit card that can help you build your credit score and also offer you some benefits? If yes, then you might want to consider the SBI Unnati Credit Card. This is a secured credit card that is issued against a fixed deposit of at least Rs. 25,000 with SBI. In this article, we will review the features and benefits, pros and cons, fees and charges, application process, and conclusion of this credit card.
Features and Benefits
The SBI Unnati Credit Card comes with the following features and benefits:
No annual fee for the first four years. With this card, you can save up to Rs. 1,500 per year on the annual fee.
1% fuel surcharge waiver on transactions between Rs. 500 and Rs. 3,000 at any petrol pump in India. With this card, you can save up to Rs. 100 per month on fuel expenses.
1 reward point for every Rs. 100 spent on all purchases. You can redeem your reward points for gifts, vouchers, or cashback.
Milestone rewards of Rs. 500 cashback on spending Rs. 50,000 or more in a year. With this card, you can get up to Rs. 2,000 cashback in four years.
Free credit score access from Experian. You can check your credit score anytime and improve it with timely payments.
Worldwide acceptance and security. You can use this card at over 24 million outlets across the globe and enjoy features like chip and PIN security, fraud liability cover, and SMS alerts.
Pros and Cons
The SBI Unnati Credit Card has the following pros and cons:
Pros:
Easy to get. You don't need to have a good credit history or income proof to get this card. You just need to have a fixed deposit with SBI of at least Rs. 25,000.
Low interest rate. The interest rate on this card is only 2.5% per month, which is lower than most other credit cards in the market.
Credit limit enhancement. You can increase your credit limit by increasing your fixed deposit amount or by maintaining a good repayment record.
Credit score improvement. You can improve your credit score by using this card responsibly and paying your bills on time.
Cons:
Low credit limit. The credit limit on this card is equal to 80% of your fixed deposit amount, which may not be sufficient for your needs.
No lounge access or travel benefits. This card does not offer any lounge access or travel benefits, which are common in other credit cards.
No EMI or balance transfer facility. You cannot convert your purchases into EMIs or transfer your outstanding balance from other cards to this card.
High cash advance fee and foreign currency markup fee. The cash advance fee on this card is 2.5% of the amount withdrawn or Rs. 300, whichever is higher. The foreign currency markup fee is 3.5% of the transaction amount.
Fees and Charges
The SBI Unnati Credit Card has the following fees and charges:
Annual fee: Nil for the first four years, Rs. 499 from the fifth year onwards
Joining fee: Nil
Renewal fee: Nil
Add-on card fee: Nil
Interest rate: 2.5% per month (30% per annum)
Cash advance fee: 2.5% of the amount withdrawn or Rs. 300, whichever is higher
Cash advance limit: Up to 80% of the credit limit
Late payment fee: Rs. 100 to Rs. 950 depending on the outstanding balance
Over-limit fee: 2.5% of the over limit amount or Rs. 500, whichever is higher
Cheque bounce fee: Rs. 500
Card replacement fee: Rs. 100
Foreign currency markup fee: 3.5% of the transaction amount
Application Process
The application process for the SBI Unnati Credit Card is simple and hassle-free. You can apply for this card online or offline by following these steps:
Online:
Visit the official website of SBI Card and click on 'Apply Now'.
Fill in your personal details, contact details, fixed deposit details, and other required information.
Submit your application and get an instant e-approval.
Upload your KYC documents online or send them by post to SBI Card.
Receive your card within 7 working days.
Offline:
Visit any SBI branch that offers fixed deposits and credit cards.
Fill in the application form and attach your KYC documents.
Deposit at least Rs. 25,000 in a fixed deposit account with SBI.
Receive your card within 7 working days.
Comparison of SBI Unnati with Other Cards:
If you are looking for a credit card that can help you build your credit score and also offer you some benefits, you may want to consider the SBI Unnati Credit Card, the Bank of Baroda Assure Credit Card, or the Axis Insta Easy Credit Card. These are all secured credit cards that are issued against a fixed deposit (FD) in the respective banks. In this blog post, we will compare these three credit cards based on their features, fees, eligibility, and benefits.
Features:
The SBI Unnati Credit Card has a minimum FD amount of Rs. 25,000 and a maximum of Rs. 5 lakhs. The credit limit is 80% of the FD amount. The card offers 1 reward point for every Rs. 100 spent, and a cashback of Rs. 500 on spending Rs. 50,000 or more in a year. The card also offers fuel surcharge waiver, zero annual fee for the first four years, and access to over 300 airport lounges worldwide.
The Bank of Baroda Assure Credit Card has a minimum FD amount of Rs. 15,000 and a maximum of Rs. 10 lakhs. The credit limit is 80% of the FD amount. The card offers 1 reward point for every Rs. 100 spent, and a cashback of Rs. 500 on spending Rs. 1 lakh or more in a year. The card also offers fuel surcharge waiver, zero annual fee for the first year, and access to over 600 airport lounges worldwide.
The Axis Insta Easy Credit Card has a minimum FD amount of Rs. 20,000 and a maximum of Rs. 25 lakhs. The credit limit is up to 80% of the FD amount. The card offers 6 reward points for every Rs. 200 spent on domestic transactions, and 12 reward points for every Rs. 200 spent on international transactions. The card also offers fuel surcharge waiver, zero annual fee for the first year, and access to over 900 airport lounges worldwide.
Fees:
The SBI Unnati Credit Card charges an annual fee of Rs. 499 from the fifth year onwards, which can be waived off if the annual spending is more than Rs. 1 lakh. The card also charges a joining fee of Rs. 499, which is reversed if the spending is more than Rs. 2,000 in the first 60 days. The interest rate is 2.5% per month, and the late payment fee ranges from Rs. 100 to Rs. 950 depending on the outstanding balance.
The Bank of Baroda Assure Credit Card charges an annual fee of Rs. 500 from the second year onwards, which can be waived off if the annual spending is more than Rs. 35,000. The card does not charge any joining fee or renewal fee. The interest rate is 2.6% per month, and the late payment fee ranges from Rs. 100 to Rs. 750 depending on the outstanding balance.
The Axis Insta Easy Credit Card charges an annual fee of Rs. 500 from the second year onwards, which can be waived off if the annual spending is more than Rs. 50,000. The card does not charge any joining fee or renewal fee. The interest rate is 2.95% per month, and the late payment fee ranges from Rs. 300 to Rs. 600 depending on the outstanding balance.
Eligibility:
To apply for the SBI Unnati Credit Card, you need to have an FD account with SBI for at least six months, and have a PAN card and Aadhaar card as identity proofs.
To apply for the Bank of Baroda Assure Credit Card, you need to have an FD account with Bank of Baroda for at least six months, and have a PAN card and Aadhaar card as identity proofs.
To apply for the Axis Insta Easy Credit Card, you need to have an FD account with Axis Bank for at least six months, and have a PAN card and Aadhaar card as identity proofs.
Benefits:
The SBI Unnati Credit Card offers some benefits such as complimentary insurance cover of up to Rs. 50 lakhs for accidental death due to air travel, up to Rs. 10 lakhs for accidental death due to other modes of travel, and up to Rs. 5 lakhs for fraudulent transactions or misuse of card.
The Bank of Baroda Assure Credit Card offers some benefits such as complimentary insurance cover of up to Rs. 5 lakhs for accidental death due to air travel or other modes of travel.
The Axis Insta Easy Credit Card offers some benefits such as complimentary insurance cover of up to Rs. 2 lakhs for lost baggage or delayed baggage during air travel.
The SBI Unnati Credit Card, the Bank of Baroda Assure Credit Card, and the Axis Insta Easy Credit Card are all good options for people who want to get a credit card against their FD. They all offer some rewards, cashback, and lounge access, as well as low or zero annual fees. However, the SBI Unnati Credit Card seems to have an edge over the other two cards in terms of the higher credit limit, the higher cashback amount, the longer annual fee waiver period, and the higher insurance cover. Therefore, if you are looking for a secured credit card that offers you the most value for your money, you may want to go for the SBI Unnati Credit Card.
Conclusion:
The SBI Unnati Credit Card is a good option for those who want to get a credit card without any income proof or credit history. It can help you build your credit score and also offer you some benefits like fuel surcharge waiver, reward points, and cashback. However, it also has some drawbacks like low credit limit, no lounge access or travel benefits, and high cash advance fee and foreign currency markup fee. Therefore, you should weigh the pros and cons of this card before applying for it.
