SBI Unnati Credit Card Overview

State Bank of India (SBI) has launched a new credit card called the Unnati card. The Unnati card is provided to an account holder who holds an account balance of Rs.25,000 or more. SBI is not planning to charge any annual card fee for the first four years. Additionally, the card offers a host of benefits. From using the card at over 24 million outlets to attractive reward points, Unnati card can be the perfect solution to individuals who wish to use a credit card for basic necessities such as paying utility bills, making payments, shopping, etc. SBI is looking at making the application process as simple as possible for the convenience of the common man. If an application has been received for a Unnati card, the bank will use the KYC documents for approving the application, the bank won’t require any underwriting or history of bank balance.

Features of SBI Unnati Credit Card:

1. Free of Cost
2. Zero Annual Fee (Rs. 499, waived off for first 4 years)
3. Easy Approval, No Cibil history checking
4. Free for 4 years.
5. Get 1 Reward Point per Rs 100 spent
6. 2.5% fuel surcharge waiver for each transaction between Rs 500 & Rs 3000 (exclusive of GST, wherever applicable, & all other charges)
7. Rs 500 cashback on spends of Rs 50,000 or more in a year
8. Applicable for all membership years

How does SBI Card-Unnati work

SBI will issue the Unnati card backed by bank deposits for the first 12 months. Once the period is over, the bank will free the deposit. This initiative will promote financial inclusion and let the middle, as well as lower income account holders, to build their credit score. Once the account holder completes the first four-year waiver, the card will have an annual fee of Rs.499. The cardholder can avoid the annual fee by meeting the minimum required amount of transaction applicable for each year. The card has been designed and targeted to meet basic credit needs. Upon usage, the card owner will get one point per Rs.100 spent across various outlets, however, there are no reward points for fuel transactions, cash advance, encash, balance transfer, etc. The cardholder is also entitled to a maximum surcharge waiver of Rs.100 per statement cycle.

Additional Benefits of SBI Unnati Credit Card

There are over 3,25,000 outlets in India that will accept the Unnati card. The cardholder can also request for an add-on card for his/her family members. When an individual applies for a credit card or a loan, most banks will be looking into the credit report or the credit score, however, SBI is all set to change the trend in the credit market. With a diverse range of benefits, Unnati card will be one of the ideal credit cards that be easily obtained without any hassle.