SBI Unnati Credit Card: Top Benefits You Need To Know

by Alex Braham 54 views

Hey guys! Are you looking for a credit card that's both rewarding and easy to manage? Let’s dive into the SBI Unnati Credit Card. This card is designed with beginners and those looking for a straightforward credit experience in mind. In this article, we will check the top benefits, features, and everything else you need to know to decide if this card is the right fit for you.

What is the SBI Unnati Credit Card?

The SBI Unnati Credit Card is an entry-level credit card offered by the State Bank of India (SBI). It's tailored for individuals who are new to credit or prefer a no-frills, easy-to-understand credit card. One of the standout features of this card is that it is offered against a fixed deposit (FD) with SBI. This means you can get a credit card even without a prior credit history, making it an excellent option for students, young adults, or anyone looking to build their credit score from scratch. The card comes with a credit limit that is usually a percentage of the FD amount, providing a secure and controlled spending environment. It aims to provide users with a taste of credit card benefits without the high risks associated with unsecured credit cards. By linking the credit limit to a fixed deposit, SBI ensures that the risk of default is minimized, making it a win-win situation for both the cardholder and the bank. This approach also encourages responsible spending habits, as users are more likely to be mindful of their expenses when they know it's tied to their savings. Additionally, the SBI Unnati Credit Card offers various other benefits such as reward points on purchases, fuel surcharge waivers, and add-on card options, enhancing its appeal as a basic yet valuable financial tool. This card is especially beneficial for those who may not qualify for traditional credit cards due to lack of credit history or other eligibility criteria. The fixed deposit requirement acts as a security, allowing the bank to extend credit services to a wider range of customers. Overall, the SBI Unnati Credit Card serves as an accessible entry point into the world of credit, helping users build a solid financial foundation while enjoying the convenience and rewards of credit card usage.

Key Benefits of the SBI Unnati Credit Card

When it comes to the SBI Unnati Credit Card, the benefits are pretty sweet, especially if you're just starting out with credit cards. Here's a breakdown:

  1. Credit Against Fixed Deposit: The coolest part about this card is that you get it against a fixed deposit (FD) with SBI. This means even if you don't have a credit history, you can still get a credit card. Your credit limit is usually a percentage of your FD amount, making it a safe and secure way to start building your credit score. This feature is particularly beneficial for students, young professionals, and anyone who has been turned down for a credit card due to lack of credit history. By securing the credit line with a fixed deposit, SBI mitigates its risk, allowing a broader range of individuals to access credit. It’s an excellent way to dip your toes into the world of credit cards without the pressure of high-interest rates and stringent eligibility criteria. Plus, it encourages responsible spending since your credit limit is tied to your savings, promoting better financial habits from the get-go. The credit card limit is typically around 75-80% of the fixed deposit amount, giving you a decent spending capacity while ensuring you don't overextend yourself. This makes the SBI Unnati Credit Card a smart choice for those looking to establish creditworthiness and manage their finances effectively.

  2. Reward Points: You earn reward points on your purchases. While it's not the highest reward rate out there, it's a great way to get something back for your everyday spending. These points can be redeemed for various gifts and vouchers. The reward points system is designed to incentivize card usage, encouraging you to make purchases with your SBI Unnati Credit Card rather than cash. Each time you use your card for transactions, you accumulate points that can be later exchanged for a variety of rewards, such as gift cards, merchandise, or even statement credits. This not only adds value to your spending but also makes the card more appealing for everyday use. While the reward rate may not be as high as premium credit cards, it's still a significant advantage, especially for those who are new to credit cards and are looking for a simple way to earn rewards. The accumulation of reward points can turn your regular expenses into opportunities for savings and added benefits, making the SBI Unnati Credit Card a practical choice for managing your finances and getting rewarded for it.

  3. Fuel Surcharge Waiver: If you're a frequent commuter, you'll appreciate the fuel surcharge waiver. This can save you money every time you fill up your tank. The fuel surcharge waiver is a valuable perk for those who frequently use their vehicles and need to refuel regularly. Whenever you swipe your SBI Unnati Credit Card at petrol pumps, you typically incur a surcharge, which is a small percentage added to the transaction amount. However, with the fuel surcharge waiver, this fee is waived, helping you save money each time you fill up your tank. This benefit is particularly useful for daily commuters, taxi drivers, and anyone who relies heavily on their vehicle for transportation. The savings from the fuel surcharge waiver can add up over time, making the SBI Unnati Credit Card a practical choice for managing transportation expenses. Additionally, it’s a convenient way to avoid carrying cash for fuel purchases, streamlining your payment process and providing you with a safe and secure transaction method. This feature alone can make the SBI Unnati Credit Card a worthwhile option for individuals looking to reduce their spending on fuel and make the most of their credit card benefits.

  4. Add-on Cards: You can get add-on cards for your family members. This allows them to enjoy the benefits of your credit card while you keep track of the spending. Add-on cards are a fantastic way to extend the benefits of your SBI Unnati Credit Card to your family members. These additional cards are linked to your primary account, allowing your loved ones to make purchases under your credit line. This can be particularly useful for managing household expenses, providing financial support to family members, or simply sharing the convenience of cashless transactions. As the primary cardholder, you have the ability to set spending limits for each add-on card, ensuring that you maintain control over your overall credit usage. This feature is especially beneficial for parents who want to provide their children with a credit card for emergencies or educational expenses while still monitoring their spending habits. Add-on cards also come with the same reward points and benefits as the primary card, allowing your family members to earn rewards on their purchases as well. This not only adds value to your spending but also makes it easier to track and manage your family’s finances. With add-on cards, you can streamline your household budgeting, share the perks of your credit card with your loved ones, and enjoy the peace of mind that comes with knowing your family members have access to a secure and convenient payment method.

Fees and Charges

Okay, let's talk about the not-so-fun part: fees and charges. The SBI Unnati Credit Card, while being a great starter card, does come with some costs you should be aware of:

  • Annual Fee: Usually, there's an annual fee, but it might be waived in the first year. Make sure to check the current fee structure when you apply.
  • Interest Rate: If you don't pay your balance in full each month, you'll be charged interest. Credit card interest rates can be high, so aim to pay your balance on time.
  • Late Payment Fee: Missing your payment due date will result in a late fee. Set reminders to avoid this.

Eligibility and Documentation

To snag the SBI Unnati Credit Card, here’s what you generally need:

  • Fixed Deposit: You'll need to have a fixed deposit with SBI. The credit limit is based on a percentage of your FD amount.
  • KYC Documents: You'll need to provide your identity and address proof, such as your Aadhaar card, PAN card, and passport.
  • Age: You need to be at least 18 years old.

How to Apply

Applying for the SBI Unnati Credit Card is straightforward:

  1. Visit SBI Branch: Head to your nearest SBI branch.
  2. Fill Application Form: Get and fill out the credit card application form.
  3. Submit Documents: Submit the form along with your KYC documents and FD details.
  4. Verification: SBI will verify your documents and process your application.

Is the SBI Unnati Credit Card Right for You?

So, is the SBI Unnati Credit Card a good fit for you? Here’s a quick rundown:

Pros:

  • Great for building credit history.
  • Secured against a fixed deposit.
  • Reward points and fuel surcharge waiver.

Cons:

  • Lower credit limit compared to regular credit cards.
  • Reward rate might not be as high as other cards.

If you're new to credit cards or want a safe way to build your credit score, the SBI Unnati Credit Card is definitely worth considering. It's a simple, no-frills card that gets the job done. Happy spending!