Many a time banks are reluctant to give a credit card to people who have no credit history. This becomes more difficult for people who are self-employed as they do not have regular cash flow. So what exactly to do in this catch 22 like situation. The State Bank of India has launched a new credit card and has named it as ‘Unnati’ card.
How does SBI’s Unnati credit card work?
The State Bank of India, India’s largest bank, issues the Unnati card which will be backed by bank deposits for 12 months. Once the period is over, SBI will free the deposit, according to a report by Bank Bazaar. Once a customer completes the first four years, the bank will charge an annual fee of Rs 499. Interestingly, cardholders can avoid the annual fee charge by meeting the minimum amount of transactions which are required every year.
Upon the usage, customers will get a point per Rs 100 spent. The cardholder is also entitled to a maximum surcharge waiver of Rs.100 per statement cycle, the report added.
What are the benefits of SBI Unnati Credit Card:
1- Unnati card provides customers 1 per cent fuel surcharge waiver on fuel for purchase between Rs 500 and Rs 3000.
2- Customers will get a cashback of Rs 500 if they have spent more the Rs 50,000 per year.
3- There is no annual fee for the first four years.
4- The card is free for all for the first four years as the annual fee is waived off.
5- Issued to individuals based on the fixed deposit with SBI which can be in the range from Rs 25,000 to Rs 5 lakh.
Eligibility Criteria for SBI Unnati Credit Card:-
The eligibility criteria for the SBI Unnati credit card are based on the applicant’s age, employment and other factors. For more details, customers can contact the bank for eligibility criteria specific to the credit card. Interested people can visit the nearest SBI branch.