State Bank of India has launched Unnati credit card that will not charge any fee from its consumers. It was reported that the government-owned corporation State Bank of India (SBI), has introduced a new credit card – Unnati Credit Card. The public sector banking and financial services company SBI has stated that Unnati Credit Card will be free and no annual fees will be charged from the customers for first four years.
Besides no annual fee, SBI’s Unnati Credit Card will also offer reward points on purchases made through the SBI’s Unnati Credit Card which will be like any other credit card.
SBI’s Unnati Credit Card launched in India with no annual fee
SBI’s Unnati credit card is a secured credit card. It will be issued with a lien on cardholder’s fixed deposit. The State Bank of India has stated in an announcement that the amount of fixed deposit with has been fixed to a minimum of Rs 25, 000.
The State Bank of India also posted a poster of the SBI card Unnati on its Twitter handle. SBI stated on its social media handle ‘Everyone can now avail of a free credit card! Presenting ‘Unnati’ from SBI’. It was reported that 1 reward point will be added to the consumer’s account on per Rs. 100 spent on the credit card.
The SBI Unnati credit card holder will be able to redeem the reward points against a wide array of gifts mentioned in the reward catalogue. In addition to the reward points, SBI’s Unnati credit card also offers milestone rewards. Under this reward, Rs.500 cash back will be offered to the SBI’s Unnati credit card holder on spends of Rs. 50,000 or more in a year.
Features of SBI’s Unnati Credit Card
No fee will be charged from the SBI Unnati credit card holder for the first four years. The fifth year onwards, SBI will charges a nominal fee of Rs. 499 on the SBI Unnati credit card.
The SBI Unnati credit card will offer 1 per cent fuel surcharge waiver for each transaction between Rs. 500 & Rs. 3,000. This waiver will be exclusive of GST as well as all other charges, wherever applicable. The surcharge waiver on SBI Unnati credit card has been fixed to a maximum of Rs. 100 per credit card account, per statement cycle.
The SBI Unnati credit card holder can also avail add-on cards for their family members against their Unnati card.
The SBI Unnati credit card also offers flexipay benefits. Under this feature, the SBI Unnati credit card holder can pay their purchases of Rs.2,500 or more in EMI (equated monthly installments) form. In addition to the EMIs on purchases, the SBI Unnati credit card holder can also transfer the outstanding balance of other banks’ credit cards to their SBI Card Unnati. The SBI Unnati credit card holder can pay back the amount in EMIs by availing a lower rate of interest.
State bank of India’s Unnati credit card offers Interest-free credit period of 20-50 days. This period is only applicable on retail purchases and if previous months’ outstanding balance has been cleared by the credit card holder.
SBI Unnati credit card also offers a Cash Advance Limit up to 80 per cent of credit limit. The Cash Advance Limit has been fixed to a maximum of Rs. 12,000 per day.