The State Bank of India (SBI) is the largest credit card provider in India, which offers this facility to cater to the specific needs of customers. It provides a plethora of features like reward points, cashback for grocery purchases, travel, fuel expenses, etc.
Thereby, SBI credit card enables you to save your money in different ways. Some of these well-known credit cards include SBI Simply Save, Cashback SBI Card, SBI Card ELITE, etc. However, before opting for this card, you need to be alert about its rules and regulations, especially those introduced for 2023.
New Rules that Will Take Effect from 1st January
SBI credit card users will likely come across certain new and revised rules and regulations of the SBI credit cards that will affect them from 1st January 2023. They are as follows:
- The SBI credit card provider has brought a change in their reward point policy, which will come into force from January 1. According to this policy, the number of reward points gathered from purchases on Amazon will be reduced from 10X to 5X.
- From January, your SBI credit card will accrue 10X Reward Points only on online spending at BookMyShow, Cleartrip, Lenskart, Netmeds, Apollo 24X7, and SBI payment services as mentioned in the website.
- The EMI transaction charges on SBI Cards have been changed, and alongside, new charges are imposed on rental payments through credit cards.
- The processing charges on merchant EMI transactions are changed to Rs. 199 plus applicable tax payments, which were Rs. 99 plus applicable taxes in the past.
- The rental payment processing charges from now on will be Rs. 99 + applicable tax payments.
- According to the SBI credit card payment services, the Cleartrip voucher offered to the cardholders of SimplyCLICK must be redeemed within one transaction and cannot be added to any other voucher.
After having gone through the new rules and regulations of SBI credit cards, take a look at the advantageous factors that make you opt for the SBI credit card.
Benefits of SBI Credit Card
The SBI Credit Cards are used for high-end purchases starting from grocery products to fuel and utility bills expenses. Mentioned below are some of the noteworthy features and benefits of SBI credit card:
- Balance Transfer Option
SBI credit cards help you transfer or pay credit card bill payments in instalments. The interest charged on a balance transfer is lower than the interest applicable on missed credit card payments. Having this SBI card means that you can avoid high-interest payments and maintain multiple cards effortlessly.
- Flexipay Option
Another top advantage of an SBI credit card is that it helps you convert a large amount into smaller instalments so that you can repay it via EMIs in tenures between 3 months and 24 months.
- Automated Bill Payments
SBI credit card features the ‘Easy Bill Pay’ option by which you can make payments of your mobile, electricity, and utility bills with ease. While opting for this feature, your bills will automatically get paid through your credit card on the specified dates.
- Quick Funding
The encash option provided by SBI helps you access funds beyond your credit limit. You can get funding credited to your account within 48 hours and repay the same in a pre-determined tenure that ranges between 12 months and 48 months.
Now, take a look at the eligibility criteria you have to meet while opting for an SBI credit card.
Eligibility Criteria for SBI Credit Cards
Mentioned below are the eligibility criteria one needs to meet to get SBI cards:
- The applicant must be an Indian citizen
- Age of the applicant must be between 21 years and 65 years
- The applicant can be either salaried or self-employed
- They need to have a healthy credit score of 750 or higher
- Applicant needs to have at least Rs. 3 Lakhs of yearly income.
Documents Required for SBI Credit Cards
Mentioned below is the list of important documents which you have to submit while opting for this credit card:
- Filled out SBI credit card application form
- Identity Proof
- Residential Proof
- Income Proof for Self-employed persons (includes business financial statements, current tax returns, Profit and loss statements, and balance sheet)
- Income Proof for Salaried persons (salary certificate, employment letter, current salary slips)
After applying for SBI Credit Card, you can track its application process online too.
Steps to Track SBI Credit Card Application Status
The steps to track credit card application for SBI are as follows:
Step 1: Navigate to the official website of SBI
Step 2: Select the option ‘credit cards’
Step 3: Click on the ‘Track application’ option
Step 4: Input your application ID or date of birth and click on ‘Track’
Upon completion of these steps, you can see your current SBI credit card application status.
From the above discussion, the latest rules for SBI credit cards should be clear to you. Most SBI Credit Card provides the above-mentioned features and benefits. So, if you wish to opt for this credit card in 2023, make sure to go through its rules and regulations thoroughly and compare them to choose the best one for yourself.