SBI Advantage Plus Credit Card – Credit card against Fixed deposit
SBI Advantage Plus Credit Card – Credit card against Fixed deposit: Having a credit card in wallet is always a best resort to pay the bills when you are short of money. However, getting a credit card from your bank is always a cumbersome task given the complex requirements such as good credit score and joining fees etc. But the banks have launched a scheme of credit cards where one can get a credit card against his fixed deposit made in the same bank. One of such cards is “SBI Advantage plus Card”. In this post, we discuss the complete details of this card.
Featured of SBI Advantage Plus Credit Card:
No requirement of Credit score:
This credit card offered against the fixed deposit one maintains with the bank. The bank enjoys the lien over your deposit which means that the bank is authorized to use the amount in your fixed deposit account in case of any default in repaying the credit card dues. Therefore, one does not need to have a credit score for getting this credit card which is mandatory in case of normal credit cards.
This is a facility using which the credit card holder can convert his transactions which are over Rs 2500 into easy monthly installments. It can be done within 30 days from the date of actual transaction.
Add-on card facility:
Credit card holder can apply for an add-on- card facility in the name of his family members. Add-on-card is given to family members i.e. parents, spouse and siblings, children who are above the age of 18 years. However, the total limit will be considered clubbing all the cards together.
Balance transfer on EMIs:
This facility allows the credit card holder to transfer the outstanding balance on his other bank’s credit card to SBI Advantage Plus Card to avail a lower rate of interest and pay back in easy EMIs. However, this is available only after 5 EMIs of the Encash facility have been paid.
Using this card one can withdraw cash from over 1 million VISA or MasterCard ATMs across the globe. One can make payments even in foreign currencies using this card.
|One time annual fee||Rs. 500|
|Renewal fee, per annum||Rs. 500|
|Add-on fee, per annum||Nil|
|Cheque pickup charges||Rs. 90|
|Payment Dishonor fee||2% of the payment amount, subject to a minimum of Rs. 350|
|Statement retrieval||Rs. 100 per statement, which is more than 2 months|
|Charge slip retrieval||Rs. 225 per charge slip|
|Card replacement||Rs. 100|
(While in abroad)
|Actual cost, with a minimum charge of $175|
|Foreign currency transaction||Conversion mark up: 3.5%|
|Cash Payment fees||Rs. 100|
All taxes would be charged as applicable on all the above Fees, Interest & Charges.
How to apply?
- Since this is a card against fixed deposit, one must fill in the SBI Advantage Plus Credit Card application form as well as the SBI Fixed Deposit form
- Sign the lien authorization letter and Auto Debit mandate as per the SBI Card specified format. This means you are giving the bank the authority to use the deposit as a lien in favor your credit card dues. Attach the self-attested KYC documents as per RBI guidelines. Submit the form to the designated branch
- The SBI Advantage Plus Card will be issued to you. Once you pay the annual fee and the joining fee as charged in the first bill, an Encash facility will be extended to you for Rs. 25,000 or Rs. 50,000 and the transfer the funds to SBI. A fixed deposit (FD) will be opened in your name for the amount fixed for Encash facility
- You will continue to earn interest on your FD for 555 days at the rate of 9.25% or as per the current applicable SBI FD rate of interest