SBI Student Plus Advantage Credit Card: No Fees, Free Add-On Card & more

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State bank of India is one of leading public sector banks in India. Amongst many services offered by SBI, credit card is one of them. The bank offers credit cards for various purposes such as travel, shopping, lifestyle and many others.
However it is one of the very banks offering credit card for students. The name of the card is – SBI Student Plus Advantage Card.

Benefits and features offered by Student Plus Advantage card:

No joining and annual fee: Expensive cards carry very high joining and annual fee due to the benefits offered. However in case of Student Plus Advantage card both these fees of NIL. But if the student does not spend more than Rs. 35, 000 in the previous year then charge of Rs. 500 will have to be paid during renewal.

Supplementary card at free of cost: If the student maintains a good repayment history then SBI offers add-on card option as well. That is, family member of the student (father, mother, siblings) can get credit card for free. Add-on card is an excellent feature for someone with credit history to start building credit score.

Additional reading: Credit card for Indian students travelling abroad.

International usage: Card can also be used for international purchase. So this is a good opportunity for students travelling in countries like USA/Australia or others where credit card is the most common form of payment accepted for most purchases such as insurance premium, gas, grocery etc. However remember that student should avoid making foreign transaction and ATM cash withdrawal using this card. This is because there is a charge of 3.5% and 2.5% to 3% respectively. 3% is the cash advance fee when card is used for withdrawing money from an international ATM.

Read more on travel cards for Indian students.

Balance transfer: If the student is having any other card with huge balance then balance transfer (BT) facility can be used. Benefit is that, the rate of interest is low and balance can be repaid in EMI.

Flexi-pay option: If student makes any big purchase in any month and full repayment is difficult then SBI offers an exciting feature called flexi-pay wherein student can convert the transaction into easy installments. The tenure available is 6, 12, and 24 months. Minimum limit for the transaction amount is Rs. 2500, which seems to be a better deal.

Reward points: Student gets 10X reward points on using the card for making payment at departmental or grocery store both in India and abroad.


  • Applicant must be the education loan customer of SBI
  • He/she should be 18 years of age

Should student use credit card in India?

Credit card is a good option to start building credit score. Assuming student doesn’t have any type of loan/credit repayment history, having a credit card is a recommended to start building history. However good CIBIL score is possible only when the monthly bills are paid on time, in full, and credit limit is not over crossed.

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11 Credit Cards for Businessmen in India

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Like salaried individuals, businessmen or self-employed individuals (doctors, freelancers, shopkeepers and others) also need credit card for making payment for day to day expenses.

There are many banks in India who offer credit cards especially for business.

Listed in the below table is the list of exclusive credit cards for businesses:

Bank NameCredit Card Name
HDFC BankBusiness MoneyBack
HDFC BankBusiness Regalia
HDFC BankCorporate Platinum
HDFC BankCorporate Card
Axis BankMY Business
ICICI BankJet Airways Business Advantage
ICICI BankBusiness Platinum
ICICI BankBusiness Gold Card
Standard CharteredPriority Bank Visa Infinite
State Bank of IndiaPlatinum Corporate card
IndusIndBusiness Gold Credit

What to look for in a credit card for business?

If most of your spends will be through credit card, then look for following features in the card.

High credit limit: Although the limit on the card is decided by the banks based on the income and other factors such as (past repayment history, credit score etc.), businessmen should try to get a card with high credit limit. This is recommended to keep business running even in difficult times, when possibility of getting a loan is less.

Insurance cover: Many business credit cards such as Standard Chartered Priority Banking Visa Infinite Credit Card – provides complimentary travel and medical insurance of up to US Dollars 200,000 whenever international trip is made.

Cashback: Chose a card offering cashbacks i.e. certain percentage of the amount spent is paid back to the owner of the card. This money can then be used to buying other essential stuffs. But before checking this feature remember that whether the cash back percentage on everything you purchase or you need to spend pre-fixed amount in order to get X amount back.

Waiver on fees: Try to get a card offering full waiver on services such as duplicate statement, checking balance enquiry, card replacement etc.

Interest free period: It is recommended to pay your monthly bills before the due date in order to avoid interest and negative impact in the CIBIL record. Since your sole income would be from the business, it is quite possible that you may face ups and downs. For e.g. you face a dip in income, get delayed payments, etc. In such situations, it is very likely that you may not be able to pay monthly repayments on time and at the same time increase the usage of credit card. In such situations, look for card offering a high interest free period. This is nothing but number of days provided to pay off the bill (every month) before interest rate is applied on the balance.

Fuel surcharge waiver: If your business involves lot of travelling by roads and using own vehicle, then fuel surcharge waiver card is worth recommended. If you calculate savings, it will be significant.

Reward points: If you have decided to carry out purchases related to day operations such as buying stationary, office supply items etc. then look for a card giving high reward points.

Free miles: If you frequently travel through air, then look for a card offering free air miles and lounge access (domestic and international). Many companies also offer free miles when high amount is spent through the card.

Foreign currency and ATM cash withdrawal fee: Most of the banks charge 3.5% cross currency mark-up fee. However being a businessmen or self-employed it is quite common to transact in non-Indian currency. Therefore look for a card offering lowest foreign currency markup fee on international usage. For e.g. SBI Card Elite Advantage has a charge of 1.99% on international usage.

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2 Ways to Get Credit Card for Free in India

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In India or even in any foreign country, credit card application is approved based on the credit score and income of the applicant.

However not everyone can get credit card if he/she has no income source. Even if the credit score is good, chances of rejection are high due to no income. There could be many reasons for having no earning source such as – loss of job or applicant is a first timer etc. However this does not mean such individuals cannot get credit card.

Ever heard of getting free credit card without requiring the applicant to furnish income proofs such as salary slip, IT returns or any other?

There are two ways to get credit card for free in India and no credit score is checked:

Add-on card:

This is also called as supplementary card. And it is offered to the relative of the primary card holder of the same bank. The condition is that primary card owner should have a good repayment history and a good credit score. Not all banks offer such cards.

Benefits and features available on primary card are also applicable to the secondary. Application process is very simple and not like traditional card.

Against fixed deposit:

If the applicant has been holding fixed deposit account with the applied bank, then he/she can get credit card against fixed deposit. That is, you are keeping the money in the account as a security. For such cards, limit is 80%-85% of the FD amount. So if someone has Rs. 1, 00,000 (1 Lakh) in the account then he/she can get credit limit of around Rs. 80, 000.

Additional reading: Best cards against FD.

But remember that every bank has minimum amount and period for which the FD account is active. So basically, you cannot open FD account today and apply for credit card tomorrow.

These free credit cards come with few limitations:

  1. Credit limit is low. In case of supplementary card, limit is shared between the cards.
  2. In case of add-on card, if the secondary card holder defaults on the payment, then primary holder will have to make repayment and also his credit score will get impacted. So be careful for whom you are applying for a card. Monthly statements are consolidated.
  3. Add-on card cannot be taken for friend. Only spouse, parents, or children can be granted such cards.

Both these cards are a good solutions for improving the credit score.

However remember following points in mind, irrespective of the card you use:

  1. Always repay bill on time and fully. There should be on outstanding bill.
  2. Do not over cross the credit limit.
  3. Use auto-debit feature for bill payment. Benefit is that you do not have to remember due date.
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4 Contactless Credit Cards in India: Benefits, Features, Cons

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There are many types of payment methods used online or offline by the consumers such as cash, debit card, credit card and others.

Each of these options has its own pros and cons. However the most widely used option is credit card due to the benefits involved such as – cashbacks, reward points, etc. But credit card has its limitations too.

Take for example common scenario seen in shopping malls, clubs, hotels, and other places where credit card is swiped and the owner enters the pin for making the payment. However the security threat associated with such payment is very weak. Anyone including the people standing nearby can see your PIN and use it unethically and may lead to fraud.

Enter into a PIN-free world – Fast, Secure, and Easy.

To minimize such frauds/thefts, few banks in India offer contactless credit card. Such type of card requires the owner to just tap or wave the card at point of sale (PoS) terminal. There is no need to swipe and enter PIN.

Listed in the below table are the contactless credit cards available in the Indian market.

FeaturesICICI Bank CoralICICI Bank HPCL Coral VisaSBI SignaturePNB - Wave and Pay
Annual feeRs. 500Rs. 199 (from second year onwards)Rs. 4000NA
Joining feeRs. 1000Rs. 199Rs. 4000NA

How to use contactless credit card for making the payment?

  1. Merchant will enter the amount on the contactless Point of Sale (PoS) machine.
  2. While making payment, you just need to tap or hold the card within 4 centimeter distance. Make sure there is a little symbol )))) on the machine.
  3. If the payment is successful, you will see a green light or beep sound from the PoS device.
  4. Receipt will be generated on the spot. In addition to this, card holder will get SMS/E-mail on their registered details containing the transaction details.

Other benefits apart from contactless transaction:

This card can be conveniently used in two ways: Tapping/Waving (contactless way) and Swiping/Dipping and then entering PIN (contact payment). And it’s upto the user to decide, which option he/she wants to use.

The moment you wave or tap, the whole process happens within seconds. That is, the transaction takes place fast compared to traditionally used technique of swiping.

Since the card is not required to be handed over to the merchant at the PoS, the security is high. And card skimming (technique used by fraudsters) is largely minimized.

Even if the card gets tapped or waved multiple times, the amount is still deducted once.

Like other cards, they can also be used for ATM cash withdrawal. However owner has to follow traditional process i.e. enter card in the ATM terminal, then enter PIN & then amount.


If card gets stolen then anyone can use it. This is why it is recommended to block the card immediately it gets stolen to prevent loss.

There is a maximum limit applied for each transaction. This is as per the rule set by Reserve Bank of India to prevent misuse. For e.g. SBI signature has a maximum cap of Rs. 2000 per transaction.

Not every merchant in India has contactless card machine.

How to make payment using contactless credit card, if the merchant does not accept such card?

At such places, you will have to pay using traditional method i.e. by entering PIN after the merchant enters transaction amount and swipes the card and asks to enter the PIN.

Since this card has a transaction limit associated, it is best recommended to use it for everyday purchases to save time.

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Credit Card without Income Proof: Against FD & Add-on Card

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Getting a credit card or loan requires applicant to show income proof. This is a mandatory requirement by every lender. Based on the income, lenders evaluate the repayment capacity. Higher the income, higher is the credit limit and vice versa. And better would be the repayment capacity of the applicant.

However this is not always true. If credit history is poor, then chances of rejection are high. Because lenders hate defaulters as such individuals are not credit worthy and may become non-performing asset (NPA) in the future.

However there are many conditions when applicant is not having income proof or salary slip and wants credit card. Possible scenarios are:

  • Recently got the job and salary is not credited
  • Employer does not provide salary slip
  • Applicant is jobless at the time of application

So in such cases, how can you get credit card without income proof?

Not many of us are aware that there are two ways to get a card with no income/salary proof.

  1. Against fixed deposit
  2. Add-on card

Let’s explore both these options in detail.

Against fixed deposit:

If the applicant holds fixed deposit account with the bank, then he/she can apply for credit card against FD. Such card is also called as secured credit card since you are keeping the money in your fixed deposit account as a security.

Many lenders offer this option. And here is the list of few banks and name of the card:

  • ICICI Bank – Coral
  • Kotak Mahindra Bank – Galaxia
  • Andhra Bank – Signature
  • Bank of Baroda – BOB Cards Assure
  • State Bank of India – Unnati

Get the detailed list of such cards.

How credit card against fixed deposit works?

The basic requirement is to have FD account with a pre-defined amount for a fixed minimum tenure. This amount is then used to calculate the credit limit. And typically banks offer a limit which is 75%-85% of the amount. Higher the amount kept in the account, higher would be the limit and vice-versa.

Few features of such cards are:

  • Minimum documentation
  • Lower interest rate
  • And as mentioned above, there is no need to provide income proof
  • You do not lose out on the interest on the FD
  • Rewards points and cashbacks are offered

Supplementary or add-on card:

You can get this card only when family member holds credit card with the applicant bank with a good credit history. For e.g. if the husband has axis bank credit card then he can apply for a supplementary card on wife/children/parents name.

Few features of add-on card:

  • Benefits offered on primary card are available in the add-on card as well.
  • Many such cards do not have any joining or annual fee
  • Minimum documentation work is required compared to traditional way of application

Risks associated with supplementary credit card, which primary owner should be aware of:

Payment default: If the add-on card holder defaults the payment, then it will impact the credit rating of the primary holder. Moreover the credit limit will be reduced and higher interest rate would be applied. And most importantly there is a risk of future loan/credit card application getting rejected.

Over spending: If card spent is beyond the specified limit, then it will impact the credit score of the primary owner.

Late or partial repayment: Missed or late payment or not making full payment should be strictly avoided. Because a single scenario will result in a late payment charge. And frequent behavior will result in negative credit impact.

Many banks in India offer add-on credit cards:

  • Axis Bank
  • State Bank of India
  • Citibank

Irrespective of the credit card, remember to make monthly payment on time and fully. This will help in achieving a good credit score.

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2 Ways to Get Credit Card for Defaulter: Against FD & Add-On Card

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Uncertainties such as job loss, medical emergency etc. can many times result in financial problems. And this is very common these days. So even individuals having good credit history can miss or delay in making credit card payment. And if this behavior is regular, it can result in your account getting closed and marking you as a defaulter. And in addition to this, the account data is sent to credit bureaus. And any future application for credit card or loan will most likely be rejected due to your default status.

So even if you make default due to being jobless or with intent, banks will still mark you a defaulter or non-performing asset (NPA).

So how can you still get credit card even after defaulting?

There are two ways to get credit card for defaulters or individuals who are NPAs as follows:

Credit card against fixed deposit:

Also called as secured credit card, it is a very convenient option requiring no income proof. Your income statements is the very first document asked by any card issuing bank. It helps them evaluate the credit worthiness of the applicant. However in order to get credit card against fixed deposit, you need to hold fixed FD account with the bank with minimum deposit and tenure.

There are many banks offering credit card against FD such as:

  1. ICICI Bank – Instant Credit Card
  2. Axis Bank – Insta Credit Card
  3. Kotak Mahindra Bank – Aqua Gold Card
  4. Central Bank of India – Aspire Credit Card
  5. State Bank of India – Check out their recently launched Unnati credit card.

The credit limit offered is typically 80%-85% of the amount kept in FD. However you should make monthly payments on time. Otherwise banks have complete right to deduct the money from the FD account along with higher interest, as per the terms and conditions.

Add-on Card:

Another solution for defaulters to get credit card is by applying for a add-on card. Also called as supplementary card. Such cards are offered to family members of the primary card holders. Although such cards are only offered to primary card holders with a good credit history, the supplementary card owner should never miss or delay in making payment, keep credit utilization as low as possible, never over cross the limit. This is because any bad behavior will straight away impact the credit rating of the primary card holder.

What if both the above mentioned solutions do not work. How can defaulter can still get a credit card?

  1. For this he/she will have to make all the due payment and clear the account balance.
  2. Post this, negotiate with the bank and explain the reason for the default. If your past repayment history was good, there is a higher chance of approval.

Impact of Credit Card Default:

Irrespective of the reason for default, banks deal with them very stringently. There are no emotions in any business.

Your card account is closed and marked as non-performing asset (NPA).

Your account details are reported to credit bureaus. And the details are accessed by member banks whenever you apply for any credit in the future. Since you have been a defaulter in the past, any future credit application is most likely to get rejected. There are more problems involved. Account closure doesn’t mean you’re free.

Post closure, banks handover your case to collection agency. And defaulter will start getting frequent calls from collection agency. If phone option does not solve their problem, you will start seeing them in your home asking for money. This means more harassment.

So as you can see default on credit card can bring nightmare. And this is reason it is always recommended to make proper use of credit card and make balance amount payment in full, on-time. And also keep a tab on the card limit.

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RuPay ‘Credit Card’ 2017: Features, Benefits & Comparison

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Since it’s launch in 2012, RuPay debit card has received positive response received especially from Jan Dhan Account holders to whom the card was offered for free. National Payments Corporation of India (NPCI), the authority agency for digital payment system in India behind India’s first local payment system is now set to launch credit card as well.

Although RuPay credit cards are already offered by few banks, it would be commercially made available to a larger scale to increase its foothold very soon.

Features of RuPay credit card:

There would be four versions:

  1. Select (Super premium category)
  2. Platinum (Premium category)
  3. Premium
  4. Classic (This will have low credit limit compared to the other three types)

Differences & Similarities between Visa/Mastercard/Amex enabled credit cards:

There are lots of differences between RuPay & others credit cards available in the market as follows:

  1. Transaction cost would be lower in case of RuPay credit card compared to the ones offered by various Indian and foreign banks.
  2. There is no joining fee in case of RuPay. Whereas cards offered by various banks mostly have joining fee.
  3. There are very limited offers on RuPay card compared to normal ones.
  4. RuPay card offers insurance cover which is not available in most of the other cards.
  5. Visa, Mastercard & Amex cards have larger acceptance locally as well as globally compared to RuPay.
  6. Currently RuPay has low penetration compared to foreign entities.
  7. RuPay payment gateway would be used for RuPay. Other cards mostly use their own gateways.

Additional reading differences between RuPay and Visa/Amex/Mastercard.

Which banks in India currently offer RuPay credit card:

As on August 2017, the card is currently offered by following banks in India. To get this card, you will have to request the bank.

Public sector:

  1. Andhra Bank
  2. Canara Bank
  3. Corporation Bank
  4. Central Bank
  5. IDBI
  6. Punjab National Bank
  7. Union Bank
  8. Vijaya Bank


  1. Punjab and Maharashtra Co-operative Bank


  1. HDFC Bank

Benefits of Union Bank RuPay card:

Union Bank of India is first bank in India to launch RuPay credit card. The card offers many benefits as follows:

  • It can be personalized
  • It is Aadhaar enabled
  • Offers life and permanent disability insurance
  • Lounge access
  • Fuel surcharge waiver
  • Cash back offer on making utility bill payment, IRCTC train ticket booking, and mobile wallet.
  • Airline vouchers for top transacting customers
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12 Reasons to Get SBI Unnati Credit Card: No Fee, Against FD & more

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State Bank of India had launched SBI Unnati Credit card in March 2017. The objective behind launching this card was to contribute to India’s vision of building a cashless economy.

Although there are multiple credit cards available in the market with each offering various benefits, this card is worth to opt for because of the following reasons:

  1. No credit history required: Today, anywhere you apply for a credit card the first thing checked by the lender is the credit score. But applicants of SBI Unnati credit card can get the card even with no history. This is because the card is offered against fixed deposit.
  2. No joining fee: There is no joining fee associated with the card.
  3. No annual fee: This card is a complete money saver as there is no annual fee for the first four years. Once four years are over and card is up for renewal, the card holder will have to pay Rs. 499 fee. There is no condition for minimum spend required. Check out credit cards with no annual fee in the market.
  4. Helps in building credit history: As the card is available for every SBI account holder including people holding Jan Dhan Account, it provides an excellent way to start building credit history. So this is the best way for any account holding student to get credit card. Getting a credit card for the first time is very difficult as every bank has minimum income requirement. If the income is below this limit, then card application is rejected. Since this card is offered against FD, it gives an opportunity for everyone especially low income individuals to start building credit history.
  5. Add-on card facility: Primary owner also has an option to apply for an add-on card for his/her family member. The condition is that the family member should be parents, siblings, spouse, or children who have completed 18 years of age.
  6. No late payment fee if the total due amount is less than Rs. 200. However you should never make late payment as it affects credit rating.
  7. Maximum Rs.100 fuel surcharge (2.5%) is waived off every month provided the transaction is between Rs. 500 and Rs. 3000.
  8. Flexipay: If user makes a minimum purchase of Rs. 2500 then they can convert their transactions to Flexipay i.e. easy monthly installments.
  9. User can get a demand draft or cheque against the limit available on the card.
  10. Balance transfer: If you already hold credit card of any other bank then you can transfer any outstanding balance to SBI Unnati card. Benefit of doing this is the low interest compared to your existing card. There are two options for balance transfer:
  • 0% interest for 60 days
  • 1.7% interest per month for 180 days

11. For every Rs. 100 spent on this card; 1 reward point can be accumulated. The points accumulated can then be          redeemed to purchase the following:

  • Accessories
  • Apparels
  • Books
  • Electronics – Mobile phones, camera, speakers,
  • Entertainment
  • Dining & more

12. Worldwide acceptance: You can use this card in India and anywhere in the world and even make online     payment in currencies other than Indian rupee.


  1. Applicant should be SBI account holder
  2. This card is a secured credit card offered against the fixed deposit and requires minimum balance of Rs. 25,000. There is no maximum balance limit. Basically this card is a secured card.

Additional reading credit cards against fixed deposit.

With so many benefits and features, SBI Unnati Credit Card is definitely empowering Indians to go cashless.

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8 Credit Cards for International Travel 2017: Free Miles, Insurance & more

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There are multiple payment options when traveling abroad such as credit card, prepaid travel cards, travelers cheque, international debit cards, cash. However credit card is considered to be the most preferred payment option. This is due to the fact that it is widely acceptable mode of payment. Whether you use it in India or abroad, it continues to remain the most convenient option as you get money to use every month and pay later.

But everything has the cost and same holds true for credit card as you have to pay following charges:

  • Joining and annual fee
  • Interest rate
  • Card cancellation
  • Service tax on interest, fees, and other charges
  • Duplicate statement
  • Balance transfer
  • Credit limit exceed and others

But there are three additional charges when transaction is done in currency other than Indian rupee using the Indian credit card. These charges further increase the cost of using the card.

Three charges are:

  1. Overseas transaction fee: 2.5% – 3.5%
  2. Foreign currency conversion fee: 1% to 2%
  3. Cash advance fee: When credit card is used at ATM (same bank or other) and PoS for cash withdrawal. This fee ranges between 1% – 3.50% and varies for each bank.

These charges are never told by the issuer and card applicant should get this confirmed beforehand.

Read in detail about these international credit card charges.

Despite of these charges, credit cards are most preferred by frequent international travelers because of plenty of benefits offered such as:

  • Lounge access
  • Travel insurance
  • Complimentary air travel
  • Transaction can be done in multiple currencies
  • Free airline miles
  • Reward points

Although many of the above charges are mandatory and unavoidable, but you can opt for following credit cards especially designed for international travelers.

The table below shows list of cards for international travelers, including the benefits offered.

Credit Card NameBenefits
YESFirst Exclusive (YES Bank)>> 50,000 Reward Points on first transaction
>> Complimentary Priority Pass membership
>> 25,000 Reward Points on spending Rs. 20 Lakhs annually
>> Insurance cover for air accident death, medical emergency in foreign country, accidental death
HDFC Bank World MasterCard>> Access to exclusive airport lounges across the world
>> Complimentary refreshments, email, Internet
HDFC Business Regalia>> Additional 5 Kg baggage allowance
>> Worldwide free access to over 850+ international lounges
>> 6 free access to the Priority Pass lounges
>> Exclusive Dining Privileges at over 300 premium restaurants
Citi Prestige>>10,000 bonus air miles
>> Unlimited complimentary Priority Pass lounge access
>> 4 Frequent Flyer Air miles for every rewards point
Jet Airways ICICI Bank Sapphiro>>10000 miles on joining
>>7 miles on Rs. 100 spend
ICICI Bank British Airways ClassicMax 5 Avios for every Rs. 100 spend
JetPrivilege HDFC Bank World>>6 JPMiles on every Rs. 150 spent on retail purchase
>>18 JPMiles on every Rs 150 spent on every flight ticket
Citi PremierMiles>>10 Miles for every Rs.100 spent
>>Air Accident Insurance Cover of upto Rs. 1 Crore
>>Lost Card Liability Cover of Rs2 Lakh

What to look for in a credit card for foreign travel?

As you cannot avoid the various fees on credit card when travelling abroad, you should look for cards offering range of benefits which can help in saving money in some way or the other.

Additional reading: 28 international debit cards.

Few of the benefits/features to look for in a credit card for frequent travelers:

  • Complimentary air ticket
  • Free miles every time the card is used either for flight booking, online purchase etc.
  • Bonus point on every purchase
  • Airport lounge access both at domestic and international airport
  • Free Wi-Fi
  • Dining privileges
  • Air accident and baggage insurance cover
  • Lost card liability cover which includes cover against fraudulent usage
  • Easily redeemable miles or bonus/reward points for
  • Lowest joining and annual fee
  • Concierge Services – Assistance on car, hotel, travel reservation
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SBI Credit Card with 25, 000 Limit: Low Income, No Credit History Check

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Post demonetization, there have been instrumental rise in efforts for making India a digital economy. Various businesses or service providers who were once accepting only cash are switching to cashless transactions. And banking on this golden opportunity are obviously the banks and wallet companies such as Paytm, PayU, MobiKwik and others.

However the biggest beneficiary has been bank as there has been a huge deposit of cash in their pocket and at the same time, they have witnessed a significant surge in card usage. And to benefit from this further and at the same time generate new customers – SBI will be launching credit card for low income earners with a monthly credit limit of Rs. 25, 000. This card would be available in the market in 2-3 months.

Features of 25, 000 limit card:

Since this is happening for the first time in the history of Indian banking that such as card will be launched. Let’s look at the features of the card:

  1. No strict income criteria: The first eligibility criterion for getting card is monthly income of the applicant. If income is low then chances of getting a card is bleak. However the most striking feature of this card would be that the income cap will be largely reduced. Check out credit cards for poor earners available in the market.
  2. Low credit limit: Since the target audience of SBI is low income individuals; the credit limit available would obviously be very low. And it would be capped at Rs. 25, 000 per month. Normal credit card has limit of minimum Rs. 50, 000. But this should not be a problem for the users of the card, since they get free money for a month to spend in addition to the following exciting feature.
  3. No credit history required: In the current market scenario, any credit approval is granted on the basis of thorough back ground check of the applicant. From fetching the financial transaction history from CIBIL to social profile check; banks are evaluating applicant in every possible way before approving any application. However this card for lower income earning, will require no credit history check.
  4. Fast Delivery: Card would be delivered in a short time period compared to normal card which typically takes average 10 – 15 days to receive by the applicant. The reason for doing this is to tap large prospects base.
  5. Interest rate: It is expected that this card will carry a very low interest rate.
  6. It is also expected that this card will have zero annual and joining fee.


Three entities would be straight away benefitted through this would be the: card user, SBI, and India. Let’s see how:

Card user:

  • Get credit: For honest individuals who were earlier not getting card will now easily get it.
  • Build Credit History: Although there are credit cards for low income earners, not everyone gets card approval. This is due to lack of credit worthiness. However with this card, any person with no credit history but who actually has a capacity to repay money can get the card. Once they start using it and repay the due amount on time, their credit history will start to build. And this directly will increase their likelihood of getting access to higher credit limit cards and loans such as personal, car, home loans and others. Check out personal loan for low income earning individuals.
  • Money saver: In the age of cash backs and reward points, people with no cards were not getting any of these. However once this minimum income requiring card is launched more and more people will get various discounts and eventually they can save money, as they start spending more.

For the bank:

  • New customers: Since the main objective is to make people use card and switch to go cashless, SBI will get new card customers.
  • Profits: As more and more people start using this card, bank will start making profit through the interest earned. Moreover bank can cross-sell more services to these customers. So more service mean more revenue for SBI.

For India:

  • Promote digital economy: The whole objective of currency ban was to push people to transact digitally and rely less on cash. As such card reaches to more and more people, the vision of making India a less cash economy will definitely get a boost.

Once the card is launched, more banks will pitch in to generate more customers and launch such cards.


  • It is expected that State Bank of India will provide this card for their existing bank customers. They will look at the transaction history and based on that this low income card will be given.
  • Even honest Jan Dhan Account users will get this card based on their financial history and subject to bank’s decision.
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