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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6 Consequences Credit Defaulters Have to Face in India

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There are certain mistakes which make life miserable. And one such mistake is a credit card / loan defaulting. These two words can shackle your life in a big way and their consequences are simply very terrible. And not many of us are aware of the impact of defaulting.

Depending on the type of credit or loan taken and lender, the consequences differ.

Here are the consequences defaulters have to face:

Account closure:

To those who are not aware of what happens when you default, banks will first close your account (loan or credit card), marking it as a delinquent or non-performing asset (NPA). This happens after 90 days of non-payment.

Banks will report your default status to the credit bureaus. Now if you apply for a credit card or loan elsewhere, your credit report will be fetched by the applicant bank from the credit bureaus. This report contains personal/professional/business contact details, loan or credit card details, repayment history, debt status, and many others. And most likely your application will be rejected. This rejection is further reported to the credit bureau. Remember multiple applications also has a negative impact on credit score.

Harassment by collection agency:

Account closure by the bank is not the end. The real trouble starts when banks pass on your case details to the collection agency or recovery agents. Their only objective and business is to get banks their money back and that’s what they work for. Banks hire in thousands to reduce their non-performing assets and pay commission which is certain percentage of the amount recovered.

So first, defaulter will get multiple phone calls from the collection agency asking for making the complete repayment along with the interest. If this does not solve their objective, they will not mind entering your home or office and start harassing you for recovering the money. If this too fails, then get ready to see your belongings to being taken away forcefully by the collection agencies.

Additional reading: Credit card for defaulters.

Home/Car/Bike Seizure:

If you have taken loan for car/bike/home and default on EMI, then be ready to face the worst. All your hard earned belongings will be taken under control by the banks and becomes their property. And they can do anything with the seized assets. Mostly they put it on auctioning to recover from the losses. So you will see all your assets getting auctioned in front of you. This certainly will give you sleepless nights.

Check out how cibil defaulter can get personal loan.

Contact employer:

While taking any credit card or loan, if you mention employer’s name then bank or collection agency may approach your company.

Legal action:

If the debt amount is huge, then be ready to face legal action. You will have to start appearing for court proceedings.
Remember money is not free. And everyone has right to recover the money and so has the bank. And irrespective of the reason for default, you are likely to face above mentioned unavoidable consequences.

Harass guarantors:

If the loan taken has guarantor involved then in addition to the defaulter, guarantor will have to face harassment by the recovery agent.

Reducing the impact of default:

Impact of defaulting can be reduced by talking in advance with the lender. For e.g. if you think that your job is at risk and you have taken home loan, then you should talk with the lender beforehand and explain the condition. If your past repayment history is good, lenders may reduce the EMI and increase the tenure. Personally visiting them should help in such scenario. Do not hesitate. In fact, lender can assist in giving more solutions to your problem.

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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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Cancer Insurance: Sum Assured, Premium, How to Choose

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Cancer is a leading cause of death worldwide. Every year 10 lakh cases of cancer are reported in India and 5 lakh people die every year. And this number is expected to increase five folds by the year 2025.

Cancer can strike anyone – male or female, fat or thin, at any age and in any part of the body – lung, breast, mouth, colon rectum, cervix and others. Although individual can survive cancer but it comes with a very heavy cost. And this cost devastates the financial life of the family in a big way. And such individuals either have to depend on borrowing money from their friends/relatives, sell assets, utilize own savings to meet the treatment cost and fight this deadly disease. And when you include inflation and the rising medical costs consisting of high fees charged by doctors, the money requirement further increases.

How cancer insurance works:

Suppose you buy a cancer insurance with a cover of 20 lakhs and premium of Rs. 460 per month. And if you are diagnosed with cancer during the policy term, insurance company would payout across all stages of cancer. This way policy holder and family will become financially secured to a large extent.

Payout will be a certain pre-fixed percent depending on the stage. There are four stages of cancer are Carcinoma In Situ, early stage, major stage, and critical stage.

Additional reading: Features of SBI Life Sampoorn Cancer Suraksha

How to select best cancer plan?

Cancer care is long term in nature with recurring expenditure. So a cancer plan should be purchased keeping following features into consideration:

Coverage: Depending on the stage of the cancer the cost increases. So always look for insurance company offering cover for all types and stages of cancer.

Sum assured: Since the treatment cost of cancer is very high, buy a plan offering a high sum assured. Higher the sum insured, smaller would be the financial impact.

Here’s the table showing minimum and maximum sum assured along with the annual premium for a 30 year old male.

InsurerPolicy NameMinimum Sum AssuredMaximum Sum AssuredAnnual Premium (in Rs.) for 30 year old male
ICICI PrudentialCancer Protect Special2 Lakh50 Lakh1452 (30 year term, 10 lakh cover)
SBI LifeSampoon Cancer Suraksha10 Lakh50 Lakh852 (30 year term, 10 lakh cover)
HDFC LifeCancer Care Plan10 Lakh20 Lakh1333 (10 year term, 10 lakh cover)
Future GeneraliCancer Protect Plan10 Lakh40 Lakh806 (20 year term, 10 lakh cover)
Birla Sun LifeBSLI Cancer Shield Plan10 Lakh20 Lakh3210 (10 year term, 30 lakh cover)
Aegon LifeiCancer Insurance Plan10 Lakh50 Lakh3056 (30 year term, 10 lakh cover)
Max Life InsuranceCancer Insurance PlanNA50 Lakh10266 (30 year term, 50 lakh cover)
Cancer Patients Aid Association (CPAA)Cancer Insurance Policy30, 0002 Lakh8000 (One time lump sum payment)
PNB MetlifeMera Heart and Cancer Care5 Lakh40 Lakh6314 (20 year term, 10 lakh cover)
Indian Cancer SocietyICS Cancer Insurance Scheme50, 0002 Lakh1144 (for cover of Rs. 2 Lakh)

Note: For more details on these plans, contact respective companies.

Claim settlement ratio: This is the most significant criteria to be taken into consideration whenever buying any insurance (car, health, life, etc.). Always buy insurance from a company with a high claim settlement ratio.

Claim settlement process: The process of filing a claim and receiving money should not be cumbersome. It should be very simple. Before finalizing the company, understand the claim settlement process in advance. And most importantly make this process understand to the nominee or family member. Because when the policy holder is undergoing treatment, nominee/others will have to do all the claim process.

Premium waiver: There are many companies who waive off the future premiums, depending on the stage in which cancer is diagnosed.

Survival period: Post diagnosis, policy holder has to survive for a certain time period. This can range from 7 days to 15 days depending on the company’s rules. Ideally you should buy a cancer plan with minimum survival period.

Waiting period: After buying a policy, if policy holder is diagnosed with cancer within certain number of days then claim cannot be made. This is known as waiting period. Always prefer insurer asking for a minimum waiting period.

Premium: Although anyone would like to pay minimum amount possible but sometimes higher premium can offer large benefits. Best is to compare all the features and select suitable plan.

Although emotional and psychological impact cannot be completely cured. However the best one can do to fight against all types and stages of cancer is to stay prepared for the unforeseen financial calamity. And this can be done by buying comprehensive insurance for cancer.

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SBI Life Sampoorn Cancer Suraksha: 11 Best Features

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On 01 August 2017, SBI Life Insurance has launched their first ever cancer plan. The main objective behind the launch is to assist individuals financially on diagnosis of cancer. The treatment cost and other medical related expenses are huge and SBI aims to provide financial assistance at the time of need. It is a comprehensive cancer product and non-health insurance linked.

Listed below are the features of this cancer insurance policy:

Easy payout on diagnosis: On diagnosis of minor stage (CIS & Early stage cancer), lump sum benefit of 30% of the sum assured is payable. Whereas if the policy holder is diagnosed with major stage cancer, lump sum benefit which would be equal to the balance of 100% of the sum assured less claims paid earlier.

High sum assured: Maximum 50 lakh and minimum 10 Lakh sum is assured depending on the plan taken.

Very low premium: Minimum monthly premium of Rs. 50 or yearly Rs. 600 based on the sum assured and the entry age.

3 stages of cancer are covered: minor, major and advance.

4 options to pay premium: Not everyone has financial capacity of making payment in one go. And for such individuals, SBI cancer policy has made premium payment comfortable. There are 4 options to make premium payment: monthly, half-yearly, quarterly, yearly. Policy holder can choose any option and change the payment term anytime at no extra cost.

There is a 5% discount on buying SBI Sampoorn Life Cancer policy online.

This policy can be purchased for anyone whose age is minimum 6 years and maximum 65 years. And the policy matures at the age of 75 years.

No medical test: Prior to buying this cancer policy, there is no requirement of undergoing the medical test. There are many life insurance plans out there in the market, requiring the applicant to first go for a medical test at the specified medical center. And based on the result of the test, policy is issued or rejected.

Eligible for income tax benefit: Investing in SBI Sampoorn Cancer Suraksha is eligible for income tax benefit under section 80C.

Second medical opinion: Cancer is a deadly disease. And not many patients will always trust the report. And a second opinion is always used by the sufferer/ However if you go to any doctor for a second opinion, hefty fee would be charged. However SBI Life offers a completely free medical opinion on cancer and Carcinoma In Situ (CIS). Remotely insured person will get opinion from the world’s leading medical centers. Treatment plan will also be suggested to the policy holder by the medical team. Some of the medical partners of SBI life are Harvard Medical School, Cleveland Clinic, and Kings College London.

Free look option: There are many terms and conditions in any insurance policy and the same applies to life insurance. There might be certain conditions which may not be of the benefit to the customer and he/she may realize this later after going through the policy wordings. For such conditions, SBI life also offers a free look period. That is, after the policy starts customer can return the policy within 15 – 30 days of receipt of the policy document. While returning the policy, however, customer has to specify the reason for return.

SBI Life customer care contact details:

Phone: 1800229090

E-mail: [email protected]

Chat: http://echat.sbilife.co.in/ChatCustomerLogin/

For more details on SBI Life Sampoorn Cancer Suraksha visit https://www.sbilife.co.in/en/individual-life-insurance/traditional/sampoorn-cancer-suraksha

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Cheapest Cancer Insurance @ Rs.600: SBI Life Sampoorn Cancer Suraksha

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Cancer in India is on rise. It is distressing emotionally and financially for the patient as well his/her near ones. The whole family has to go through a difficult time. Though no one will consider himself at risk, the rising cases of cancer is very serious.

Looking at this situation – Life insurance arm of State Bank of India SBI-Life has launched Sampoorn Cancer Suraksha, a comprehensive cancer insurance policy. It is amongst the cheapest cancer insurance in India.

What options are available under the cancer insurance plan and what is the coverage offered?

There are three options available as follows:

  • Standard: Covers minor and major stage of cancer
  • Classic: Covers minor, major and advance stage of cancer
  • Enhanced: Covers minor, major and advance stage of cancer. Sum assured reset benefit is offered.

What is the policy premium?

Here’s the table showing minimum and maximum premium:

FrequencyMinimum Premium (In Rs.)
Yearly600
Half Yearly300
Quarterly150
Monthly50

NA denotes plan does not exist for the age group.

There are three options to make premium payment as follows:

Half-yearly: 51.00% of annual premium
Quarterly: 26.00% of annual premium
Monthly: 8.50% of annual premium

Also shown below is the premium calculation for different term:

Age (in Years)StandardClassicEnhanced
25NANA658
30617667716
35751833NA

Discount: If you buy this cancer policy online, then SBI Life will get 5% discount.

Other low cost cancer plans available in the market are from:

  1. Indian Cancer Society (ICS) in collaboration with New India Assurance
  2. Cancer Patients Aid Association in collaboration with New India Assurance

However these 2 plans have a very low sum assured. For e.g. ICS offers sum assured of Rs. 50, 000 at a premium of Rs. 496. In comparison, the premium charged by SBI life is affordable.

What is the sum assured?

Minimum sum assured is Rs. 10 Lakh and maximum is Rs. 50 Lakh

What is the policy term?

Minimum term is 5 years and maximum is 10 years.

Can someone with pre-existing disease buy this policy?

No.

For whom can this policy be purchased?

Interested individuals can buy policy for:

Child: Minimum 6 years old and maximum 17 years
Adult: Minimum 18 years old and maximum 65 years

What is the waiting period?

There are two important terms and conditions. Claim will be rejected if

Initial waiting period: If cancer is detected within 180 days of buying the policy or date of revival.
Survival period: After diagnosis, if the policy holder dies within 5 days.

You may be having medical insurance policy which would pay for the cost of hospitalization, surgical procedures, and treatment in case of cancer. However, it may turn out insufficient to cover the entire cost of treatment. In such circumstance, your medical insurance would need to be supplemented.

SBI Life Sampoorn Cancer Suraksha helps you to secure you and family against such eventualities. It also supplements your existing medical insurance policy i.e. all the benefits and payouts offered by this policy are independent of any existing health insurance plan held by you.

 

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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

Co-operative:

  1. Punjab and Maharashtra Co-operative Bank

Private:

  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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Save Money on Movies after GST: Amazon Prime & Netflix

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Post Goods and Service Tax (GST) implementation 28% tax is levied on entertainment. Which means you will have to pay more money to watch movies in theatres compared to pre-GST era. Remember that the tax varies from state to state in India.

As most people watch movie on weekends during which tickets are priced extremely high, the overall cost of watching movie has further gone up.

For example: A single ticket which was earlier costing Rs. 300 will be now priced at Rs. 380. Assuming minimum two persons watch movies, you will have to shell out minimum Rs. 760. In addition, if you buy food items in the theatre, you will most probably end up spending additional money. Food items purchased in theatres are taxed at 28%.

So how can you save money by watching favorite movie at low cost with your family? Answer is Amazon Prime and Netflix.

Online streaming offered by these two companies let you watch TV shows and movies at a very minimal cost that too paid annually.

The annual membership fee is Rs. 500 for Amazon Prime. Whereas Netflix offers three plans priced at Rs. 500, 650 and 800 respectively.

Benefits of watching movies on Amazon Prime and Netflix:

  1. Both offer one month free trial after joining. And if you don’t like the service, you get full refund. This is not the case when you buy tickets at a theatre.
  2. Unlimited movies and TV shows can be watched anytime, anywhere provided device has internet connection.
  3. Any number of individuals can watch movie at the same time. You can calculate the money saved.
  4. You can save select movies for offline watching.
  5. Moreover when you book movie tickets online, internet handling fee is also charged. This further increases the cost of buying movie.
  6. You can watch on any device – television, desktop, laptop, mobile, tablet.
  7. Multiple formats are available such as Standard Definition (SD), High Definition (HD), Ultra High Definition (4K or UHD) and High Dynamic Range (HDR) giving you ultimate movie experience.
  8. These are the most authenticated and secured options for entertainment buffs. No risk of viruses. You also get advertisement free movie experience.
  9. No more standing in queue to buy movie tickets.

Everything has pros and cons and the same is true when it comes to watching movies online on Amazon Prime and Netflix or any other online service.

Here are the cons:

  1. Movies are available after some delay. So you will have to wait to watch your favorite movie.
  2. Slow internet connection can make movie experience frustrating.
  3. Your internet bill will go up. But if you buy decent plan offering unlimited download, then you do not have to worry about the bills.

There are more such services such as Hulu which are not very famous in India. This shift from watching a movie in a theatre to online is certainly worth trying. And definitely they are big money savers (provided you are piracy hater:). and you need to have patience to wait for your favorite movie to come on these two websites.

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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.

Eligibility:

  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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