If you are a new comer to the credit card segment, in that case the lifetime free credit cards are the perfect choice. There is no joining or renewal fees and the benefits can be availed without any need for the money to be paid. These are meant for all i.e. from high net-worth applicants to the new comers. These cards may not come with as many privileges as the upper variants offer, but still they present decent rewards and benefits.
SBI Credit Card Offers 3 variants with zero joining fees, namely Unnati Credit Card, Cashback SBI Credit Card, Ola Money SBI Credit Card. Let us look into their features and benefits one after the other.
- SBI Unnati Credit Card
| Particulars | SBI Card Unnati |
| Joining fees | Nil |
| Annual fee | INR 499, waived off for first 4 years |
| Rewards | 1 RP on every INR 100 spent |
| Milestone Rewards | INR 500 cashback on spending INR 50,000 |
| Fuel surcharge waiver | 1% for transactions between INR 500 – INR 3,000, Maximum INR 100 per statement cycle |
| Worldwide Acceptance | Accepted over 24 million outlets across the world, and 3,25,000 outlets in India. |
| Contactless Advantage | Fast and convenient, no-contact transactions ensure added safety |
| Add-on cards | Can be issued for family above the age of 18 |
| Cash on the go | Cash withdrawal from over 1 million ATMs across the globe |
| Utility Bill Payment Facility | Use the Easy Bill Pay Facility |
| Balance transfer | Pay at a lower rate of interest |
| Flexipay | Convert transactions into EMIs |
| Easy Money | Get a draft or cheque delivered to the doorstep |
- Cashback SBI Credit Card
| Particulars | Cashback SBI Credit card |
| Joining fees | NIL |
| Annual fee | INR 999 + taxes |
| Rewards | Cashback – 5% on any online spend, 1% on all offline spends |
| Milestone Rewards | Reversal of annual fee on spending INR 2 lakh |
| Fuel surcharge waiver | 1% for transactions between INR 500 – INR 3,000, Maximum INR 100 per statement cycle |
| Worldwide Acceptance | Accepted over 24 million outlets across the world, and 3,25,000 outlets in India. |
| Contactless Advantage | Fast and convenient, no-contact transactions ensure added safety |
| Add-on cards | Can be issued for family above the age of 18 |
| Cash on the go | Cash withdrawal from over 1 million ATMs across the globe |
| Utility Bill Payment Facility | Use the Easy Bill Pay Facility |
| Balance transfer | Pay at a lower rate of interest |
| Flexipay | Convert transactions into EMIs |
| Easy Money | Get a draft or cheque delivered to the doorstep |
- Ola Money Credit Card
| Particulars | Ola Money SBI Credit Card |
| Joining fees | NIL |
| Annual fee | INR 499 |
| Rewards | 1 reward points on all spends, 1 reward point = Re 1. |
| Milestone Rewards | Reversal of annual fee on spending INR 1 lakh |
| Fuel surcharge waiver | 1% waiver at all fuel stations, Maximum INR 100 per statement cycle |
| Worldwide Acceptance | Accepted over 24 million outlets across the world, and 3,25,000 outlets in India. |
| Contactless Advantage | Fast and convenient, no-contact transactions ensure added safety |
| Add-on cards | Can be issued for family above the age of 18 |
| Cash on the go | – |
| Utility Bill Payment Facility | Use the Easy Bill Pay Facility |
| Balance transfer | Pay at a lower rate of interest |
| Flexipay | Convert transactions into EMIs |
| Easy Money | Get a draft or cheque delivered to the doorstep |
Eligibility Criteria
Mentioned below are the eligibility parameters that are to be met in order to apply for a SBI Lifetime Free Credit Card:
- The required minimum age of an applicant should be 21 years.
- The required maximum age of an applicant should be 70 years
- The applicant must be citizen of India.
- He/ she should have a decent credit score.
- An applicant should either be self-employed or salaried having a stable source of income.
Documentation Required
Below is the list of documents required to apply for SBI Lifetime free credit cards:
- ID Proof –
- Aadhar Card
- PAN Card
- Driver’s License
- Passport, etc.
- Address Proof –
- Aadhar Card
- Rent Agreement
- Ration Card
- Passport
- Latest Utility Bills, etc
- Income Proof –
- Salaried individuals are required to provide last 2 months salary slips
- Bank statements
- Self-employed individuals are required to provide the audited ITR of the previous year.
Fees and Charges
Mentioned are the processing fees and charges to be applied in case of SBI credit cards:
| Type of fee | Fee |
| Cash Advance Fee | 2.5% or INR 500, whichever is higher |
| Cash Payment Fee | INR 250 + Taxes |
| Interest-free grace period | 20-50 days |
| Finance charges | 3.5% monthly (42% annually) |
| Late payment charges | NIL for outstanding between 0-500 INR 400 for outstanding between INR 500 to INR 1,000 INR 750 for outstanding between INR 1,000 to INR 10,000 INR 950 for outstanding between INR 10,000 to INR 25,000 INR 1100 for outstanding between INR 25,000 to INR 50,000 INR 1300 for outstanding greater than INR 50,000 |
| Payment Dishonor fee | 2% of payment amount subject to minimum of INR 500 |
| Rewards Redemption Fee | INR99 |
| Card Replacement fee | INR 100 to INR 250 |
| Credit Limit increase fee | INR 200 |
| Network change fee | INR 200 |
| Cheque payment fee | INR 100 |
| Foreign currency transaction fee | 3.50% |
| Processing fee | INR 99 |
Steps to Apply for SBI Credit Cards
Mentioned below are the steps that are to be followed to apply SBI Credit Cards:
Step 1: Firstly, an applicant is required to visit the official website or web portal of SBI.
Step 2: Then go to the Credit Cards section.
Step 3: Look for the desired card and choose the same.
Step 4: Next, click the option ‘Apply Now’.
Step 5: Fill in all of the important information required.
Step 6: Upload documents and click “Continue”.
Benefits of SBI Lifetime Free Credit Cards
Mentioned are the benefits of SBI Lifetime Free Credit Cards:
- The lifetime cards offered by SBI do not charge any joining fees from its clients.
- It provides a simple and hassle-free method to apply for the card. But, one should consider the eligibility parameters and upload the documents required.
- Though lifetime cards cannot compete with the premium cards, but stil offer many discounts and deals for the clients.
- It provides benefits all across travel, shopping, entertainment, lifestyle, movie, dining, etc.
- It helps in improving the credit score and building a decent credit history and customer profile.
- Also, one can easily upgrade to the premium cards whenever required afterwards.
- It provides many reward points, and one can redeem them against multiple vouchers, statement balance, get them transferred to airmiles, etc.
