Selecting the right credit card depends on your income, your monthly expenditure pattern and how you plan to use your card. When choosing a credit card, you need to check 4 things:
1.What is the interest rate on the card?
2.What are the fees and other terms and conditions of use?
3.Are the benefits (like cash back or rewards plan) appropriate for your priorities?
4.Are you eligible in terms of income?
SBI offers a wide range of credit cards that cater to various levels of needs and financial situations. Below are some of the types of credit cards that SBI offers:
5.Banking partnership cards
How to choose and apply for an SBI credit card
When you go online onto the SBI website, click on the “Personal’ tab and then click on the ‘Credit Cards’ option. You can opt to give your name, mobile number and city and authorize a representative of the bank to contact you with details about SBI credit cards.
Alternatively, the Simplifier tool on the SBI website helps you choose the card that is best suited to your needs, based on your income and your monthly expenditure pattern. The online tool is very easy to use, helps you narrow down which card/s suit your requirements and suggests possible SBI credit cards based on your answers. You can learn about each of the cards in detail on the website before making a decision on which one to apply for.
You can apply for a credit card in two ways:
1.In person: You can walk into an SBI branch and submit the application form and documentation required.
2.Online: You can apply for a credit card on the SBI website. You need to enter your personal details and provide documentation for ID and income proof among others.
Once you submit your application, you will receive a number that you can use to track your application. Use this number as a reference number anytime you want to learn about the status of your credit card application.
Tips to keep in mind when you apply for an SBI credit card
If you are planning to apply for a SBI credit card, the first thing you should do is to check your credit score. It is a good idea to obtain a copy of your credit report to check your credit score before applying for a card.
If your score is less than 750, take time to improve your score before applying. This way you avoid the chance of rejection that will cause your credit score to drop even further. Having a good credit score means that you can get approved for the card you want and can avail of good repayment terms.
How do I choose which credit card is best for me? The best way to choose a card is to research all the options and see which card you are eligible for and suits your requirements. For instance, your monthly income is often one of the eligibility criteria, so if your income is not sufficient, do not consider the card as you might be rejected. Or, if you do not use air travel much, then a card that offers free airline miles is of no use to you and you are better off choosing another card with more appropriate benefits.
Apply for the credit card for which you have the best chance of being approved in terms of income eligibility etc. If your application is rejected due to insufficient income or poor credit score, it will be more difficult to be approved for a credit card or loan in the future.