FD-backed SBI Card launched: Check details
SBI Card has introduced the Advantage SBI Card, a secured credit card backed by a fixed deposit (FD). Customers can apply for four such cards - SBI Card Elite, SBI Card Prime, SimplyClick SBI Card, and SimplySAVE SBI Card - via the SBI YONO app.
Premium cards ELITE and PRIME cater to customers seeking online shopping benefits, while SimplyCLICK is for those who prefer online shopping perks, and SimplySAVE is for everyday spending and savings-related benefits.
To apply, customers must have an FD account with State Bank of India (SBI). The FD acts as security for the credit card, making it accessible for those who might struggle to secure an unsecured card based on income or credit score. The application process is entirely paperless, allowing eligible customers to complete it digitally via SBI YONO.
A secured credit card differs from a regular unsecured credit card. While the latter's credit limit is determined by factors like income, repayment history, credit score, and other eligibility criteria, a secured card's limit is based on the FD amount provided by the customer.
A Credit Information Report (CIR) is a detailed record of a borrower's credit payment history, compiled from information provided by various credit grantors. This report aids banks and financial institutions in making informed lending decisions in a quick and objective manner.
Written by urgent.news from The Economic Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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