Key Highlights of SBI SimplySAVE Credit Card
SBI SimplySAVE Credit Card offers savings on various purchases or transactions that we conduct on everyday basis.
From accelerated reward points to spend-based rewards to a renewal fee waiver, the credit card offers more practical benefits that enable the cardholders to save while they spend on the credit card. Let’s look at the features and benefits of the SimplySAVE SBI Credit Card in detail.
- A lifestyle credit card with a minimal renewal fee.
- Renewal fee waiver on milestone spends.
- Accelerated reward points on day-to-day spend categories.
- Bonus reward points within 60 days of card set-up.
Credit Cards also offer the flexibility to pay off balances over time and provide fraud protection. Overall, they provide convenience and extra advantages for consumers.
| Welcome Gift | Many banks offer a welcome gift to new credit card applicants once the card is issued through Bonus Reward Points, Vouchers, Discounts, and other Benefits. |
| Rewards Program | All credit cards generally have a reward program, which allows cardholders to earn reward points on every transaction they make using their cards. |
| Fuel Surcharge Waiver | Banks offer a fuel surcharge waiver to the cardholders on spending a specific amount of money on fuel every month. |
| Cashback Benefits | Many credit cards offer cashback on daily spends and help the cardholder save money. |
| Lifestyle Benefits | Cardholders can enjoy various lifestyle benefits on their credit cards, such as offers on dining, shopping, wellness, entertainment, and other benefits. |
| Travel Benefits | Travel benefits of credit cards include air miles, airport lounge access, travel insurance, airline offers, hotel offers, and other benefits. |
| Airport Lounge Access | Some credit cards offer complimentary airport lounge access to cardholders. The offer varies from one bank to another. |
| Add-on Cards | Cardholders can apply for add-on credit cards for their immediate family members and share the benefits of their card. |
| Insurance Coverage | Some premier cards come with a comprehensive insurance policy that provides coverage against air accidents, life, lost baggage, lost card, outstanding, and other benefits. |
| Balance Transfer | Credit cardholders can transfer the outstanding balance of their existing cards issued by one bank to the credit card account of another bank and pay off the balance at a lower interest rate. |
| Global Acceptance | Today, most credit cards that are issued in India are international credit cards and are accepted by various merchants all over the world. |
| EMI Conversion | This feature allows the cardholders to convert their credit card transactions into easy monthly instalments (EMIs). |
| Credit Score | Owning a credit card helps you build a healthy credit score or a CIBIL score. By making timely payments on your card and in full, you can build your credit history and improve your credit score. |
Different Types of Credit Cards in India
Credit card issuers in India offer a variety of credit cards to cater to the varied needs and preferences of the users. Some of the popular types of credit cards available include the following:
- Co-branded credit cards – offered by the credit card issuer in partnership with another company and come with a range of benefits.
- Rewards credit cards – let you earn reward points for all your spends, and the ability to earn higher points for certain category of spends.
- Travel credit cards – offer a variety of travel benefits such as complimentary airport lounge access.
- Cashback credit cards – offer you cashback for all your spends, with certain spends offering the highest cashback.
- Shopping credit cards – ideal for those who love to shop as they come with discounts and rewards at partner stores.
- Fuel credit cards – these cards come with cashback or discounts on fuel spends.
- Premium credit cards – offer exclusive privileges and perks to meet the distinct needs of the cardholders.
- Lifestyle credit cards – to meet all your lifestyle related needs such as movies, dining, golfing etc.
- Business credit cards – these cards are tailored to needs of professionals and business owners.
Choosing the right credit card that aligns with individual spending habits and financial goals can help you reap the maximum benefits of your card.
Credit Card Eligibility
To be eligible for a credit card in India, you typically need to be at least 18 years old and have a regular source of income. The income requirement varies depending on the type of card and the issuer. Having a good credit history and a positive credit score can also improve your chances of approval. You must provide identification, address proof, income proof, and other necessary documents when applying. Meeting the eligibility criteria doesn’t guarantee approval, as the credit card issuer may consider other factors.
| Eligibility Criteria | Requirement |
|---|---|
| Nationality | Indian |
| Age | 18 years |
| Employment status | Salaried or Self-employed |
| Income | Differs from one bank to the other |
| Credit Score | Good credit score (700 and above) |
Documents Required to Apply for a Credit Card
When applying for a credit card, the documents required may vary depending on the issuer. However, in most cases you will need to submit the following documents:
- Identity proof: such as your Aadhaar card, PAN card, Driving licence, passport, or voter’s ID to establish your identity.
- Address proof: such as electricity bill, telephone bill, Aadhaar card, or other valid proof of your residential address.
- Annual ITR (if required): If you are self-employed or have other sources of income, you may need to submit your annual Income Tax Returns (ITR) as proof of your financial standing.
- Latest salary slips: If you are a salaried individual, submitting your recent salary slips can help demonstrate your income and repayment capacity.
- Duly-filled application form: This form provides your personal information and serves as a formal request for a credit card.
- Passport-size photographs: Usually, you will need to provide a couple of recent passport-size photos for identification purposes.
- Bank statement: Providing your bank statement, typically for the last three to six months, helps verify your financial transactions and stability.
- Form 16: For salaried individuals, a Form 16 issued by your employer is proof of your income, taxes paid, and tax deductions.
How to choose the right credit card?
You can choose a card that best suits your needs, by considering the following factors:
- Your spending pattern: go for a card that helps you maximising your savings, depending on your spending pattern.
- The reward type: choose a card based on the reward type of your choice such as rewards points, airmiles & cashback rewards.
- Fees and charges: ensure that the card comes with comparatively lower fees and charges.
- Offers on the card: opt for a card that come with great offers on shopping, dining, online spends etc.
- Welcome bonus or gift: go for a card that gives you the best welcome bonus or gift.
How to Apply for a Credit Card Online
You can Compare & Apply for a Credit Card on Tazaloans by following these four simple steps:
Step 1: Compare credit card offers.
Step 2: Select from the top cards offered by leading Indian banks.
Step 3: Check your eligibility by entering a few personal details.
Step 4: Enjoy instant approval online after filling out your application form.
Alternately, you can also apply for a card online on the bank’s website by following these steps:
Step 1: Go to the official website of the bank that offers the credit card you’re interested in.
Step 2: Look for the ‘Credit Cards’ or similar section on the website.
Step 3: Once you’re in the credit cards section, click on the ‘Apply’ button.
Step 4: Fill in your personal information, such as your occupation, mobile number, monthly income, and PIN code.
Step 5: Select the credit card you prefer and see if you meet the eligibility criteria mentioned by the bank. If you’re eligible, proceed with the application. Enter your name, email address, date of birth, employment details, residential address, and PAN (Permanent Account Number) as requested.
Step 6: You will receive a One-Time Password (OTP) on your mobile number. Enter OTP to verify your mobile number.
Step 7: After completing all the required details, submit the application.
You may receive a call from the bank or NBFC (Non-Banking Financial Company) to discuss the next steps. They may suggest a time and place to complete the physical documentation process.
Remember that if you don’t meet the credit card eligibility conditions or if you’ve applied for a credit card from the same bank in the last 6 months, your application may be rejected. Take the time to review the terms and conditions and maintain a good credit history to improve your chances of approval.
