A credit card allows you to borrow money from a bank for your purchases, buying pizza or a round-trip ticket to outside India. As long as you pay back the money you borrow within the limited period of 25 to 30 days, you don’t have to pay extra and, in case you don’t pay during the time period, then you will have to pay interest to the bank. When we talk about the debit card, they pull money directly from a bank account.
Responsible credit card holder builds a good credit history, but debit cards can’t do that. Everything you have a use, pros and cons are there. When you can, make a large purchase now and pay it off in smaller amounts over the time. Same with the cons, you can dig yourself into debt, after that if you are not careful of your spending, it causes you to overspend.
What do you need to do to apply for a credit card?
To get a credit card is not as impossible things as well as possible. The thing is, you should take care of your CIBIL score out of 900 if you have 700 or 750 so it will help you to have a credit card. You should be between 21 to 60 years, salaried or self-employed, and also a regular source of income.
SBI bank will provide a wide range of options for shopping, travel, business card, reward cards and more. You feel your eligibility matched with bank’s norm can apply now through the online procedure or either choose an offline option.
How do you experience good credit cards without having a chance?
Credit history, like work experience, can seem impossible to get unless you already have some. How do you build a good track record if nobody will give you first chance? That’s why SBI bank credit card seems attractive. They have offered salaried, self-employed and student credit card. Follow description
For a salaried individual: SBI has set a minimum and maximum age criteria for salaried applicants. The minimum age of the applicant, at least 21 years at the time of applying for a credit card and on the other hand maximum age of the applicant is pre-defined by the bank not more than 60 years. A credit score of an applicant must also be above average to have a credit card offered by SBI. The credit card application should have a good credit score as required by the bank and should not have any default payments. And the applicant has a regular source of income which should meet the minimum income criteria defined by the bank.
Self-employed applicants: To apply for an SBI credit card, the applicant should be minimum 21 years of age and maximum of 60 years. Add-on credit cardholder should be above 18 years. A credit history is a clear proof of individuals manages credit card related activities. The bank can cross-check individuals default payments before giving you a loan or a new credit card. Self-employed individuals applicants who intend to obtain an SBI credit card should have a regular monthly income, which should meet the minimum income criteria set by a bank.
SBI credit card for a Student: If you are a student and want a credit card, should have a fixed deposit either have savings account for credit card limit and you should be at least 18 years. There is another way if any family member has a good credit history, you may be able to get a credit card. Your name will be on the card but, the actual account holder will be responsible for paying the bills. It’s up to you to reimburse that person for your purchases. For student level, document part is different such as, need to submit a Birth certificate, Identity card of the college (undergraduate or postgraduate), College enrollment proof, Passport size photograph and Address proof.
What is instant approval credit card?
The instant approval means you will receive a quick answer to your application for a credit card. Typically, have a good credit score, and proper documents are instant approval. You need to submit, one latest passport size photograph, Identity proof, Residence proof and income proof. These factors are affected to buy a credit card with instant approval.
In general, the better your eligibility factor, you can qualify for a better card. The most generous rewards rates, the best perks and the lowest interest rates are available to those with excellent credit.