State Bank of India provides a wide range of credit cards that suits all needs and can be obtained easily with minimal eligibility and documentation. The variety includes premium cards, corporate cards, travel and shopping cards, exclusive cards and classic cards.
SBI Classic Cards come in three classy varieties, which are SBI Gold Card, SBI Advantage Gold card and SBI Advantage plus card.
The benefits of both SBI Gold Card and SBI Advantage Card is similar such as worldwide acceptance, credit facility which is very flexible where the unpaid balance can then be carried forward at one of the lowest finance charges available, cash on the go facility where cash is withdrawn from any of the ATMs across the globe and the benefits of train and air ticket bookings from anywhere.
The features of these cards are immense where the credit card account can be managed online which provides timely card alerts, e-statements, add-on cards, easy money and utility bill payment facility and peace of mind.
Both the cards require no eligibility and can be obtained easily with a joining fee Rs. 299 and an annual fee of Rs. 299.
SBI Advantage Plus Card
The SBI Advantage plus card comes with a special benefit which is the En cash facility. Under this, one can transfer the funds to SBI to facilitate the opening of a fixed deposit in the card holder’s name at SBI. As one keeps paying the En cash EMIs every month on the SBI Advantage plus card, the credit limit will keep increasing every month. By this, you will continue to enjoy interest on your Fixed Deposit at SBI and the final credit limit on your SBI Advantage plus card will be up to 85% of the FD amount. The added benefit is an unbelievable low rate of interest of 2.25% per month on the SBI Advantage plus card.
To apply for an SBI Advantage plus card, simply fill the application form and FD form either online or at the branch office, sign the authorization letter and the Auto Debit Mandate, attach the required self attested documents and submit accordingly. Within a few working days, the SBI Advantage plus card will be dispatched, after paying the joining fee of Rs. 500. An annual fee of Rs.500 is added in the first bill, and the card will extend the encash facility for Rs. 25, 000/ Rs.50, 000 and transfer the corresponding funds to SBI. SBI, in turn, would open an FD in your name and the bill for the following monthly EMI for 11 months will be:
Rs. 2500 for Rs. 25, 000 Encash
Rs. 5,000 for Rs. 50, 000 Encash
The best part of this scheme is that the card holder will continue to earn the interest 9.25 % of the FD for 365 days. Along with many power packed features such as balance transfer on low interest rates, credit convenience, easy money facility, utility bill facility, online statuses, SBI Advantage plus card is a wise choice for investment as well for the required utility.