Secured credit cards are one among the many types of credit cards available in India. These kinds of credit cards are issued by banks against a fixed deposit you hold with them. Depending on the type of card you wish to apply for, the amount of FD that you’re required to hold may vary.
One of the advantages that secured credit cards offer is the relative ease with which you can obtain one. As long as you have an FD with the bank, you can apply for one right away. In fact, you don’t even have to possess credit history at all.
The State Bank of India, the premier public sector banking institution in the country, offers multiple secured credit cards. If you’re someone who is interested in applying online for an SBI credit card, here are a few of the best secured cards that you can get from the bank.
Secured Credit Cards Offered by SBI
Some of the best secured credit cards available in the country right now are offered by SBI. Here’s an overview of the different options and their benefits.
SBI SimplyCLICK Credit Card
Designed for individuals who like to shop, the SBI SimplyCLICK credit card comes with plenty of benefits including rewards for online transactions and for crossing milestone spends. Check out some of the key advantages that the card offers you for a minimal annual fee of just Rs. 499 plus taxes.
- Amazon gift voucher worth Rs. 500 on payment of annual fees
- 10X reward points on online spends you make on Amazon, Apollo 24×7, BookMyShow, Cleartrip, Easydiner, Lenskart and Netmeds
- 5X reward points on online spends you make on all other stores and categories
- Gift voucher worth Rs. 2,000 on crossing online spends of Rs. 1 Lakh in a year
- Gift voucher worth Rs. 2,000 on crossing online spends of Rs. 2 Lakhs in a year
- Fuel surcharge waiver of 1% for fuel transactions between Rs. 500 and Rs. 3,000
- Reversal of annual fee on spending Rs. 1 Lakh in a year
SBI Advantage Plus Credit Card
An entry-level credit card from SBI, the Advantage Plus credit card is the perfect choice for you, if you are a first-time cardholder. The card is typically offered with a credit limit of up to 85% of the amount of FD you have with the bank. For an annual fee of just Rs. 499 plus taxes, this secured credit card offers the following benefits.
- Cash withdrawals of up to 100% of the available credit limit
- Option to receive demand drafts and cheques delivered to your address using the Easy Money facility.
- Ability to convert purchases above Rs. 2,500 into EMIs
- Free supplementary add-on card
- Low finance charges of just 2.25% per month
SBI ELITE Credit Card
If a premium card is what you’re looking for, you can consider applying online for this SBI credit card. The ELITE credit card from SBI comes with an annual fee of Rs. 4,999 plus taxes. Although the annual fee is slightly on the higher side, the card’s many benefits make up for it. Here’s a quick look at some of the key advantages that you get with this credit card.
- Welcome bonus gift voucher worth Rs. 5,000 from select brands
- Low foreign currency markup charge of just 1.99%
- 2 reward points on every Rs. 100 you spend internationally
- Complimentary memberships to Club Vistara Silver and Trident Privilege Red Tier
- 9 Club Vistara points for every Rs. 100 spent on booking flights on Vistara
- 2 complimentary domestic airport lounge visits each quarter
- 6 complimentary international airport lounge visits each year (maximum 2 visits per quarter)
- 5X reward points on departmental stores, dining and grocery spends
- 2X reward points on all other categories of spends
Read Also: What ISO 9001 Certification Can Do For You?
SBI SimplySAVE Credit Card
Another very popular secured credit card offering from SBI, the SimplySAVE card comes with a low annual fee of just Rs. 499 plus taxes. Apart from offering accelerated reward points on certain select spends, the card also provides you with waivers on achieving milestone spends. Check out the list of benefits down below.
- Cashback of Rs. 100 on the first cash withdrawal transaction done within 30 days of receipt of the card
- Fuel surcharge waiver of 1% on fuel transactions between Rs. 500 and Rs. 3,000
- Annual fee reversal on spends of Rs. 1 Lakh and more during a year
- 2,000 bonus reward points on spending Rs. 2,000 within 60 days of receipt of the card
- 10 reward points for every Rs. 150 spent on movies, dining, departmental and grocery spends
- 1 reward point for every Rs. 150 spent on all other categories
SBI Unnati Credit Card
The SBI Unnati card is a secured credit card that’s offered to individuals who hold an FD of at least Rs. 25,000 with the bank. One of the few free credit cards offered by SBI, the Unnati credit card doesn’t require you to pay any annual fees for the first 4 years. However, once the four-year period expires, you will have to pay an annual fee of Rs. 499 plus taxes to continue enjoying its benefits. The list of benefits offered by this credit card are listed below.
- 1 reward point for every Rs. 100 spent on offline and online transactions
- Cashback of Rs. 500 on achieving a milestone spend of Rs. 50,000 in a year
- Fuel surcharge waiver of 1% on fuel transactions between Rs. 500 and Rs. 3,000
- Ability to convert large purchases of Rs. 2,500 and more into affordable EMIs
Conclusion
Now that you’re aware of the top secured credit cards offered by SBI, go ahead and sign up for one today. That said, before you make an application for SBI credit card online, make sure you read through its terms and conditions thoroughly. This will help you get a better understanding of the card including the various fees and charges applicable.