SBI Credit Card in India

Dena Bank Credit Card from SBI

2008-11-04T22:29:00.000-08:00

SBI Cards in association with Dena Bank has launched SBI Dena Bank Credit Card for Dena Bank customers. The credit cards will be managed by SBI Cars and Payment Services.

SBI Dena Bank card is offered in two different categories - Gold and International. Offers attractive rewards program. Some of the customers will be eligible for Flexipay - easy installment plan where customers can choose the one best suited to their financial needs and NIL surcharge on fuel and lubricant purchases.

SBI Cards also said that its card issuance has come down to third of its peak of monthly issuance of 100,000 cards. Deliquencies in the Credit Card industry is a whopping 15%. Outstandings on SBI Cards is around Rs 2,000 crore. SBI is making all efforts to reach to customers with good payment track record but are facing problems in the current economic slowdown and offering them good packaged payment deals.

Do let us know your experience about SBI Credit Card settlements as this will also help other readers.

iPhone on EMI - Bharti Airtel

2008-09-08T00:20:00.001-07:00

Bharti Airtel in association with VISA and SBI Credit Cards is offering iPhone 3G on an EMI deal. If you are a SBI card holder you can BUY the 16GB version iPhone for Rs 1,654 per month in 24 installments. You end up paying Rs 39,696 for a device costing Rs 36,000. SBI is charging 9.5% rate of interest [reducing balance] assuming if you promptly pay the installments.

However it is not very clear how will SBI handle the case if you are already carrying forward balance on your credit card. We recommend not to get into the trap as it is not worth it - Rs 40,000 for a phone ? However, if you are still tempted to BUY, then ask every detailed question before you BUY and get the same in writing because SBI is well known to change their verbal version of rules and regulations.

Dena Bank Credit Card JV likely

2008-09-01T01:09:00.000-07:00

There is good news for Dena Bank customers on the credit card front. Dena Bank is in the finalization stages of launching a credit card with SBI. Dena Bank has been into the Credit Card business for over a decade now. However, the division doesn't have enough customer base yet. It is likely that the bank focused on its High Networth Individual customers for the issuance of credit cards.

Mr. Gairola, CMD of Dena Bank said,

We have not been very aggressive in this business. Our CC business has just 10,000 customers and we are confident of a tie-up with SBI Card to broaden our card base.

The deal being worked out is to take the process of card business as well as credit risk and a formula of profit sharing is being worked out.

Most Trusted Brand in Credit Card Category - Reader's Digest

2008-05-26T22:37:00.001-07:00

According to Reader's Digest annual brand survey for 2008, SBI Credit Card has won the Gold award for the most trusted credit card brand in India. SBI credit card is a joint venture of SBI and GE Money. SBI Card has over 3.2 million customers at the end of FY2008.

Balance Transfer Problem

2008-04-19T23:50:00.000-07:00

SBI one of the largest issuer of credit cards in India hasv ery poor customer service and twists case according to its convenience. One of the readers of our blog has his story to tell here,

In the 3rd week of Jan I requested for a balance transfer of Rs.8400/- for my HDFC credit card. As per your services (also confirmed by your executive during applying for BT) that if I am unable to receive the BT cheque/draft then SBI will deposit it to the relevant bank. I was surprised to get a call from HDFC of non-payment of amount and subsequently I was charged late fee plus interest (attached the statement snapshot for reference).When I called SBI customer care services, I was puzzled when the lady executive said that they don’t have any information regarding my BT cheque and no information is reflecting on the system also.

The lady then told me that IT WAS SBI FAULT AND AS PER THE RULES ALL THE CHARGES WILL BE REVERTED BACK TO ME and also the BT IS CANCELLED. BUT, suddenly I came to know that HDFC have received the cheque very-very late and they cleared it on 12th Feb'08.

Mental harassment caused by SBIAfter taking too much pain in contacting SBI telephonic IVR – CC (problem mention in point 1) I said that THIS IS MY LAST CALL AND TILL MY CONCERN IS NOT CLEARED I AM HOLDING ALL MY PAYMENTS TO SBI.

After couple of days I got call from SBI recovery cell for payment of minimum amount (that include the BT for HDFC). As it was my responsibility to pay the minimum amount and feeling that the excess amount will be reverted back to me once the issue gets cleared I agreed to pay the amount. I don’t know how SBI didn't got my cheque so they kept following me and the mental harassment was too much to handle so I gave once more cheque for the minimum amount. And finally both the cheques got cleared.

Kindly beware when you ask for Balance Transfer because our banking system si in such a mess w.r.t credit cards you never know what has happened. Best thing is continue to make atleast minimum payments so that you are not a defaulter.

Air Deccan Special Offer

2008-01-13T06:23:00.000-08:00

Air Deccan in association with SBI card has announced a special fixed fare offer called SBI card-Flat fare for all SBI credit card holders. A fixed fare of Rs 499 [basic fare] will be offered to passengers booking on Deccan using SBI Credit Card. Taxes + Surcharge are applicable and have to be borne by the passenger.

The offer is valid for booking made through call center City Code + 3900 8888. Bookings under offer are on till March 15 and valid for travel from January 15 to March 31st.

SBI to Increase Co-Branding Credit Business

2007-11-01T03:15:00.000-07:00

SBI Card which is a subsidiary of the State Bank of India and operating as an NBFC is exploring the option of tying up with regional banks to expand its national footprint. SBI Card has forged alliance with United Bank of India and Catholic Syrian Bank, as step in this direction.

SBI Card has alliance with the Indian Railways, Tatas, Hero Honda etc for Co-branded credit cards. The Credit Card industry in India is growing anually at the rate of 30%, while SBI has been growing at the rate of 45%. SBI is the second largest issuer of credit cards in India with 3.5 million customers.

SBI Card, CEO Asthana is of the opinion that once Credit Bureaus are powerful in India, the APR on your credit card will go down so will delinquent accounts. For consumers with good payment track record, it will be easier to get finance at cheaper than market rates.

Easy Credit Card Bill Payment

2007-11-01T00:33:00.000-07:00

SBI Card has announced "Pay Cash" payment option for its customers through Easy Bill payment outlets in India. This will enable SBI Card customers to pay their credit card bills in cash payment at any of the 3,500 merchant outlets of Easy Bill in India.

This is the first time that the Bank is relying on a private network and that too for cash collection. It will be interesting to see the performance of the same.

Credit Card Division in Trouble

2007-10-18T23:15:00.000-07:00

The Credit Card division of the State Bank of India has committed crimes which has put the bank's credibility in question. On the sidelines of a Right to Information [RTI] case it was reported that Cheques issued by consumer towards payment of SBI Credit Cards were not encashed by the bank in time. The bank later levied late fees and then encashed the cheques after the due date.

To investigate this matter, the SBI Credit Card consumer sough the help of High Court bench when the bank refused to produce documents demanded under the RTI act.

We advise our readers to get a seal on the challan / counterfoil when payment is made towards credit card by cheque.

Cash Back Offer on Debit Cards

2007-09-13T10:43:00.000-07:00

State bank of India is offering its customers Cash Back for use of their Debit Cards. The Cash Back offer is as follows,

Purchases above Rs 500 and less than Rs 5,000 - 3% Cash Back
Purchases above Rs 5,000 and less than Rs 10,000 - 4% Cash Back
Purchases above Rs 10,000 - 5% Cash Back

You can also stand to get a 20% Bonus and free return air tickets in lucky draw. Purchases mean Store or Retail purchases. Fuel Surcharge may be applicable. Kindly contact SBI Customer Care to make sure of your eligibility 1-800-112211.

Offer ends on October-31st-2007.

Retail Consumer Credit Finance Trap

2007-09-03T01:33:00.000-07:00

We have increasingly noticed that Indian consumers are BUYING goods [White Goods, Mobiles, Furnitures etc] on EMIs or some on credit cards. One has to be really very careful when going for such a scheme of financing.

Many people have bought homes and apartments at unreasonable prices [They are down now, can't help it] To furnish your dream home, you literally don't have the deep pocket and hence opt for EMI. They sell the EMI at 0% or very low APR and we blindly sign. The trap is, if you default on one, then your APR skyrockets which will open your doors of misery. So be very careful about this.

Next, we have witnessed that about half of the mobiles purchased in Malls or Shop-in-Shops are being paid by Credit Cards. Sure if you are a regular bill payer who pays off his entire credit card bill every month, then you don't worry. But their are few, who spend their future earnings potential today. Friends, we advise caution, be the most miserly miser and carefully plan your finances. Credit Card companies in India are the worst in the World and hence you've gotta be really really careful else they will rip you off.

Never BUY a Mobile Phone on Credit Card EMI or Personal Loan, unless you really have a deal that is with 0% or less than 5% APR per annum [not per month]

Comments, Questions and Suggestions are welcome to feedback @ cardbhai.com

SBI - Visa Platinum International Card

2007-08-10T07:20:00.000-07:00

You asked and they listened. The State Bank of India, one of the largest Credit Card users in the country with very low frauds [CardBhai Recommends SBI Cards] has finally answered its customers requests.

Just a while ago, we were told that they have launched "SBI Platinum Card" in association with VISA international. Platinum is higher than Gold card. This card will allow a customer certain international and domestic travel benefits, including concierge services, waiver of surcharges during foreign trips, privileges in restaurants, spas and provide travel insurance.

SBI hopes to issue 100,000 Platinum cards to its premium customers this fiscal.

Kindly note that, Platinum Cards are by invitation only at Citibank and American Express. So if you do not have substantial Income on your IT returns, you need not apply as it will be rejected and you may have a negative impact in CIBIL records. [Making a Credit Inquiry lowers your score, atleast in Western Countries, I am not sure how it works here in India].

SBI Launches Gold International Debit Card

2007-08-04T09:11:00.000-07:00

India's largest Bank, the State Bank of India just a while ago launched SBI Gold International Debit Card in association with VISA international.

Mr. O.P.Bhatt, Chairman of SBI also announced the banks intention to install 1 Million Credit/Debit Card Point of Sale Terminals at retail establishments throughout the country. He said - "It will act as a source of revenue for the bank. However, the customer will not be charged for the same."

How does SBI make money installing POS systems ?
SBI pays the Merchant or retail establishments on behalf of the Credit card issuing bank. SBI will discount the merchant/retail bill by a very small percentage and thus make money in the process. It is only because of this fact that large retailers like Reliance want to establish their own Financial Network and tie-up with the bank to save on such transactions once their retail roll out is complete.

SBI, which currently has 7,200 ATMS plans to take the number to 25,000 by 2010.

Fuel Freedom Card

2007-04-24T22:49:00.000-07:00

SBI just a while ago launched a new feature for SBI Credit Card holders - "Fuel Freedom". This allows all SBI credit card holders to enjoy Zero surcharge on fuel purchase across any petrol pump in any city.

SBI is the second largest credit card issuer in India after ICICI. Kindly talk to your SBI customer care to make sure the Zero surcharge is applicable on your card too. [Most of the times, these credit card issuers cheat innocent consumers by concealing data].

Use SBI Card on AirDeccan.Net to get cash back.

2006-08-09T09:39:00.000-07:00

State Bank of India - SBI Credit Card has an exclusive offer for booking tickets online at AirDeccan.Net. The offer is good till 30th september 2006.

You get incremental money back with your booking. For example: If an SBI cardholder does 2 transactions at www.airdeccan.net, he gets 1% off on his 1st transaction and 2% off on his 2nd transaction. If the cardholder does 4 transactions during the offer period, then he gets 1% off on his 1st transaction, 2% off on his 2nd transaction, 3% off on his 3rd transaction and 4% off on his 4th transaction. The incremental discount with every incremental transaction goes on till his 10th transaction during the offer period on which he gets 10% off. The equivalent discounts will be passed on to the cardholders’ account in the form of Money back within 45 days of the end of the Program. This amount reversal (10% Money back) is subject to a maximum cumulative reversal of Rs.1000 during the Offer Period. It sucks that they are giving you a maximum cash back of Rs1000.

SBI Credit Card in India

2006-07-02T21:46:00.000-07:00

Namaste _/\_,

As you all know, SBI has the largest network of retail branches in the world. It still is a PSU, but has been aggressive in modernizing its operations and one of the pioneers in introducing Credit Cards to the Indian consumer. I personally haven't had a chance to test their Credit Card service, but very soon I will. Share your good, bad & ugly experience in using SBI card.

Aaap ka
CardBhai - MoneyBhai Ka chota bhai.