SBI Advantage Plus Card – Get A Credit Card Against Fixed Deposit

By | November 11, 2016

Want to get a new credit card? Do you know that you can get a credit card against your Fixed Deposit account also? Yes, State bank of India has introduced a new credit card named SBI Advantage Plus Card which will be issued to you as per your bank FD only.

Generally if you apply for a new credit card, banks are verifying your income and accordingly issue credit card with credit limit. This credit card is completely unique as it will be issues against your FD scheme only. That means the more money you have in your bank fixed deposit you will get a high credit limit credit card. In this article I will share about SBI Advantage Plus Card review, various details, charges, how to apply guide etc.

Key features of SBI Advantage Plus Card

You might be thinking who can apply this credit card. Let me tell you that, the people who are not salaried or having a regular income from business like students, house wives, non-salaried person are the best ones to get this credit card. In fact I will say this is the best credit card for students as SBI is offering great reliability as well. Let’s explore few of the key highlights of this SBI Advantage Plus Card.

  • The best part of this card is you can apply against your fixed deposit only.
  • Your credit limit will increase time to time, in case you keep paying encash EMI’s every month. Check out the terms for this clearly.
  • You can avail credit card cash withdrawal service from over 1 million Visa or MasterCard ATMs worldwide
  • You can withdraw cash using your credit card and the limit is up to 100%.
  • You can also apply for add-on cards for your kids, spouse.
  • You can convert any of your transactions more than Rs 2500 into flexipay option which is nothing but EMI option. But make sure you have read their terms.
  • You have to pay a joining fee of Rs 500 and a renewal fee of Rs 500 every year. In case you are applying for a add-on card there will be no extra fee.
  • This card has various charges & fee depending up on your transactions. Just have a look below.

Various Charges & Fees of SBI Advantage Plus Card

Extended Credit

  • Interest free credit period: 20-50 days, applicable only for retail purchases, if previous months outstanding balance is paid in full
  • Finance charges: Up to 2.25% per month or 27% per annum, from the transaction date
  • Minimum amount due: 5% of Total Outstanding (Min. Rs. 200 + all applicable taxes + EMI ( In case of EMI based product) + OVL amount (if any)

Cash Advance

  • Cash advance limit: Up to 80% of credit limit, maximum of Rs. 15,000 per day
  • Free credit period: Nil
  • Finance charges: Up to 2.25% per month or 27% per annum, from the transaction date

Cash Advance Fees

  • SBI or other ATMs: 2.5% of transaction amount, subject to a minimum of Rs. 300
  • International ATM: 3% of transaction amount, subject to a minimum of Rs. 300

Late payment Charges

  • Nil for total amount due from Rs. 0 to Rs. 200
  • Rs. 100 for total amount due greater than Rs. 200 and up to Rs. 500
  • Rs. 400 for total amount due greater than Rs. 500 and up to Rs. 1,000
  • Rs. 500 for total amount due greater than Rs. 1,000 and up to Rs. 10,000
  • Rs. 750 for total amount due greater than Rs. 10,000

How To Apply A Credit Card Against Fixed Deposit – Check out the Step By Step Process of Applying SBI Advantage Plus credit Card online

The very basic thing about this credit card is that you should have a fixed deposit in the bank or else you have to open a new fixed deposit account first. Here is the process to follow for a person who doesn’t have a fixed deposit account in SBI.

  • Click here to read the details about this card first. You have to visit the nearest SBI branch to apply for this credit card.
  • Collect the SBI Advantage Plus Credit Card application form and SBI Fixed Deposit form from branch & fill up the forms with the help of any one.
  • If you want to open a FD in SBI with EMI facility then you have to sign the lien authorization letter and Auto Debit mandate (as per the SBI Card specified format).
  • Attach the self-attested KYC documents as per RBI guidelines.
  • Submit the forms and necessary supporting documents to the branch and then you will be issued the SBI Advantage Plus Card.
  • After you receive the card, your joining fee and annual fee will be charged with your first credit card bill. Your encash facility will be extended to you for Rs. 25,000 or Rs. 50,000 and the transfer the funds to SBI.
  • At the same time your FD for 555 days at the rate of 9.25% or as per the current applicable SBI FD rate of interest.

So, are you planning to apply for a credit card against fixed deposit? Mostly people save their money in bank FDs only without knowing that they can apply for a credit card against their FDs also. You can easily enjoy a credit card as you have a fixed deposit with SBI. Share your feedback or any SBI Advantage Plus Card review from your own experience here by writing a simple comment below.

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