SBI Lifetime Free Credit Cards do not levy any joining or renewal fees from the cardholder and its benefits can be enjoyed without paying any money. They do not offer as many benefits as super-premium and mid-range cards do provide, but they still provide a decent amount of benefits. Superior variants charge higher joining fees and renewal charges as compared to Lifetime free credit cards.
Features and Benefits of SBI Lifetime
SBI offers three credit cards that are free for a lifetime i.e. SBI Card Unnati, SBI Cashback Credit Card, and Ola Money SBI credit Card. Mentioned below are their features:
| Features | SBI Card Unnati | Cashback SBI Credit card | Ola Money SBI Credit Card |
|---|---|---|---|
| Joining fees | Nil | NIL | NIL |
| Annual fee | INR 499, waived off for first 4 years | INR 999 + taxes | INR 499 |
| Rewards | 1 reward point for every INR 100 spent | Cashback – 5% on any online spend, 1% on all offline spends | 1% reward points on all spend, 1 reward point = Re 1. |
| Milestone Rewards | INR 500 cashback on spending INR 50,000 | Reversal of annual fee on spending INR 2 lakh | Reversal of annual fee on spending INR 1 lakh |
| Fuel surcharge waiver | 1% for transactions between INR 500 – INR 3,000, Maximum INR 100 per statement cycle | 1% for transactions between INR 500 – INR 3,000, Maximum INR 100 per statement cycle | 1% waiver at all fuel stations, Maximum INR 100 per statement cycle |
| Worldwide Acceptance | Accepted over 24 million outlets across the world, and 3,25,000 outlets in India. | Accepted over 24 million outlets across the world, and 3,25,000 outlets in India. | Accepted over 24 million outlets across the world, and 3,25,000 outlets in India. |
| Contactless Advantage | Fast and convenient, no-contact transactions ensure added safety | Fast and convenient, no-contact transactions ensure added safety | Fast and convenient, no-contact transactions ensure added safety |
| Add-on cards | Can be issued for families above the age of 18 | Can be issued for families above the age of 18 | Can be issued for families above the age of 18 |
| Cash on the go | Cash withdrawal from over 1 million ATMs across the globe | Cash withdrawal from over 1 million ATMs across the globe | – |
| Utility Bill Payment Facility | Use the Easy Bill Pay Facility | Use the Easy Bill Pay Facility | Use the Easy Bill Pay Facility |
| Balance transfer | Pay at a lower rate of interest | Pay at a lower rate of interest | Pay at a lower rate of interest |
| Flexipay | Convert transactions into EMIs | Convert transactions into EMIs | Convert transactions into EMIs |
| Easy Money | Get a draft or cheque delivered to the doorstep | Get a draft or cheque delivered to the doorstep | Get a draft or cheque delivered to the doorstep |
Processing Fees and Charges
Mentioned below are the processing fees and charges to apply for SBI Lifetime Free Credit Card:
| Type of fee | Fee |
|---|---|
| Cash Advance Fee | 2.5% or INR 500, whichever is higher |
| Cash Payment Fee | INR 250 + Taxes |
| Interest-free grace period | 20-50 days |
| Finance charges | 3.5% monthly (42% annually) |
| Late payment charges | NIL for outstanding between 0-500INR 400 for outstanding between INR 500 to INR 1,000INR 750 for outstanding between INR 1,000 to INR 10,000INR 950 for outstanding between INR 10,000 to INR 25,000INR 1100 for outstanding between INR 25,000 to INR 50,000INR 1300 for outstanding greater than INR 50,000 |
| Payment Dishonor fee | 2% of the payment amount subject to a minimum of INR 500 |
| Rewards Redemption Fee | INR 99 |
| Card Replacement fee | INR1 00 to INR 250 |
| Credit Limit increase fee | INR 200 |
| Network change fee | INR 200 |
| Cheque payment fee | INR 100 |
| Foreign currency transaction fee | 3.50% |
| Processing fee | INR 99 |
How to Apply for SBI Lifetime Free Credit Cards
Mentioned below are the steps to apply for SBI Lifetime Free Credit Cards:
- Open the official website of SBI.
- Go to the tab “Credit Cards”.
- Choose the desired credit card.
- Click on “Apply Now”.
- Provide some documents like PAN Card, photograph, Aadhar Card, Bank A/C Details, etc.
- Click on “Start Apply Journey”.
- Complete the application by filling up the rest of the details.
Documents Required
Mentioned below is the list of documents required to apply for SBI Lifetime Fee Credit Cards:
- ID Proof – Aadhar Card, PAN Card, Driver’s License, Passport, etc.
- Address Proof – Aadhar Card, Rent Agreement, Ration Card, Passport, Latest Utility Bills, etc.
- Income Proof – Salaried individuals need to provide the latest 2 months’ salary slips and bank statements. Self-employed individuals need to provide their audited ITR of the previous year.
Eligibility Criteria
Mentioned below are the eligibility criteria to apply for SBI Lifetime Free Credit Cards:
- The minimum age of an applicant must be 21 years.
- The maximum age of an applicant must be 70 years.
- An applicant must be an Indian Resident.
- An applicant must have a decent CIBIL score.
- An applicant should be either self-employed or salaried having a stable source of income.
Benefits of SBI Lifetime Free Credit Cards
Mentioned below are some of the benefits of SBI Lifetime Free Credit Cards:
- There are no joining or renewal fees charged on these cards.
- The application process for these cards is quite simple and convenient, make sure the eligibility requirements are met and documents asked for are provided.
- Though these cards are not meant for high net-worth individuals who opt for mid-range and premium credit cards, these cards still offer many exciting deals and discounts to customers.
- Enjoy benefits across travel, entertainment, lifestyle, shopping, movies, dining, etc.
- It helps in improving the credit score and building a decent credit history and profile.
- Redeem points against a wide range of products or vouchers, against card statement balance, transfer to Air miles, etc.
- Upgrade to better and premium credit cards in the future.
FAQs
- What are the types of SBI credit cards available?
Mentioned below is the list of categories where SBI credit cards are available:
a. Lifestyle
b. Reward
c. Shopping
d. Travel & Fuel
e. Banking partnership
f. Business
2. How many days does it take to get an SBI credit card?
After the submission of the required documents, it can take up to 21 days for the bank to process the application.
