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: 

FeaturesSBI Card UnnatiCashback SBI Credit cardOla Money SBI Credit Card
Joining feesNilNILNIL
Annual feeINR 499, waived off for first 4 yearsINR 999 + taxesINR 499
Rewards1 reward point for every INR 100 spentCashback – 5% on any online spend, 1% on all offline spends1% reward points on all spend, 1 reward point = Re 1.
Milestone RewardsINR 500 cashback on spending INR 50,000Reversal of annual fee on spending INR 2 lakhReversal of annual fee on spending INR 1 lakh
Fuel surcharge waiver1% for transactions between INR 500 – INR 3,000, Maximum INR 100 per statement cycle1% for transactions between INR 500 – INR 3,000, Maximum INR 100 per statement cycle1% waiver at all fuel stations, Maximum INR 100 per statement cycle
Worldwide AcceptanceAccepted 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 AdvantageFast and convenient, no-contact transactions ensure added safetyFast and convenient, no-contact transactions ensure added safetyFast and convenient, no-contact transactions ensure added safety
Add-on cardsCan be issued for families above the age of 18Can be issued for families above the age of 18Can be issued for families above the age of 18
Cash on the goCash withdrawal from over 1 million ATMs across the globeCash withdrawal from over 1 million ATMs across the globe            –
Utility Bill Payment FacilityUse the Easy Bill Pay FacilityUse the Easy Bill Pay FacilityUse the Easy Bill Pay Facility
Balance transferPay at a lower rate of interestPay at a lower rate of interestPay at a lower rate of interest
FlexipayConvert transactions into EMIsConvert transactions into EMIsConvert transactions into EMIs
Easy MoneyGet a draft or cheque delivered to the doorstepGet a draft or cheque delivered to the doorstepGet 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 feeFee
Cash Advance Fee2.5% or INR 500, whichever is higher
Cash Payment FeeINR 250 + Taxes
Interest-free grace period20-50 days
Finance charges3.5% monthly (42% annually)
Late payment chargesNIL 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 fee2% of the payment amount subject to a minimum of INR 500
Rewards Redemption FeeINR 99
Card Replacement feeINR1 00 to INR 250
Credit Limit increase feeINR 200
Network change feeINR 200
Cheque payment feeINR 100
Foreign currency transaction fee3.50%
Processing feeINR 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

  1.  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.

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