If you’re a student who wants to start building your credit history or simply want to have a credit card for emergency purposes, the SBI Student Plus Advantage Credit Card might just be what you’re looking for. In this article, we will provide you with a comprehensive guide on the SBI Student Plus Advantage Credit Card, including its benefits, features, eligibility criteria, fees, and how to apply for it.
The SBI Student Plus Advantage Credit Card is a credit card designed specifically for students in India. It offers a range of benefits and features that cater to the needs of students, such as cashback on utility bill payments, fuel surcharge waiver, and easy payment options. It also helps students build their credit history at an early age, which can be beneficial for future financial transactions.
Benefits of SBI Student Plus Advantage Credit Card
The SBI Student Plus Advantage Credit Card comes with several benefits, including:
1. Cashback on Utility Bill Payments
With the SBI Student Plus Advantage Credit Card, you can earn up to 2.5% cashback on utility bill payments made through the card. This includes payments for electricity, water, gas, and telephone bills.
2. Fuel Surcharge Waiver
If you use your SBI Student Plus Advantage Credit Card to pay for fuel at any petrol pump in India, you can enjoy a fuel surcharge waiver of 1% (up to Rs. 100 per month).
3. Easy Payment Options
The SBI Student Plus Advantage Credit Card offers several payment options, including online payment, autopay, and dropbox payment. This makes it easy for students to make payments on time and avoid late payment fees.
4. Cash Withdrawal Facility
You can use your SBI Student Plus Advantage Credit Card to withdraw cash from ATMs in India and abroad. However, please note that cash withdrawal comes with a fee and interest rate.
5. Reward Points
With every purchase made using your SBI Student Plus Advantage Credit Card, you earn reward points that can be redeemed for gifts, vouchers, and discounts.
Features of SBI Student Plus Advantage Credit Card
In addition to the benefits mentioned above, the SBI Student Plus Advantage Credit Card also comes with several features, including:
1. Zero Annual Fee
The SBI Student Plus Advantage Credit Card comes with zero annual fee, which means you don’t have to pay any fee to use the card.
2. Credit Limit
The credit limit for the SBI Student Plus Advantage Credit Card is based on the income of the applicant or the guarantor, whichever is higher. The minimum credit limit is Rs. 10,000, while the maximum credit limit is Rs. 2 lakhs.
3. Add-On Cards
You can apply for add-on cards for your family members (spouse, parents, siblings, and children) above the age of 18 years. The add-on cards share the same credit limit as the primary card.
4. SMS Alerts
The SBI Student Plus Advantage Credit Card sends SMS alerts for every transaction made using the card. This helps you keep track of your expenses and avoid any fraudulent transactions.
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Eligibility Criteria for SBI Student Plus Advantage Credit Card
To be eligible for the SBI Student Plus Advantage Credit Card, you must meet the following criteria:
- You must be a student of an accredited college or university in India.
- You must be between 18 to 30 years of age.
- You must have a good credit score and a minimum income of Rs. 20,000 per month.
- You must have a valid photo ID and address proof.
Fees and Charges for SBI Student Plus Advantage Credit Card
While the SBI Student Plus Advantage Credit Card comes with several benefits and features, it also has certain fees and charges that you should be aware of, such as:
- Joining fee: Rs. 500 (waived off if you spend Rs. 25,000 or more in the first year).
- Annual fee: Nil.
- Cash withdrawal fee: 2.5% of the amount withdrawn (minimum Rs. 300).
- Late payment fee: Up to Rs. 750.
- Overlimit fee: 2.5% of the overlimit amount (minimum Rs. 500).
- Foreign currency transaction fee: 3.5% of the transaction amount.
How to Apply for SBI Student Plus Advantage Credit Card
To apply for the SBI Student Plus Advantage Credit Card, you can follow these simple steps:
- Visit the SBI Card website and click on the “Apply Now” button for the SBI Student Plus Advantage Credit Card.
- Fill in the online application form with your personal and financial details.
- Upload the required documents, such as photo ID, address proof, and income proof.
- Submit the application form and wait for the bank’s approval.
Once your application is approved, the bank will send the credit card to your registered address within 7 to 10 working days.
Frequently Asked Questions (FAQs)
What is the credit limit for the SBI Student Plus Advantage Credit Card?
The credit limit for the SBI Student Plus Advantage Credit Card is based on the income of the applicant or the guarantor, whichever is higher. The minimum credit limit is Rs. 10,000, while the maximum credit limit is Rs. 2 lakhs.
What is the minimum age requirement for the SBI Student Plus Advantage Credit Card?
The minimum age requirement for the SBI Student Plus Advantage Credit Card is 18 years.
Does the SBI Student Plus Advantage Credit Card come with an annual fee?
No, the SBI Student Plus Advantage Credit Card comes with zero annual fee.
What is the foreign currency transaction fee for the SBI Student Plus Advantage Credit Card?
The foreign currency transaction fee for the SBI Student Plus Advantage Credit Card is 3.5% of the transaction amount.
Can I apply for add-on cards for my family members with the SBI Student Plus Advantage Credit Card?
Yes, you can apply for add-on cards for your family members (spouse, parents, siblings, and children) above the age of 18 years.
Conclusion
The SBI Student Plus Advantage Credit Card is a great option for students who want to build their credit history and enjoy the benefits of a credit card. With its range of benefits and features, easy payment options, and zero annual fee, it is an attractive choice for students. However, it is important to use the credit card responsibly and make timely payments to avoid any fees or penalties.
