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  • Category: Banking

    Regarding usage and different parameters of SBI Unnati Card

    Have a query about SBI card? Looking out for details of Unnati card and how to discontinue it? Find advice from experts on this page.

    Very recently I applied for SBI Unnati card. First I received an SMS from SBI encouraging to apply for this card. Then I visited the SBI branch from where I received this SMS. They told that against my fixed deposit I can use this card, whenever I need money.

    As such the amount will be deducted from my savings A/c balance. And I have to pay the amount within 50 days. After receiving the card, I was going through its literature. I think, this card is a sophisticated tricks to snatch money from customers. By reading its terms & conditions, I came to know that it will take money for every transaction. Moreover it will take so many other charges that it was beyond my imagination.

    Should I discontinue the card? how many days, after receiving the card, it can be continued? I wish to discontinue the card immediately.
  • Answers

    3 Answers found.
  • Credit card company earns money from their customers in many ways. Certain charges by them are as per the market practice.

    For example annual fee - many credit card companies levy a annual fee which could be anything from a small amount of Rs 250 p.a. upwards. Please check on this.

    Another thing if you withdraw money from ATM using that card then they will charge you a transaction charge and an interest in that amount till you return it to them. The interest is more than what you earn in your bank FD. This interest charge is nothing new and is prevalent for quite some time.

    When you do a transaction in a merchant location then on that amount the credit card company will not charge you but will charge that merchant.

    Whenever you are not paying your monthly dues in time they will charge you a late payment interest till you clear the account.

    Now a days because debit card is very handy for payment at merchant place people are comfortably using a debit card rather credit card. Only thing is you should have that money in your saving bank account to which that debit card pertains.

    These are the basic things and if it is OK with you you can continue this credit card. Otherwise use your debit card and forget all the hassles.

    Knowledge is power.

  • SBI Unnati card is a very recent addition and they waived off the annual fee for the first 4 years. So you can keep it for some time without using and then decide. The cancellation is not that difficult. On the back side of the card, you will have the customer care number. Just give a ring to them and tell them that you want to cancel the card. They will help you in getting it done. You can also refer Sbi card site in which they will give the phone numbers also. But phone number will be there on the card. Try that.

    always confident

  • SBI unnati is like any other credit card which is given on the basis of the fixed deposit. There are always hidden charges that goes with such cards. For example transaction charges which are now part of GST will be there. And they don't mention that to you. Your transactions online and offline shops would be charged and would be deducted from your savings account. If the savings account is nil then they break the FD and then get you the card. That's pretty much how the system works for SBI or any other bank for that matter.

    You can discontinue card any time. You can go to the branch and manually close the card. Avoid using the phone lines and internet support for this. Just go visit the branch and get the card discontinued. That's how you should consider this.

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