I was a student when I required the Credit Card, RBI has made changes in their policies and therefore no payments or transitions were able to be made by PayPal balance, so I immediately needed a Credit Card. Earlier I was Successfully using HDFC Virtual Card for PayPal but I was charged Rs 80,000 for my payment of just Rs 800 to a merchant using HDFC Virtual Card, it was a long battle to get my money refunded by the bank, I am not saying HDFC is Bad, but I am saying why I didn’t opted for virtual cards as many people will say that they are using virtual card for PayPal etc. I have no proof that they work with PayPal now but it was better to get a Credit Card when I had Fix Deposit Option
I was searching online, how a student can get a Credit Card in INDIA? Many people required it and they recommended getting it from a private bank against a fix deposit and it looked easy
But after my bad experience with one of private bank, I researched and quickly come to know that SBI INIDA’s Largest Public Sector Bank offers a Credit Card against a Fix Deposit
My uncle was a branch manager in SBI so I called him asked, he said they do offer that service and they give credit card to students if they make a fixed deposit
I already had a fully functional SBI bank account and all other facilities like internet banking and mobile banking, I was already doing many of my other online businesses online which didn’t required foreign payments with the help of them and never had any problem, so I never hesitated to get a credit card from SBI
I walked in Main Branch of my city where I had my bank account, I have opened my bank account in Main Branch because they generally work fast and have separate department for everything. I will recommend you to do so, open bank account in main branch of your city if you are living in a metropolitan or zonal headquarter of SBI and get facilities like online banking at least and you will never visit a branch if you make money online and all money goes in your account directly
So here is what I did, I walked into the branch and went inside the Credit Card department, young lady welcomed me and I asked her about fixed deposit Credit Card option and told her that I was a student and needed a credit card, she said you will get a credit card but you need to open a fixed deposit account first.
She said I need to do a minimum Rs 20,000 fix deposit; I had that money because I borrowed that from my father as my uncle had already given me some instruction to have min Rs. 20,000 before going to the bank, it was not easy to convince my father but I told him that I will need this amount for
fix deposit credit card and my online business was dependent on it, my father already know I have been earning few hundred at that time online, so requested and borrowed that money and told him I will return him soon with profit.
I opened a fixed deposit account instantly, because it was in main branch and I had my account there and it literally took 30 minutes to open a fixed deposit, you must carry your check book as it will make things very easy for you.
After getting a fixed deposit of Rs 20,000 I again moved in the credit card department to fill the form for Credit Card, she was humble enough to explain everything.
My credit card limit will be Rs 16,000, which was more than enough for me, but they will dissolve Rs 20,000 if I will not able to make my payments on time and interest free payment period is 20 days
I filled the form submitted my colored photo, they again required my address proof which was my account statement of my SBI account and an ID proof, I had my PAN card for that, I was able to fill the form and deposited my fixed deposit for hold stamp, it was hold for credit card, the expiry of credit card was the tenure for which I had chosen for fix deposit, I have chosen it for 5 years, so my credit card had expiry after 5 years.
After 3 days I got a verification call on my mobile phone and I was told that my card request is being processed and I got my card after 7 days, it took total 10 days to receive a Card
I registered my card on http://sbicard.com and then also registered my mobile no and email address to get all alerts etc, I get all transition alerts on my mobile phone and keep track of my spending and payments of my credit card as it help me to never forget to delay my any of the payments and I am saved to pay any extra interest amount
I would like to recommend you to have an online banking of SBI because making payments of credit card is very easy with SBI online banking and get your mobile phone no. activated for all alerts
Please do read all important credit card documents and try to understand it; you can get more information from SBI card website
Please try to pay as soon as possible as you will never be paying any extra interest, keep your card save and never share anything of it with anyone
Credit Card is more vulnerable than a debit card as you required only Card No. Card Name (name on the card), expiry date and CVV No. for online use and all are printed on the card itself so please keep it in locker when not in use.
I hope you can utilize the incredible facility of Credit Card safely and can do business with ease