SBI Cards to launch `25,000 limit cards

SBI Cards to launch `25,000 limit cards

PTIUpdated: Thursday, May 30, 2019, 10:43 AM IST
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New Delhi: To tap opportunities arising out of limited cash supply, SBI Cards will soon launch a credit card with a cap of Rs 25,000 for those at the lower strata of the society, who have the capacity to pay but don’t have cards, a top company official said.

“For the lower strata of society who do not have credit worthiness to get card, what we understand today is that each bank account has some money. So, we can give them secured card, even if they don’t have any credit history. So, card with a limit of Rs 25,000 against the security of bank deposit can be given to anyone,” SBI Cards & Payment Services (SBI Cards) Chief Executive Vijay Jasuja told PTI in an interview. The problem is not that these people don’t have money to spend, but they don’t have cards to use, Jasuja said, adding SBI Cards will offer them secured cards in about two-three months. After government’s decision to ban old banknotes of Rs 500 and Rs 1,000, SBI Cards has been witnessing a surge in card usage and expects to add 20-25 per cent more customers.

He also said that the company has simplified card acquisition process and is planning to reduce the income cut-off criteria for giving credit cards to potential customers.

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