Karnataka Bank Credit Card

Karnataka Bank, a well-known Indian bank, provides an extensive array of credit products to its customer base. Renowned for its competitive interest rates on both loans and credit cards, Karnataka Bank stands out as a prominent player in the credit market.

Karnataka Bank provides a choice between two distinct credit cards, each offering a diverse set of advantages. The first option is the Karnataka Bank SimplySave SBI Card, while the second is the Karnataka Bank SBI Card Prime, which holds a platinum status.

Features and Benefits of Karnataka Bank Credit Card

The Karnataka Bank Credit Card offers several features and benefits:

  1. Earn reward points on every purchase, promoting smart spending habits.
  2. Accelerated Reward Points on dining, movies, and shopping at departmental stores and grocery outlets.
  3. Benefit from fuel surcharge waiver for cost-effective refueling.
  4. Access E-Smart facilities, including instant account summaries and usage details.
  5. Receive e-statements directly in your inbox, eliminating postal delays and lost statements.
  6. Stay informed with instant card alerts, ensuring real-time updates anytime, anywhere.
  7. Utilize Spend Analyser to analyze spending in various categories like fuel, dining, apparel, and more.
  8. Enhance online transaction security with features like One Time Password and Instant Transaction Alerts.
  9. Optimize finances with Balance Transfer, consolidating high-rate credit card balances to Karnataka Bank Credit Card.
  10. Access Easy Money short-term loans for immediate cash readiness.
  11. Convert retail purchases into EMIs for added financial flexibility.
  12. Fulfill instant cash needs with Encash – Money on Call.
  13. Conveniently pay utility bills online through the credit card.
  14. Enjoy the ease of online railway ticket booking.
  15. Benefit from worldwide acceptance at all VISA and MasterCard outlets.
  16. Provide Add-On Cards for immediate family members.
  17. Access toll-free assistance for any card-related queries.

Karnataka Bank Credit Card Fees and Charges

Here are the fees and charges associated with the Karnataka Bank Credit Card:

1. Annual Membership Fee:

  • Cardholders must pay the annual membership fee for both primary and add-on cards as determined by the bank.
  • Fees may vary based on the specific card scheme.
  • The annual fees are non-refundable if the credit card is closed.

2. Cash Advance Fees:

  • Cardholders can withdraw money from ATMs in India and abroad using the credit card.
  • A fee of 2.5% of the withdrawn amount or INR 300, whichever is higher, is charged per transaction.
  • This fee is added to the next monthly bill.
  • Unlike regular purchases, ATM transactions do not enjoy an interest-free period.

3. Late Payment Charges:

  • Applicable when the minimum amount due is not paid by the due date.

Late payment charges are as follows:

  • Statement Balance less than INR 100: Nil
  • INR 101 to INR 300: INR 100
  • INR 301 to INR 1000: INR 300
  • INR 1001 to INR 5000: INR 500
  • INR 5001 to INR 20,000: INR 600
  • INR 20,001 and above: INR 700

Karnataka Bank Credit Card Eligibility Criteria

Here are essential criteria for applying for an Karnataka Bank Credit Card:

  • Age Criteria: Applicants must fall within the age range of 18 to 60 years to be eligible for a Karnataka Bank Credit Card, reflecting a broad but specific demographic criterion.
  • Income Threshold: To qualify, your monthly salary must meet a minimum of Rs.18,000, ensuring a baseline financial capability for credit card usage.
  • Credit Score Requirement: When applying for a Karnataka Bank Credit Card, your credit score holds significance. Different credit cards may have varying minimum credit score requirements.
  • Employer’s Influence: Your eligibility for a Karnataka Bank Credit Card can be influenced by the company you work for. The nature of your employment may impact your ability to apply for certain credit cards.
  • Applicability to Employment Type: Whether you are self-employed or a salaried employee, both categories of individuals can apply for a credit card with Karnataka Bank.

Documents Required for Karnataka Bank Credit Card

To apply for the Karnataka Bank Credit Card, you must provide the following documents:

  1. A passport-sized photograph
  2. Your Permanent Account Number (PAN) Card
  3. Proof of income, which can include Income Tax Returns (ITR), salary slips, or bank statements
  4. Proof of identity, such as a driving license, Voter ID, or Aadhaar Card
  5. Proof of address, which may include Voter ID, driving licence, or passport

How To Apply for Karnataka Bank Credit Card

To apply for the Karnataka Bank Credit Card, follow these steps:

  1. To apply for the Karnataka Bank Credit Card, visit the nearest Karnataka Bank branch.
  2. Choose the desired card variant and submit an application along with the required documents.
  3. The application should be accompanied by specified supporting documents.
  4. Alternatively, applicants can apply for any variant of the Karnataka Bank Credit Card on the SBI card website (www.sbicard.com).
  5. The Karnataka Bank Credit Card is a Co-Brand card issued in collaboration with State Bank of India.
  6. Submission of the application grants authorization to the bank and its representatives to contact the applicant regarding the credit card application.
  7. The bank will then proceed to process the credit card application after receiving the necessary authorization.

List of Karnataka Bank Credit Card

Karnataka Bank offers two variants of its credit card:

  1. Karnataka Bank SimplySave SBI Card
  2. Karnataka Bank SBI Platinum Card