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Old 20th September 2022, 10:42   #5776
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Re: The Credit Card Thread

Quote:
Originally Posted by kavensri View Post
After the verification was done, how long did they take to deliver the card?
Quote:
Originally Posted by shipnil View Post
I too applied for this card last week. I was hoping to get it before upcoming Amazon Sale as SBI is their CC partner this time. Looks like they are too slow to process. I too was advised by the KYC executive that I'd get it in a weeks time. Looks like it is not going to happen.


Same query as Kavensri. How long did it take for you to receive it post application?
Applied on 2nd Sep. Video KYC on 12th. Address verification about 3-5 days ago. I refused to share my payslip and neither did they ask for details of my existing credit card. So all is good for me.
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Old 20th September 2022, 10:55   #5777
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Re: The Credit Card Thread

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Originally Posted by Ithaca View Post
I was applying for the SBI Cashback card after reading about it on this forum. During the application process, since I have an account with SBI, when I punched in my email & mobile number, they were able to confirm my name and PAN.
At one stage, I was asked if I would like to share permissions with SBI Cards to access my Digilocker to verify my Aadhaar card.
I refused to do so because I am not sure why they need that access. My SBI account has my Aadhaar card linked to it too anyway. I was able to complete the application process and a few days later, a person visited my home, and completed the Aadhaar based verification using a finger print reader.

My query is - Why am I asked to share my Digilocker access.
I was considering applying for this card. Just saw this message of yours some 10 minutes back, and thought of trying it out. I was also asked to allow verification through DigiLocker, which I agreed to.

The whole application process got over within 10 minutes. The application got approved and I received the details of the virtual card so that I can start using this straight away. I am told that I will receive the physical card within a week.

This was super helpful considering that I don't have any previous relationship with SBI and me being in a Tier 3 town, there would have been a long delay for physical verification.
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Old 20th September 2022, 11:28   #5778
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Re: The Credit Card Thread

that aadhaar verification using digilocker is pretty normal IMO.
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Old 20th September 2022, 11:33   #5779
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Re: The Credit Card Thread

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Originally Posted by binand View Post
So SBI Cards got your photo and PAN from SBI the bank. That took care of ID proof.
I doubt that. Nowhere in application process did it ask for CIF or A/C no of SBI bank account.

Probably when they do the Aadhaar KYC verification, they pull the details of PAN card.

There was one call post KYC from SBI executive regarding explaining the details and features where she just asked if I have any relationship with SBI the bank. But even there she did not ask the A/c number or CIF.

In fact I am wondering if SBI Bank and SBI Cards are managed by different managements. If you visit SBI Bank website, unlike other banks, there is no information on cards. It is all handled on the SBI cards website.
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Old 20th September 2022, 11:52   #5780
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Re: The Credit Card Thread

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Originally Posted by shipnil View Post
Nowhere in application process did it ask for CIF or A/C no of SBI bank account.
They probably located the account using the mobile number. UPI pioneered this technique.

Quote:
During the application process, since I have an account with SBI, when I punched in my email & mobile number, they were able to confirm my name and PAN.
Quote:
Originally Posted by shipnil View Post
In fact I am wondering if SBI Bank and SBI Cards are managed by different managements.
Of course they are. The are different companies.

The bank: https://www.google.com/finance/quote/SBIN:NSE
The card: https://www.google.com/finance/quote/SBICARD:NSE

(the bank owns about 70% of the card company though)

Last edited by binand : 20th September 2022 at 11:54.
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Old 20th September 2022, 13:56   #5781
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Re: The Credit Card Thread

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Originally Posted by kavensri View Post
After the verification was done, how long did they take to deliver the card?
I think I know what kind of customer experience I can face in the future. This is what happened today.
When I called the toll-free number, it did not get connect for couple of times. 3rd time, I got the message ‘this number is busy’.
Then I tried local number, call got through but the first message I heard is ‘all our representatives are busy…’. I then had to traverse through some options to talk to an ‘human’. The person asked my issue and after listening to me, she was quiet for few seconds and then the call went back to automated options. I tried couple of times but could not get into talking to an ‘human’ again.
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Old 20th September 2022, 14:59   #5782
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Re: The Credit Card Thread

I recently missed to pay the Credit Card outstanding amount (less than Rs. 10K) before due date. I realized this mistake couple of days after the due date had passed! By that time the Late Charges and some interest amount was charged. I immediately paid not only total amount due but all outstanding (plus some extra money).

I generally don't miss Credit Card payments - last I missed any such EMI or Credit Card dues was probably 5-7 years back.

But, I wonder, how much impact this missed payment have on my Credit Score? Is there any scale on how much credit rating points are deducted on each of the credit breaches? Any insight on how Credit Ratings work

PS:
I called up Customer Care and requested the Late charges to be reversed. But it was declined.
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Old 20th September 2022, 15:12   #5783
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Re: The Credit Card Thread

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Originally Posted by dmplog View Post
I recently missed to pay the Credit Card outstanding amount (less than Rs. 10K) before due date.

But, I wonder, how much impact this missed payment have on my Credit Score?
Based on something I read a while back - the hit on your credit score for missing a credit card payment could be about 100 points. If you were in the high 700s (60%-ish chance of credit approval) this would mean you'd go down into the 600s where you have no hope of getting any sort of credit.

If this is a one-off that you make good within say a quarter, your rating would recover in about a year or so.

This is assuming the card issuing bank reports to CIBIL on the very next day after your payment due date. I don't think they do that - so you can clear your dues in full asap and hope for the best.

Last edited by binand : 20th September 2022 at 15:15.
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Old 20th September 2022, 16:52   #5784
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Re: The Credit Card Thread

As per the recent CC statement of HDFC,

"Bank will report you as defaulter to Credit agencies if you miss payment for minimum amount due within 10 days from due date"
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Old 20th September 2022, 18:28   #5785
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Re: The Credit Card Thread

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Originally Posted by rajesh1868 View Post
The whole application process got over within 10 minutes. The application got approved and I received the details of the virtual card so that I can start using this straight away. I am told that I will receive the physical card within a week.
Exact same experience. Applied around noon today and completed KYC using Digilocker. Have setup SBI cards account as well where I am able to see the card details and manage the card. Also enabled domestic online transactions and bought a Amazon eGift card for trial, the outstanding balance got updated in SBI cards account although the cashback/points information for the transaction is not visible anywhere yet. The limit I have got is 1.5L which is alright for now since I have multiple other cards. This is my first SBI CC while I do have a SBI savings account for many years now. I use YONO SBI app for my savings account and I was able to link SBI CC to it just by logging into my SBI cards account from the app.

The application process for the CC is through a sub-page called SPRINT on SBI cards portal, the application works better on desktop I feel compared to mobile browser where I had to go back and forth a few times to complete the application process. On the final step of the application process I was asked to do a 2-step verification wherein they credited a nominal amount to one of my bank account and I had to transfer a similar amount back to them from the same account. Anyway for those who are planning to apply, I'd suggest using the browser on a desktop computer instead of phone browser.

This new SBI card seems like a good alternative to co-branded cashback cards like AmazonPay ICICI and Flipkart Axis cards, although both of these co-branded cards were LTF cards unlike the SBI card. In the past 2 years I have added about 4-5 credit cards to my portfolio, I am now feeling like I am just collecting cards and I need to give it a break or surrender few of the older cards that I am not actively using (CITI) Thankfully most of them are LFT cards, so I don't have to worry much about renewal costs.
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Old 20th September 2022, 19:17   #5786
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Re: The Credit Card Thread

I hope you guys are using some referral to apply for SBI cards. That will earn you and the referrer 500rs. You can either get the code on google or ask some members (including me) on PM.
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Old 20th September 2022, 19:26   #5787
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Re: The Credit Card Thread

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Originally Posted by dmplog View Post
But, I wonder, how much impact this missed payment have on my Credit Score? Is there any scale on how much credit rating points are deducted on each of the credit breaches? Any insight on how Credit Ratings work
I think it will be reported as delayed payment and not regular payment. It may have a slight impact on the credit score.
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Old 20th September 2022, 20:44   #5788
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Re: The Credit Card Thread

Is there a way to get the virtual SBI cashback card for tha people who already applied and the application is in process? Like someone who did not link the card to digilocker.
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Old 20th September 2022, 21:44   #5789
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Re: The Credit Card Thread

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Originally Posted by shipnil View Post
Is there a way to get the virtual SBI cashback card for tha people who already applied and the application is in process? Like someone who did not link the card to digilocker.
That's not possible technically since they cannot generate your card without completing the mandatory KYC step. Once KYC is done it takes less than a minute for the system to generate the card in your name and they share the virtual card details which is usable immediately for online transactions after you have enabled it. After completing the bank account verification step I could see the final page where it showed the status (approved or rejected) and the given credit limit, upon confirmation using OTP the app generated the virtual card details in no time.

What you can try is to call SBI customer care and request for faster processing of your application, you can also ask them if you can visit any of their branch for completing the KYC without waiting for their KYC agent to visit you.

Although I am not sure why anyone would not make use of the Digilocker verification method since the whole purpose of Digilocker was to enable seamless and secure integration between entities for identification and authentication, I personally loved the Digilocker experience and don't mind the privacy issue since it's anyway a transaction between two government entities.
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Old 20th September 2022, 22:05   #5790
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Re: The Credit Card Thread

I had applied for Amazon Pay ICICI credit card and the documents were verified today, any idea how much time will it take for the whole process to complete as i am looking to make a few purchases during this sale.
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