Credit Cards

Are SBI’s Secured Rs. 25,000 Limit Cards The Way Forward For Economy?

Flexipay from SBI

SBI Credit Card With 25,000 Limit Soon To Hit Market

SBI.co.inRemember the time when the credit card was the epitome of being rich? The time where only the upper echelon of the human strata could afford one? Well, bid adieu to such an era, because the modern day economy is such that every single person can – and should get – credit. We are here would be looking into a recent offering in the Indian economic market that allows every single person to realize their dream of a credit card.

The Synopsis

We all have been witness to the recent demonetization drive in the nation, announced on the back on Nov 8 by the Honorary Prime Minister of the nation, haven’t we? The demand for a cashless economy can’t be emphasized enough as it has almost become the need of the time. The sudden drive into the cashless economy has caused everyone to seek solutions.

To facilitate the limited cash supply and co-ordinate the people with the purchasing power, SBI is planning to launch a mid-range credit card with a cap limit of Rs 25,000.

Why the 25,000- cap limit credit card?

Think of it, you yourself have burgeoned to card-based economy these days, haven’t you? But is the debit card the answer to every card-based needs? Nope. There’s a reason why credit cards have been around for long.

This offering from SBI with a cap limit of Rs 25,000 will help ensure the reach of a credit card to every genre of the population. The card will work even in absence of credit history and will just need the security in form of bank deposit to use for.

What will it spell for the masses?

Much of the population who does have a bank balance but are yet to achieve a credit card will become more economically enfranchised with this one. The banks will provide easy access to these credit card and will not seek the long list of requirements as is the case with normal credit cards.

To name a few, Jhan Dhan Yojana account holders and more with lesser deposit spectrum will majorly facilitate from this one. As is the ongoing trend, the card usage has seen a surge of 20-25 % from its previous days of normal transactions. It will enrich people to transfer into the card-based economy and will spell a boon for the cashless economic drive in the nation.

For an excellent traditional credit card from SBI, explore the SBI Platinum:

The Role of the Bank

SBI bank has stated that they are reducing their card issuance lead time from the lengthy 9-10 days to easily accessible 2-3 days for better leeway. The users will also have protected card to ensure safe usage of it. The major shift in the people spending habits is what laid claim to such an offering from the SBI Bank as illustrated by the bank’s Chief Executive Vijay Jasuga.

Guess, the time’s changing pretty fast. The days of the cash-based economy seems pretty numbered down in lieu of newest developmental streams of the cashless economy in the nation. This certain piece of a credit card from SBI will go a long way in ensuring that the citizens enjoy the privilege of the cashless economy to the fullest. 

About Vivek Y

Hi, It’s me Vivek Yadav, a freelance writer, and editor. A very diligent worker with a good range of active communication skills. My actual background is in accounting and finance fields though I’m quite enthusiastic about the writing and literature.
Currently, I’m pursuing my graduation as a Chartered Accountant. But with a penchant for my freelance writing career, I’m here to stay.

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