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SBI Credit Card Application Declined
- Thread starter Nova
- Start date
It may be due to over leverage issue in eyes of SBI Cards. Always take SBI Card in beginning of your credit card journey.
You can request them to reconsider application by submitting pay slips & salary credit account statement ( if salaried), or ITR-Form16-Computation ( If business/self employed ).
No harm in trying If you wish to get the card.
Apply any cobranded card...
Arkapal Sen
TF Legend
mine one also same..now reason given by them is i said wrong address in 2 verification calls..both r not matching..rip my cibil score after hit
Beyond
TF Ace
Chances become slim with each additional card, termed as credit hungry behavior
But most important is over leaverage
sunit123
TF Ace
As i keep mentioning that TG of Sbi cards is unorganized sector like minion jobs, helpers and gig workers i.e. who could not get card from private banks. This TG is profitable as they tend to skip the payment and pay minimum amount due.....If everyone will pay CC bill on time then how the SBI will make money....This is the reason SBI impose strict penalty for non maintenance of AQB and earn around 8500 Cr from this penalty
If it was an instant online rejection then the most probable reason : Over leverage..
you cant not get any SBI card unless you decrease your debt to Income ratio..
1). either increase your income
or
2) decrease your unsecured debt (ie. total Credit limit on all your CCs/ personal loans etc)..
or
3) Both
Nearly everyone I know is getting their SBI Cards declined. The ONLY way to get an SBI card is to not have any other credit cards. This is because even if you have one credit card with a decent limit you will be overleveraged in SBI Card's eyes.
Imagine if you have some basic Credit Card like APay or Neo with 1.5L limit. That means you have a credit liability of 1.5L per month in the eyes of SBI. To compensate, and to be eligible for a SBI Card, your income should be at least 75,000 per month.
Of course, if you have 75k income per month and you already have a credit card you will most definitely have some other midrange card like Regalia Gold or ICICI Coral or Axis Flipkart etc. with at least 3L limit most probably provided along with your salary account. In which case you cannot get a SBI Card because since you have 3L CL (credit liability) your income should be 1.5L to be eligible. And so on.
The babus at SBI Cards want to give cards only to people just starting off on their credit journey. They want customers who spend like no more than 2-3k per month on some e-commerce sites mainly. In this case their credit knowledge and discipline will be low and they will easily make mistakes. Since the total liability amount isn't much SBI Cards' risk is minimal and the returns are high volume through fragmented.
They absolutely do not want high spenders who spend above a lakh a month and pay it all back in time. Too much of a hassle. It is evident from the card line up, there's not even a single card above mid-range (Elite). (Aurum is a joke and as good as dead).
Imagine if you have some basic Credit Card like APay or Neo with 1.5L limit. That means you have a credit liability of 1.5L per month in the eyes of SBI. To compensate, and to be eligible for a SBI Card, your income should be at least 75,000 per month.
Of course, if you have 75k income per month and you already have a credit card you will most definitely have some other midrange card like Regalia Gold or ICICI Coral or Axis Flipkart etc. with at least 3L limit most probably provided along with your salary account. In which case you cannot get a SBI Card because since you have 3L CL (credit liability) your income should be 1.5L to be eligible. And so on.
The babus at SBI Cards want to give cards only to people just starting off on their credit journey. They want customers who spend like no more than 2-3k per month on some e-commerce sites mainly. In this case their credit knowledge and discipline will be low and they will easily make mistakes. Since the total liability amount isn't much SBI Cards' risk is minimal and the returns are high volume through fragmented.
They absolutely do not want high spenders who spend above a lakh a month and pay it all back in time. Too much of a hassle. It is evident from the card line up, there's not even a single card above mid-range (Elite). (Aurum is a joke and as good as dead).
Beyond
TF Ace
Refer SSV and rogerthat posts
We are not talking about your 'limit' !
We are talking about your 'total debt/limit across all cards'
Here, 2.5x is just made-up number, internally it might be anything from 1.x to x.x of income
As ssv suggested either decrease debt or increase income, the only way to secure card from SBI. As their risk management team is hypersensitive 🙂
Does Cashkaro give rewards when the KYC is done manually? I had selected KYC though bank account but because of technical issue with my SBI netbanking I am unable to send Re 1. An SBI card representative called me to ask me if I have completed KYC and I told him the issue. He told that the only way KYC can be done now is manual KYC in which a representative will visit my address.
I finally got the SBI SimplyCLICK credit card, which was delivered a few days ago.
I received a call from my home branch, and they said I had a credit card offer based on my profile. They asked me to visit the branch for further processing.
I made an excuse during the call and instead applied through the Sprint process, receiving instant approval and delivery within 48 hours.
I received a call from my home branch, and they said I had a credit card offer based on my profile. They asked me to visit the branch for further processing.
I made an excuse during the call and instead applied through the Sprint process, receiving instant approval and delivery within 48 hours.
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