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SBI Credit Card Application Declined
- Thread starter inakul14
- 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.
It's unbelievable that they are even rejecting SimplyClick!
@inakul14 You pass this checklist?
1. Cibil at least a year old
2. Less than 10 cards,
3. Total Limit/debt less than 2.5xof income ?
Last edited:
Kumar93196
TF Ace
Apply any cobranded card...
irohitpragya
TF Premier
Is there any other bank who do the same?
I applied through SBI Sprint.
You quoted wrong guy, I guess...
Arkapal Sen
TF Ace
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
what if someone has more then 10 cards they dont issue?
Chances become slim with each additional card, termed as credit hungry behavior
But most important is over leaverage
Over leverage depends on usage of credit card I guess instead of just having credit but if that's how SBI rejects then i will not get a sbi card
1. CIBIL score is more than 2 years old.
2. I have 4 credit cards.
3. Yes my limit is less than 2.5x of income
sunit123
TF Premier
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).
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
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